Yes—you have verified HYSA application routes through SoFi or Alliant if you already have an SSN or valid ITIN; without either number, the verified passport-only route is a regular account, not a true HYSA.
“I am an international F1 student. What are my options for opening a High Yield Savings Account (HYSA)?”
Summary
Being an F-1 student does not automatically block you from applying: federal identity rules recognize foreign-person documents, and two nationwide issuers publish routes using an SSN or ITIN. The hard part is usually the provider’s document policy, not your student label.
Your practical route turns on whether you already have an SSN or valid , plus a physical U.S. address.
SoFi’s international-student page says you can apply with a valid photo ID, proof of U.S. address, and an SSN or . Its linked savings product is a HYSA with no minimum-balance requirement; the promoted boost requires eligible direct deposit or $5,000 of qualifying deposits every 31 days, so you may earn a lower base rate if you cannot meet that condition.
Alliant says every member automatically receives a High-Rate Savings account and that even a non-U.S. resident may apply with an SSN or valid . Dividends are paid monthly only if you maintain at least a $100 average daily balance; the credit-union account is protected by , not FDIC insurance.
If you have neither number, federal rules permit passport-based identification, and Bank of America says an international student age 18 or older may open a checking, savings, or other deposit account in a financial center with two IDs, U.S. and foreign addresses, and no U.S. TIN/ITIN unless one has already been issued. The official page does not market the offered account as high-yield, so this is a banking-access bridge, not a verified HYSA.
An application route is not guaranteed approval; each institution still must verify your identity under its own risk-based procedures, and variable rates can change.
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Next steps
These steps move from document eligibility to the right account, tax form, rate conditions, and deposit protection.
Before applying
Use only the tax number you already lawfully have
Sort yourself into one of two branches: SSN/valid already issued, or neither number. Do not seek an SSN only for banking—SSA generally requires DHS work permission—and do not seek an ITIN only for a HYSA because IRS Form W-7 requires a federal tax purpose and bars applicants eligible for an SSN.
Requirements
If you have an SSN or ITIN
Apply for one of the two verified high-yield routes
Apply to SoFi Checking and Savings at https://www.sofi.com/banking/students/international-student-bank-account/ or join Alliant at https://www.alliantcreditunion.org/membership. SoFi’s HYSA has no minimum-balance requirement, but its promoted APY boost requires eligible direct deposit or $5,000 in qualifying deposits every 31 days; Alliant automatically opens High-Rate Savings for members and pays the monthly dividend only with a $100 average daily balance.
Requirements
If you have no SSN or ITIN
Use the passport-only bridge if you lack both numbers
Book a Bank of America financial-center appointment through https://info.bankofamerica.com/en/international/student-bank-account.html and bring two IDs plus your address evidence. Bank of America says a U.S. TIN/ITIN is unnecessary unless already issued; its page offers checking, savings, or other deposit accounts but does not market this route as high-yield.
Requirements
During tax onboarding
Give the bank the correct tax certification
If you are a , give the payer ; ordinary U.S. bank-deposit interest not connected with a U.S. trade or business is generally excluded from your U.S. income. If you are a , use and report worldwide income. Under Publication 519, the F/J/M/Q student exemption generally stops after parts of more than five calendar years unless you establish both no permanent-residence intent and substantial visa compliance.
Requirements
After approval
Fund the account without missing the real rate or insurance limit
For SoFi, satisfy eligible direct deposit or $5,000 of qualifying deposits every 31 days only if the boosted is worth that requirement; otherwise expect the base rate. For Alliant, maintain at least a $100 average daily balance for its monthly dividend. Keep ordinary bank deposits within the standard limit of $250,000 per depositor, per insured bank, per ownership category, or a single-owner federally insured credit-union balance within the $250,000 limit.
Requirements
Legal sources
This answer is grounded in Treasury’s customer-identification regulation, FDIC and NCUA insurance guidance, SSA and IRS rules, and the issuers’ own current product pages.
31 CFR 1020.220
Federal bank-identification rules allow several forms of foreign-person identification, but operate within each bank’s risk-based verification program.
(a)(2)(i)(A)(4)(ii)
For a non-U.S. person, one or more of the following: A taxpayer identification number; passport number and country of issuance; alien identification card number; or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard.
SoFi international-student eligibility
SoFi’s own international-student page states the documents and tax number accepted for its Checking and Savings application.
To open a SoFi Checking and Savings account, you can upload such documents as a valid photo ID and proof of U.S. address, as well as providing your SSN or ITIN.
SoFi HYSA APY terms
SoFi’s advertised boost is conditional and its APY is variable.
APY terms
You must maintain your Eligible Direct Deposit OR $5,000 in Qualifying Deposits every 31 days to continue receiving the APY Boost for up to six months. Rates are variable and subject to change.
Alliant membership eligibility
Alliant expressly permits non-U.S. residents to apply if they have an SSN or valid ITIN.
Note for non-US residents: You can apply to join if you live outside the U.S. and have a Social Security Number or a valid ITIN (Individual Taxpayer Identification Number).
Alliant membership terms
Joining Alliant automatically opens the high-rate savings product.
Every member automatically gets a High-Rate Savings account.
Alliant High-Rate Savings terms
Alliant requires a $100 average daily balance for the monthly dividend, and the dividend can change.
Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend may change.
Bank of America international-student requirements
Bank of America supplies a verified in-person, no-TIN bridge for international students, though the page does not identify it as high-yield.
You will need two forms of identification — a primary ID and a secondary ID. A U.S. TIN/ITIN is not required unless you’ve been issued one. Set an appointment to meet with an associate at a financial center.
FDIC Your Insured Deposits
FDIC protection does not depend on U.S. citizenship or residence and follows the standard $250,000 coverage formula.
FDIC Insurance Coverage Basics
A person does not have to be a U.S. citizen or resident to have his or her deposits insured by the FDIC. The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
NCUA Share Insurance Coverage
NCUA covers a single-owner account at a federally insured credit union up to $250,000 for that member-owner.
Single Ownership Accounts
Single Ownership Accounts (owned by one person with no beneficiaries): $250,000 per member-owner
SSA Publication 05-10181
An F-1 student generally cannot obtain an SSN merely to open a savings account; work permission is the normal basis.
page 1
In general, only noncitizens who have DHS’ permission to work can apply for an SSN.
Instructions for Form W-7
An ITIN requires a federal tax purpose and is unavailable to someone eligible for an SSN.
General Instructions—Who Must Apply
Any individual who isn’t eligible to get an SSN but who must furnish a taxpayer identification number for U.S. tax purposes or to file a U.S. federal tax return must apply for an ITIN on Form W-7. Don’t complete Form W-7 if you have an SSN or if you’re eligible to get an SSN.
IRS Publication 519 (2025)
Publication 519 supplies the five-calendar-year limit and the narrow continuing-student exception for the substantial-presence calculation.
page 7, Students
You will not be an exempt individual as a student in 2025 if you have been exempt as a teacher, trainee, or student for any part of more than 5 calendar years unless you meet both of the following requirements. You establish that you do not intend to reside permanently in the United States. You have substantially complied with the requirements of your visa.
IRS Publication 519 (2025)
Bank-deposit interest is generally excluded for a nonresident alien when not connected with a U.S. trade or business, while resident aliens generally report worldwide income.
pages 22 and 25
Interest income that is not connected with a U.S. trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business; Resident aliens are generally taxed in the same way as U.S. citizens. This means that their worldwide income is subject to U.S. tax and must be reported on their U.S. tax return.
Instructions for Form W-8BEN
The IRS instructions distinguish the certification given by a nonresident alien from the W-9 used by a resident alien.
page 2, Who Must Provide Form W-8BEN
You must give Form W-8BEN to the withholding agent or payer if you are a nonresident alien who is the beneficial owner of an amount subject to withholding, or if you are an account holder of an FFI documenting yourself as a nonresident alien. Do not use Form W-8BEN if you are described below. You are a U.S. citizen (even if you reside outside the United States) or other U.S. person (including a resident alien individual). Instead, use Form W-9 to document your status as a U.S. person.
These are the official rules and issuer terms as published on the cited dates; tax rules, eligibility terms, and APYs can change.
This is general information about official processes, not legal advice, and SettleKit is not a law firm.
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