The ED is a non-immigrant visa. But that doesn't necessarily mean it will be easy to open a bank account. There have been many reports from as far back as last year of banks refusing to open accounts for ED visas for people going to language schools. Even if you can find a bank that will do it, they will likely require a residence certificate from immigration and a letter from your school.
It's a 5 year visa that lets you in for 180 days at a time, so you do the math. Each embassy is different, and there are some embassies that won't even issue it if you have a 6 month class because it's a 5 year visa.