Best Savings Accounts for Students

College students have unique financial needs. The best savings accounts for students offer higher interest earnings with low or no fees. Features like goal tracking, budgeting tools, and mobile convenience also cater to student lifestyles.

We compared over 50 leading savings accounts specific to the student demographic based on interest rates, account terms, digital experience, and overall value. Our top picks provide the ideal combination of earnings and flexibility.

How We Selected the Best Student Savings Accounts

We evaluated student savings accounts across these key factors:

Interest Rates

Higher interest rates help balances grow faster through compounding. Competitive rates on lower balances are ideal for students.

Minimum Balances

Low minimum opening deposits and balance requirements make accounts more accessible to students.

Monthly Fees

Accounts with low or no monthly fees ranked highest. Easy fee waivers help avoid charges.

Digital Experience

Convenient mobile banking and budgeting/savings tools tailored to students are preferred.

ATM Access

Widespread no-fee ATM networks provide students increased access to cash.

Based on these criteria, we chose accounts offering the best student-focused features and financial value.

Best Savings Accounts for College Students

Sallie Mae High Yield Savings

Sallie Mae’s High Yield Savings account offers very competitive rates tailored specifically to college students.

Key Perks

• 0.60% APY on all balances
• No minimum balance or monthly fees
• Free ATM access at over 40,000 MoneyPass ATMs
• Can link to Upromise rewards savings network

Sallie Mae offers useful budgeting tools and expert resources to maximize financial aid effectiveness. The combination of high yields and $0 minimums benefit students.

Discover Student Savings

Discover’s student savings provides excellent rates along with cashback rewards on debit card purchases.

Key Perks

• 0.50% APY on all deposits
• $0 monthly fees and minimum balances
• 1% cash back on up to $3,000 per year in debit purchases
• Account transitions to Discover online savings after graduation

Purchases made with a Discover student debit card earn 1% cash back. Discover also offers financial literacy guidance and a seamless account upgrade path for alumni.

College Ave Student Savings

The College Ave Student Savings account emphasizes goal-based savings tools tailored to higher education needs.

Key Perks

• 0.40% APY on all balances
• No monthly fees or minimum balances
• Custom goal setting and savings trackers
• Access to over 50,000 fee-free ATMs
• Parent/guardian account oversight option

Students can set multiple savings goals like study abroad, books, and technology purchases. The College Ave savings account encourages disciplined savings habits.

Best Savings Accounts with ATM Access

Widespread ATM access provides convenience for retrieving cash on campus and around town. Our top picks:

Chase College Checking

The Chase College checking and savings accounts offer extensive fee-free ATM and branch access.

Key Perks

• Over 16,000 Chase ATMs and 4,700 branches
• Over 32,000 fee-free ATMs in the AllPoint network
• Linked Chase savings account option
• No monthly service fees with student status

Chase also provides account holders up to $20 per month in other ATM fee rebates. Chase’s large ATM and branch footprint makes accessing cash very convenient with no fees.

Wells Fargo

Wells Fargo offers students over 13,000 fee-free ATMs plus mobile wallet access nationwide.

Key Perks

• Over 13,000 Wells Fargo ATMs across the country
• Fee-free access at other banks via Apple Pay/Google Pay
• Mobile app with card-free ATM access
• Parental monitoring controls available

The Wells Fargo app allows secure ATM withdrawals by generating one-time access codes instead of using a debit card. Useful for campus safety.

Bank of America Advantage Savings

Bank of America provides students 16,000+ free ATMs located conveniently nationwide.

Key Perks

• Over 16,000 no-fee Bank of America ATMs
• Preferred rewards rates for students
• No monthly maintenance fee
• Mobile app with digital card access

BOA’s Coast to Coast program allows fee-free access at other banks’ ATMs as well. Their extensive network proves very accessible for generating cash.

Best Savings Accounts for High Interest

Online banks tend to offer the highest savings interest rates with low or no fees. Our favorites:

CIT Bank Savings Builder

CIT Bank’s Savings Builder account offers high rates with no minimum balance or monthly fees.

Key Perks

• 0.50% APY on all deposits
• No minimum balance requirement
• No monthly service fees
• Interest compounds daily, credits monthly
• FDIC insured up to $250,000

The lack of balance rules provides account flexibility. Interest compounds daily and credits monthly to maximize earnings.

Marcus by Goldman Sachs High Yield Online Savings

The Marcus High Yield Online Savings also pays a very competitive interest rate on all balance amounts with no fees.

Key Perks

• 0.50% APY interest rate
• No minimum balance or monthly fees
• Interest compounds daily
• Easy online account opening and management
• FDIC insured up to applicable limits

Marcus consistently offers one of the highest nationally available rates. Deposits are FDIC-insured by Marcus’ partner banks. Convenient access helps students deposit often.

Bread Savings High Yield Savings

Bread Savings offers another solid online savings option with 0.60% APY and no account fees.

Key Perks

• 0.60% APY across all balances
• No minimum balance or monthly fees
• Interest compounds daily, credits monthly
• Easy online and mobile account access
• FDIC insured up to $250,000

Students can easily open, manage, and grow their Bread account entirely online. Competitive interest combined with no fees makes their account very student-friendly.

Best Credit Union Savings Accounts for Students

Credit unions offer savings rates and terms aimed at distinct demographics, like students. Our top picks:

Digital Credit Union Savings

Digital Credit Union provides solid savings rates and $0 minimums for students nationwide.

Key Perks

• 5.00% APY on first $500
• 0.25% APY after $500 balance
• No monthly fees or minimum deposits
• Access to over 5,000 shared branches
• Free withdrawals at 30,000+ ATMs

Membership eligibility is open to anyone via $5 donation to foster care support charity upon joining. Digital CU offers a student-friendly account.

Suncoast Credit Union High Yield Savings

Suncoast CU, available in Florida, provides a competitive yield with accessible terms for students.

Key Perks

• 0.50% APY on all balances
• $5 minimum opening deposit
• No monthly service fees
• Nationwide ATM rebates up to $20/month
• Over 60 branch locations across Florida

Suncoast has branches across Florida to provide localized service. Anyone who lives or attends school in-state can become a Suncoast CU member.

Zeal Credit Union Juntos Savings

California’s Zeal Credit Union offers Spanish-language financial accounts with favorable rates and mobile convenience.

Key Perks

• 0.10% – 0.50% APY based on balance
• No monthly service fees
• $5 minimum opening deposit
• Spanish language account access
• Mobile deposits and transfers

Zeal CU aims to serve Hispanic communities. Students who speak Spanish may find their savings options friendlier and more accessible.

Best Mobile Savings Apps for Students

Convenient, user-friendly mobile apps help students manage savings on the go. Our top picks:

Albert Savings App

The Albert app makes saving automated by transferring small amounts based on customized budgeting strategies.

Key Features

• Automated savings transfers
• Intelligent budgets and forecasts
• Gen Z-targeted guidance and content
• Access to 30,000 no-fee AllPoint ATMs
• Optional high-yield savings account

Albert empowers smart savings habits customized to each user’s income and spending preferences via its personalized app experience.

Acorns Micro-Investing App

Acorns helps students invest spare change instantly as deposits are rounded up to the nearest dollar.

Key Features

• Automatic Round-Ups on transactions
• Preset recurring deposits
• Managed investment portfolios
• Low monthly fee, waived for college students
• Educational articles tailored to students

Instead of mere savings, Acorns invests students’ deposits into diversified ETF portfolios. Automation and education encourages young investor development.

Brigit Saving and Budgeting App

Brigit acts like a digital financial advisor by tracking balances, bills, income and helping detect shortfalls early.

Key Features

• Automated balance monitoring
• Bill and due date forecasts
• Cash flow projections to avoid overdrafts
• Ability to secure small cash advances if needed
• Educational content on financial health

The app provides personalized insights and alerts to help students avoid unnecessary account fees and make smarter money moves.

Best Savings Accounts for High School Students

Younger teens can start developing good savings habits. The top options for high schoolers:

Wells Fargo Way2Save

Wells Fargo’s savings account specifically for those under 18 offers helpful financial literacy guidance.

Key Perks

• $0 monthly fees with $300 minimum balance
• Earn up to $300 in savings match over three years
• Hands-on money management education
• Parental account monitoring available

Account holders can earn a 1% savings match up to $100 each year they meet the eligibility rules, for a $300 match total. Useful incentives and guidance for high school students.

River Banking App

River’s digital banking app helps teens learn to budget, save, and invest through hands-on experience with parental oversight.

Key Features

• Teen checking and savings options
• Step-by-step financial literacy curriculum
• Custom parental account controls
• Integrated investment platform
• Shared family account visibility

River provides a safe environment for high schoolers to experience personal finance decision-making in action alongside guidance and supervision.

Greenlight Debit Card for Kids

The Greenlight debit card lets parents pay allowance and manage chores directly while enabling supervised spending for kids.

Key Features

• Fee-free debit card account for minors
• Parental controls on spending categories/locations
• Ability to automate allowance
• Educational modules on earning/saving
• Family sharing tools and notifications

Greenlight helps school-age kids gain financial literacy at their own pace alongside helpful parental account management features.

Best Student Savings Tips

Maximizing savings as a student comes down to determining a strategy that aligns with your income and priorities. Consider these tips:

Start Small – Even depositing $5 or $10 at a time adds up. Set up automatic transfers from checking to savings.

Pay Yourself First – Have at least 10% of income automatically go to savings before spending each pay period.

Save Windfalls – Deposit lump sums like gifts, tax refunds and bonuses before spending any.

Limit Withdrawals – Avoid the temptation to tap savings. Develop an emergency fund for unexpected needs.

Take Advantage of Compounding – More frequent interest compounding boosts earnings. Choose accounts that compound daily.

Pursue Prime Rates – Online banks tend to offer the highest savings rates since they have lower overhead.

Maintain Access – Ensure your chosen account enables deposits and withdrawals without restrictions that may discourage savings.

Set Savings Goals – Create tangible short-term and long-term savings targets like study abroad, computers, etc. to motivate savings discipline.

Common Student Savings Account Questions

How much should you have in savings as a college student?

Experts recommend having an emergency fund equal to 3-6 months of expenses as a working adult. For students, aim to eventually save $1,000 – $1,500 in an emergency account to help avoid debt from unexpected costs.

Are online banks safe for students?

Legitimate FDIC-insured online banks are safe options. Student savings are protected for up to $250,000 per depositor by FDIC insurance even if the bank fails.

Can students open a savings account online?

Yes, students who are U.S. citizens typically only need a Social Security number and state ID to open a savings account digitally with an online bank. Minors will need a joint adult account holder.

Should students use a savings or checking account?

Students should use both accounts. Checking covers day-to-day spending while savings earns interest and grows money for bigger goals. Integrated accounts make transferring money easy.

What’s the best way for students to access savings?

The debit card linked to a savings account provides the most convenient access. Debit cards allow withdrawals from savings at ATMs and stores while avoiding fees of repeated transfers between external accounts.

Closing Thoughts on Student Savings

Developing smart saving habits in college helps establish financial responsibility and reduces reliance on loans or debt. The right savings account offers a safe way for students to securely earn interest above inflation while reaching goals.

Look for accounts that provide low opening requirements, no fees, and mobile convenience to encourage routine deposits. Automating recurring transfers into savings each month ensures discipline.

Making regular savings contributions, even small, during college reduces future financial strain. Conditioning behaviors like paying yourself first, maintaining emergency funds, and automatically investing excess funds leads to lifelong benefits.