As a student, managing your finances might feel like a challenge. You’re juggling tuition fees, living expenses, and maybe even a part-time job. One of the best ways to get a handle on your money is by opening a student savings account. The best banks for student savings accounts can help you grow your savings while keeping fees low and providing easy access to your funds.
In this post, we’ll break down some of the top options available for students. We’ll look at the features that make these accounts stand out and help you find the best fit for your needs.
What Makes a Great Student Savings Account?
When you’re looking for a student savings account, there are a few important features to keep in mind. Here are the main things to consider:
- Low fees or no fees: Students usually don’t have a lot of extra money, so finding an account with minimal fees is essential.
- Competitive interest rates: A good interest rate can help your savings grow over time, even if you aren’t adding money regularly.
- Easy access to funds: You should be able to manage your money easily, whether that’s online, via mobile apps, or at ATMs.
- Student-friendly perks: Some banks offer additional benefits like cashback rewards or bonuses for opening an account.
With these factors in mind, let’s dive into the best banks for student savings accounts.
1. Chase College Savings Account
Chase offers a solid option for students with the Chase College Savings Account. This account is designed to be simple and easy to use, making it a great choice for students who are new to managing their own money.
Why It’s Great for Students:
- No monthly fee for students under 24 who are enrolled in school.
- Easy access with a wide network of over 16,000 ATMs.
- The Chase mobile app lets you manage your account anywhere, anytime.
- You can set up automatic savings with recurring transfers from a checking account.
If you’re already banking with Chase, this could be an easy and convenient option for you. Plus, their online banking platform is user-friendly, making it simple to track your savings and transfers.
2. Discover Bank Online Savings Account
If you’re looking for higher interest rates, Discover Bank is worth checking out. Their Online Savings Account doesn’t have any monthly fees, and it offers some of the best interest rates on the market.
Why It’s Great for Students:
- No monthly fees or minimum balance requirements.
- Competitive interest rates—currently, Discover’s rates are much higher than the national average.
- 24/7 customer support, so you’ll always have help when you need it.
- Free online transfers between accounts and no fees for mobile banking.
This account is ideal for students who are comfortable managing their finances online. Discover’s strong customer service and high-interest rates make it a top choice for those looking to grow their savings quickly.
3. Ally Bank Online Savings Account
Ally Bank has made a name for itself as one of the top online banks, and its Online Savings Account is no exception. This account is a great fit for students who prefer a fully digital banking experience.
Why It’s Great for Students:
- No monthly fees or minimum balance.
- Competitive interest rates that beat traditional banks.
- User-friendly mobile app to manage your account on the go.
- Access to 43,000+ ATMs via the Allpoint network.
Ally offers a simple, easy-to-use account with some of the best online banking features available. If you like the idea of managing your money from your phone, Ally could be a good fit.
4. Capital One 360 Performance Savings
The Capital One 360 Performance Savings account is another great option for students. With no fees and a great interest rate, this account is perfect for students who want a simple, hassle-free savings account.
Why It’s Great for Students:
- No fees or minimum balance requirements.
- High interest rates on all balances.
- Seamless integration with Capital One checking accounts for easy transfers.
- A mobile app that’s easy to use, so you can manage your account on the go.
If you’re already banking with Capital One or are considering opening a checking account with them, this savings account is a great way to start saving without any headaches.
5. Bank of America Advantage Savings
Bank of America offers the Advantage Savings account, which is a solid choice for students. While it’s not a student-specific account, it offers features that can be helpful for students who want a reliable savings option.
Why It’s Great for Students:
- No monthly fee for students under 24 who are enrolled in school.
- Over 16,000 ATMs nationwide for easy access to your money.
- Zelle integration for fast transfers to family or friends.
- Mobile banking makes it easy to check your balance, transfer money, or set up automatic savings.
Bank of America is a familiar name, and if you already have an account with them, it’s easy to open a savings account as well. Plus, you’ll benefit from a wide range of banking features that can make managing your money even easier.
6. USAA Youth Savings Account
If you’re a student with a military background, or a dependent of someone in the military, USAA offers the Youth Savings Account, which is a fantastic choice. USAA is known for its excellent customer service and dedication to supporting military families.
Why It’s Great for Students:
- No fees or minimum balance requirements.
- Good interest rates, even for small balances.
- Mobile banking for managing your account and tracking your savings.
- Access to a large network of ATMs.
USAA’s account is especially great for students with military ties. It’s a simple, no-fee account that can help you save for the future while providing convenient access to your funds.
Conclusion
Finding the best student savings account comes down to your individual needs. Whether you want the highest interest rates, the best mobile app, or no-fee accounts, there are plenty of great options out there. Chase, Discover, Ally, Capital One, Bank of America, and USAA each offer benefits that are tailored to students.
It’s important to consider your banking habits and financial goals when choosing the right savings account. Whether you’re looking to save for the future, cover emergency expenses, or just start building good financial habits, one of these accounts will likely fit your needs.
FAQ
1. Can students open a savings account without fees?
Yes, many banks offer no-fee savings accounts for students. Banks like Chase, Discover, and Ally all provide fee-free accounts with no monthly maintenance fees.
2. Do I need a minimum deposit to open a student savings account?
Most student savings accounts, including those from Chase, Ally, and Discover, don’t require a minimum deposit to open.
3. How do I earn interest on my student savings account?
Interest is earned based on the balance in your savings account and the interest rate set by the bank. Some accounts, like Discover and Ally, offer higher rates to help your savings grow faster.
4. Can I link my savings account to a checking account?
Yes, many banks allow you to link your savings account to a checking account for easier transfers. This is especially useful for banks like Capital One and Bank of America, where you can move money between accounts quickly.
5. Are there any perks for students opening a savings account?
Some banks offer perks like cash bonuses, cashback rewards, and discounts for students opening a savings account. Be sure to check with your bank to see what student-specific offers are available.