First, find a bank and make an appointment to decide what kind of accounts will suit your needs during your stay. Please visit the International Programs and Services office, as we have suggestions for dealing with local banks.
You will probably need a checking account first. A checking account is an account that you can deposit to, withdraw from and make payments from.
Other Account Types:
- Savings Account: This account is used to safeguard money for a prolonged period. Interest is paid on your deposits, which is generally at a low rate.
- CD (Certificates of Deposit): CDs will pay higher interest than savings accounts if you leave your money untouched for a specified period of time (typically several months or years).
- NOW (Notice-of-withdrawal): A NOW account combines checking and savings, but there is a limit on the numbers of checks that you can write every month.
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