Cami123

Hey,

I am sure this has been asked before but with things changing quickly, I thought I'd ask for advice anyway.

My wife and I have both just moved to the US last week from the UK, we are starting jobs as research fellows in Boston next week and need to open a bank account ASAP as we have found a little flat we'd like to rent.

We walked into Bank of America and Santander and both sound pretty similar, so we wondered if people could give us some advice as to which they had good or bad experiences with and what might suit us best. We don't think we will be sending money to the UK regularly - so realistically we just need checking and savings accounts for our salaries and to pay local cost.

Googling either of these banks gives an awful lot of bad reviews, but I figure we may have slightly different needs as we won't be borrowing money, paying mortgages etc...

Any advice? Thank you!

The Moose

I'm with Bank of America and find them great. However I do have a good relationship with the chap at my bank who lives a couple of streets over and whilst people on the shop floor can't make important decisions he helps with the route through any issues.

I'd make an appointment with the big banks nearest to you (we did BOA, Chase, Wells Fargo and a couple of smaller local banks).

I wanted a nationwide chain as I detest having to pay to withdraw cash at an ATM so wanted a large network of ATMs.

I found my smaller local banks here were more expensive and offered a lesser service.

Most banks will charge a $/month fee to maintain the account(s) - if you keep balances over a certain amount it's then free.

tom169

I had no issue with Wells Fargo the day I arrived in the USA. They issued a temporary debit card right away. Completely recommend them.

Pulaski

AFAIK there are no Wells Fargo branches in New England, except for Connecticut.

Bank of America seems to get a lot of criticism, but then it has a lot of customers. JPM Chase is as big, and I think I would go with them in straight choice between the two.

tom169

Ah, good shout. No problem for me, but can see this as a potential blocker for OP.

The Moose

I love that they do this - it was fantastic to open the account and get a temp card immediately.

Only beaten by MetroBank in the UK who actually produce the cards in branch while you wait.

Cami123

Thank you guys! Great advice so far.

The reason we looked at those two (over others we have come across like Citibank and a few smaller local banks) was the fact that we have seen the most ATMs of those two banks around and we want to avoid paying a fee if possible.

How much can one use a debit card? Like, is it like London where you can use it everywhere even for the smallest of purchases or does one need to carry cash around? I hadn't really used cash in ages before we moved - but we got the impression that that is not the case here.

The Moose

Most places appear to take both cards and cash however I have been strongly recommended to not use debit cards unless it's essential and to use credit cards instead.

tom169

The only time I ever use cash is to tip.

Pulaski

This!

If it wasn't for the cash I need for my daughter's pocket money I could make $20 last 2-3 months. Certainly things like magazines, coffee, snacks, etc. and even vending machines, can usually be put on a debit/credit card, except at the smaller owner-managed shops who ask for a minimum $5 transaction.

Personally I would recommend using a credit card and then paying it off from your current account. The US banking system is notoriously vulnerable to fraud and hacking, and after two separate instances of fraudulent debits to my current account using my debit card number (which I never used as a debit card anyway) I told my bank to cancel my debit card entirely and give me an ATM card.

I had one issue once with my credit card, but IMO it is much easier to disown fraudulent charges to a credit card than to have to plead for funds to be returned to your current account.

anotherlimey

I've used Schwab bank for years now, since I had bad experiences with BoA another I can't rememeber because they folded in the banking crises, and they've been great.

You can always speak to a real person quickly and they refund ATM fees every month.

The drawback is they have no physical locations near me (or maybe at all.)

Olly_

Chase does instant issue (proper, not temporary) debit cards too, but they don't have any branches in Massachusetts.

mrken30

If you are research fellows there is probably a credit union available to you. Might be worth a look. The services provided by credit unions vary widely, but might be a place to start.