At first glance, the idea of the best savings account for college students might seem unnecessary. Because, as we all know, students are not exactly famous for having enough money to make savings.
However, savings account for students can teach you to build healthy financial habits from a very early age.
I’ve created a list of the best savings account for college students based on the most important three criteria you need.
This means we will be taking an in-depth look at these savings accounts regarding their rate of return or APY, the ease of use, and the benefits they offer.
I’ve awarded each savings account a number of stars from one to five, to make things as easy as possible for you!
1. DCU Primary Savings - A very high return rate for you
Let’s kick off this list with DCU Primary Savings. As you can see, based on our chosen criteria, I’ve awarded it four stars. So, is this the best bank for a student? Almost.
It’s definitely one that you should have on your list. The reason is the bank’s super high rate of return or APY.
DCU Primary Savings offers a whopping 6.17% for the first $1,000 that you deposit in your new savings account.
Anything beyond that, meaning any balance you have that goes beyond the sum of $1,000 will get you a 0.25% APY.
Now, let’s talk about the benefits.
DCU Primary Savings does not ask for a minimum balance and it does not charge you any monthly fees. This is what makes it perfect for a college student.
As a result, you could simply deposit the lump sum of $1,000 the day you open your savings account and then allow it to earn the 6.17% that the bank gives you. If you have some money set aside, this is a very good idea to get it working for you while you do practically nothing!
So, why four stars and not five?
Because DCU is not specially meant for students, even though they are welcome to apply. As a result, it’s one of the best savings accounts for young adults.
2. PNC Virtual Wallet for Students - Great Benefits
PNC’s Virtual Wallet is one of the best savings account for college students. If your goal is to learn how to budget but also if you want amazing benefits, go for this choice.
I examined many savings accounts. PNC offers, at the time of writing this article, the best tools and features a student might need to manage their money.
They offer two savings accounts, not just one as most banks do. This means you will get one account for savings short-term and one for long-term savings. They will also give you a checking account to use for your ordinary spendings and shoppings.
These three accounts come with great online features such as the budget calendar or the spending categories. If you use the Virtual Wallet, you can automate all your savings by putting aside a certain amount every time you are assigned a paycheck.
So, why three stars?
Simple enough. Because as great as the benefits are, PNC’s Virtual Wallet is not the type of savings account that offers a rate of return.
Therefore, can it be one of the best banks to open savings account?
Of course. But don’t expect an APY!
3. BB&T - Best Savings Account for College Students
We’ve seen an account that offers a great APY and one that comes with great benefits.
Now let’s take a look at an account that is super easy to use.
Three stars for BB&T’s Student Checking Account and its magnificent mobile app.
The app in itself is called U. It has a 4.8-star rating on the App Store on iTunes and 4.6 on Google Play. This is what makes the savings account from BB&T super easy to use and very friendly.
You can customize the dashboard of the app in any way you want to. You can set spending and savings goals. Or you can connect to your own personal banker.
Not to mention that you have access to Zelle if you want to use it to pay, and you can store receipts for later use.
But there’s more to this savings account than just its mobile app. BB&T does not charge any monthly fees. It doesn’t ask you for direct deposits or for minimum deposits.
So, once again, why only three stars?
First of all, because they do not offer an APY. And, second of all, because this savings account for students is only available in 15 states.
4. Capital One MONEY - The Best Option for College Students
It’s hard to find an option that meets all the requirements, especially when you’re a student.
I’ve checked many and asked myself one question while doing so. Which bank savings account is best?
Of course, it all depends on your personal needs and goals. But, taking into account our criteria, Capital One wins five stars.
The bank does not require you to put in a minimum sum when you open the account. There are also no monthly fees. You will receive a debit card with no fees and in your name when you open the savings account.
One of the greatest things about Capital One is that they offer an APY of 0.10% no matter what your balance is. This is what makes it one of the best savings accounts for young adults.
Your parents or even a joint owner can link their personal bank accounts to your own. In this way, they will be able to transfer money or an allowance to you on a regular basis.
Capital One has over 70,000 ATMs all over the country and they don’t charge you for withdrawals.
5. Varo Savings Account - Great Return and Fantastic Benefits
There are so many good things to say about the Varo Savings Account, that I don’t really know where to start. The most important thing that would interest any student is the interest. Pun intended.
The Varo Savings Account offers a 0.20% APY. It’s important to note here that you can increase this rate of return if you do any of the following things.
If you receive at least $1,000 in direct deposits.
If your daily savings balance doesn’t go over $5,000 for a single month.
And if you use your Varo Visa Debit Card to purchase items at least five times. In this way, your APY will increase to a whopping 3.00%.
When it comes to benefits and ease of access, Varo Bank is exclusively online.
Their mobile app has super high ratings on both app stores. Apart from that, you will find that setting up your account will be much easier than with other banks as well.
All of these criteria put together are what made me award this savings account no less than five stars. And what makes Varo the best bank for a student.
6. Ally Bank Online Savings Account for College Students
Another bank that offers a good APY to students is Ally Bank. The rate of return they have on their savings accounts for college students is 0.50%.
And the interest compounds on a daily basis. This means that you can earn more interest to add to the one that you already have from the time period before.
Ally Bank does not charge any monthly fees, so you get to keep everything you earn at interest rates. They also don’t require a minimum deposit when you open your account.
However, here’s one thing you need to pay attention to. You are only allowed six transactions per month. If you go beyond that, you will be charged $10 per transaction and $25 as an overdraft fee.
As one of the best savings accounts for students, Ally Bank has a great mobile app as well. It allows you to manage your finances on the go in a super-easy way.
Users love the fact that the mobile app has an ATM finder that can track ATMs in your area.
Overall, the Ally Bank is a great choice if you’re looking for ease, convenience, and a great return rate for your savings.
7. Synchrony High Yield Savings for College Students
Since we’re talking about the best savings account for college students, Synchrony is a great option if you’re looking to make money.
Other than that, the account in itself doesn’t come with the benefits or the ease of use than others on this list might.
The Synchrony High Yield Savings Account for College Students does exactly what its name suggests. It provides you with a high return rate.
That means 0.40% APY. You won’t have to deposit a minimum sum when you open the account and there are no monthly fees. The bank will also not charge you for withdrawals from your local ATM.
However, that’s about as far as the benefits go. The Synchrony Bank is fully digital, meaning that it doesn’t have any physical locations.
In other words, you won’t be able to visit the bank if you have a problem. Just call one of their representatives on the phone.
Apart from that, their mobile apps are basic, not being able to offer anything note-worthy.
Therefore, if you want to use this savings account, it’s best to put your money down and allow it to produce some interest instead of interacting with it.
8. Affirm Savings Account - High Yield and Returns
Here is yet another great entry on our list of the best savings account for college students.
Affirm offers a Savings Account that has one of the highest APYs on the market - 0.65%. Since the bank operates no balance restrictions whatsoever concerning this interest rate, the APY will apply to any sum you choose to deposit in your account.
There are no monthly fees, which makes Affirm a great option for college students who may not have that much money.
The bank is digital, meaning that all its operations are done online. As a result, you will have to be comfortable banking on your phone or laptop.
I’ve deducted one star off their rating for reasons.
Affirm is a very new financial institution. But also, because it’s not a bank per se.
It can be better described as a shopping app that also offers a savings account for students.
9. CIT Bank Savings Builder Account for Students
Do you know that old saying - let your money work for you?
If that sounds good, then you can definitely do that if you open a savings account with CIT Bank.
Their Savings Builder Account offers one of the highest rates of return on the market. The APY is 0.40%, which is perfect when you’re a student.
So, you may have seen the rating I awarded this bank - three stars - and wondered why that is. Here are the reasons.
First of all, as good as it sounds, to be able to enjoy that wonderful APY you must keep your balance at a constant $25,000.
Needless to say, when you’re a student, that sounds like a shocking amount of money to have in your savings account.
However, the alternative is to make $100 deposits, which seems far better.
CIT Bank also requires you to deposit a minimum of $100 when you open your savings account. There are no maintenance fees and no monthly fees.
Therefore, is this the best bank for a student? Yes.
But only if you already have a large sum of money. Or if you can deposit $100 every month.
Which Bank Savings Account Is Best?
As you can see from the list of the best savings account for college students, it all depends on how much money you have, on your goals, and your needs.
For example, some accounts are purely intended for the rate of return, while others you can use because they are free, easy, and fast, even if they don’t offer an APY.
So, in the end, it’s all up to you! If you like then please share it with friends.