Yes, but you need an ITIN or SSN and proof of U.S. address

F-1 students can open high-yield savings accounts at most banks and online financial institutions. The main requirement is a valid tax identification number — either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN) — plus proof of a U.S. address. Many banks will accept a student ID, lease agreement, or utility bill as address proof. Some online banks have no minimum deposit and no monthly fees, which makes them practical for students managing money across two countries.

The catch is that not every bank will accept an ITIN in place of an SSN. Large national banks like Chase and Bank of America typically require an SSN. Online banks like Ally, Marcus, and Discover are more flexible and often accept ITIN holders. Before you start an account, call the bank's customer service line or check their website for ITIN policy — it saves you the rejection and the hard inquiry on your credit report.

Key Takeaways

  • F-1 students need either an SSN or ITIN plus proof of U.S. address to open a high-yield savings account.
  • Online banks are more likely to accept ITIN than traditional brick-and-mortar banks, so check the bank's policy before applying.
  • You do not need a credit card, credit history, or a job offer to open a savings account — only the ID and address proof.
  • High-yield savings accounts for students typically have no minimum deposit, no monthly maintenance fee, and rates that change with the Federal Reserve.

How to get an ITIN if you don't have an SSN

If you arrived on an F-1 visa and have not yet obtained an SSN, you will need an ITIN to open a bank account. You apply for an ITIN through the IRS using Form W-7, Application for IRS Individual Taxpayer Identification Number. You can file by mail or in person at an IRS office or an authorized IRS agent (often a tax preparation service like H&R Block).

The IRS requires original or certified copies of your passport and your I-20 form (the document your school issued confirming your F-1 status). Processing by mail takes four to six weeks; in-person filing at an IRS office is faster. Once you have the ITIN, you can use it immediately to open a bank account — you do not have to wait for the IRS to mail you the official letter, though some banks ask to see it anyway.

What documents to bring when you open the account

Bring your ITIN or SSN and at least one form of U.S. address proof. Acceptable documents include a signed lease or rental agreement, a utility bill (electric, gas, water, or internet), a bank statement from another account, a school housing contract, or a student ID with your current address printed on it. The document must show your name and the address where you currently live.

If you are living in on-campus housing, bring your housing contract or a letter from your residential life office on school letterhead stating your dorm address and move-in date. If you are renting off-campus, a lease is ideal, but a utility bill works just as well. Most banks will not accept a P.O. box or a mailing address that is not your physical residence.

Which banks accept ITIN and have high rates

Online banks are your best option because they have fewer restrictions and often offer the highest rates. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all accept ITIN holders and offer rates that are competitive with or above the national average. None of them require a minimum deposit, and none charge monthly fees. You can open an account entirely online in about 10 minutes.

If you prefer a physical branch, credit unions are often more flexible than national banks. Many credit unions accept ITIN and have lower barriers to membership for international students. Ask your school's international student office whether they have a partnership with a local credit union — some schools do, and membership is automatic or heavily discounted.

Avoid banks that explicitly state they require an SSN. Chase, Bank of America, Wells Fargo, and Citibank generally do not open accounts for ITIN holders, though policy can vary by branch. Call ahead rather than visiting in person; a rejection counts as a hard inquiry and can affect your credit score.

How the rate changes and what to watch for

High-yield savings account rates move with the Federal Reserve's benchmark interest rate. When the Fed raises rates, banks raise their savings rates within days or weeks. When the Fed cuts rates, banks cut their savings rates just as quickly — sometimes faster. The rate you see advertised today may be different next month, so do not lock into a decision based on today's rate alone.

Check the rate history of the bank you are considering. Some banks cut rates aggressively when the Fed moves; others hold rates steady longer. Bankrate and DepositAccounts track historical rates for most online banks. If you open an account and the rate drops significantly, you can move your money to a different bank at no cost — there is no penalty for withdrawing from a savings account.

Tax reporting and ITIN requirements

Banks report interest earned on savings accounts to the IRS using Form 1099-INT. If you have an ITIN, the bank will send the 1099-INT to the IRS with your ITIN number. You will need to report this interest on your U.S. tax return if you file one. Most F-1 students do not file a U.S. return because their income is below the threshold, but check with your school's international student tax advisor to be sure.

Keep your ITIN active by filing a tax return at least once every three years. If your ITIN expires or becomes inactive, the bank may freeze your account or require you to reactivate it. This is rare, but it is worth knowing. If you leave the U.S. after graduation, you can keep the account open and continue to earn interest, but you will need to maintain a U.S. mailing address for bank statements and tax documents.

Moving money in and out as an international student

You can deposit money into a high-yield savings account using a wire transfer from your home country, a transfer from another U.S. bank account, or a mobile deposit (taking a photo of a check). Withdrawals work the same way — you can transfer money back to your home country via wire, or to another U.S. account. Wire transfers typically take one to three business days and may carry a fee of $15 to $30 depending on the bank.

Some students use services like Wise (formerly TransferWise) or OFX to move money between countries at a lower cost than a bank wire. These services charge a percentage of the amount transferred rather than a flat fee, and the exchange rate is usually better than what a bank offers. If you are moving money regularly, compare the costs of a wire transfer, Wise, and your bank's international transfer service.

Frequently Asked Questions

Do I need a Social Security Number to open a high-yield savings account?

No. An ITIN works for most online banks. Some traditional banks require an SSN, so call ahead to confirm. If you do not have either, you can apply for an ITIN through the IRS using Form W-7, which takes four to six weeks by mail.

Can I open an account if I don't have a U.S. address yet?

Not immediately. You need a physical U.S. address — a dorm, apartment, or house where you actually live. Once you have housing arranged, bring your lease or housing contract to the bank. If you are arriving soon but do not have housing yet, wait until you move in to open the account.

What happens to my account if I graduate and leave the U.S.?

You can keep the account open and continue to earn interest. You will need to maintain a U.S. mailing address for statements and tax documents — use a friend's address, a family member's address, or a mail forwarding service. The bank may ask you to update your address if mail is returned.

Will opening a savings account affect my F-1 visa status?

No. Opening a bank account is a normal financial activity and does not affect your visa status. You do not need permission from your school or USCIS. Just make sure the money in the account comes from legitimate sources — family support, scholarships, or work authorized by your school.

Can I use a high-yield savings account to meet the financial proof requirement for my F-1 visa?

Yes. When you renew your I-20 or apply for a visa, you can show a bank statement from a high-yield savings account as proof of funds. The balance must cover your tuition and living expenses for the year. A statement from an online bank counts just as much as a statement from a traditional bank.