High-yield savings accounts typically offer interest rates significantly higher than regular savings accounts. Interest earned from a high-yield savings account is considered taxable income, even if you are an F-1 visa holder.

F-1 visa holders are able to open high-yield savings accounts in the U.S. and doing so can be a great way to earn more interest on savings. Just be sure to check the bank’s specific requirements and ensure you provide all the necessary documentation.

 If you do not have an SSN, you may need to apply for an ITIN to properly report your interest earnings for tax purposes.

Required Documentation

To open a high-yield savings account, you will typically need the following:

• Passport
• F-1 Visa
• I-20 Form (proof of enrollment)
• Proof of Address in the U.S.
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) (Some banks may require this, but others may allow you to open an account without it)
• Bank Account Information (if transferring funds from another account)
• Government ID: Two forms of government issued ID, such as A driver’s License or passport 
• Initial Deposit: Some accounts require min balance to deposit to open