Best student savings accounts

Grow your nest egg while focusing on your studies.

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As a student, you have access to exclusive savings accounts designed to help your money grow while you focus on school. Compare some of the best student savings accounts available to find one that suits your needs.

Editor's pick: Chase College Checking

  • $100 signup bonus
  • No monthly service fees
  • Thousands of ATMs & branches

Editor's pick: Chase College Checking

New Chase customers can get a $100 signup bonus when they enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening. Plus no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.

  • Send money to your friends
  • Banking at your fingertips
  • Backed by the security of Chase

How did we choose the best accounts?

With so many student savings accounts out there to choose from, we narrowed down the options to a list of the top 10 by considering key factors like whether or not an account was designed for a student, how easy it was to open and how rewarding it was in terms of growing savings. That meant digging into account details like interest rates, age requirements, initial deposit and ongoing balance minimums, fees and signup bonuses.

Best savings accounts for high school students

CIBC Agility Savings account

The CIBC Agility Savings Account is one of the best options for high school students.

It offers a high APY, easy online access and more. Its competitive features and option to open a joint account make it easy to start saving no matter your goals. It features:

  • A high APY. This account pays a competitive 1.85% APY on your balance.
  • No monthly fees. You won’t pay any monthly fees to keep this account open.
  • No minimum balance. While this account requires a $1,000 initial deposit to open, there’s no ongoing balance requirement.

DCU Primary Savings account

DCU Primary Savings account

Designed around the needs of young savers.

The DCU Primary Savings account helps students get a head start on saving. Plus, credit unions offer a more personal banking experience, among other perks:

  • No monthly fees. This account doesn’t have a monthly service fee or maintenance charge.
  • High APY. Earn 6.17% APY on your first $1,000.
  • Low initial deposit. You can open this account with as little as $5.

Capital One Kids Savings Account

Available only to applicants younger than 18.

The Capital One Kids Savings Account helps kids develop responsible financial habits. Aside from the optional parental controls and savings goals features, this account offers a handful of other benefits:

  • No monthly fees. You won’t pay a monthly service fee to keep this account open.
  • No minimum balance.There’s no minimum balance required to earn interest.
  • Solid APY. You’ll earn 0.6% on your balance, more than what many larger institutions offer.
Alliant Teen Checking account

Alliant Teen Checking account

Alliant Teen Checking account pays 0.65% APY on your balance and provides a number of ways to save

While it isn’t a savings account, the Alliant Teen Checking account pays 0.65% APY on your balance and provides a number of ways to save. It also offers joint ownership and ATM fee rebates among other features:

  • No monthly fees. You won’t pay a monthly service fee to keep this account open.
  • No minimum balance. There’s no minimum balance required to earn interest.
  • Visa debit card. Get a Visa debit card that allows you to make purchases almost anywhere.

Chase Savings account

Get the safety and security of banking with one of the Big Four.

Get the safety and security of banking with one of the Big Four when you open the Chase Savings account. It’s especially useful for students looking to save. Perks include:

  • No monthly fees. As long as you’re younger than 18, you won’t pay a monthly service fee.
  • Low initial deposit. You can open this account with as little as $0.
  • Bonus offer. Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account. Available online nationwide except in Alaska, Hawaii and Puerto Rico.

Best savings accounts for college students

PNC Bank Virtual Wallet Student

PNC Bank Virtual Wallet Student

Packed with features that help you reach your savings.

PNC’s Virtual Wallet Student account is packed with features that help you reach your savings goals sooner. You’ll get access to tools like spending and budgeting resources, plus:

  • Fee refunds. PNC will refund your first overdraft charge monthly, two non-PNC ATM fees and more.
  • Low initial deposit. You can open this account with as little as $25 in person or $0 online.
  • No monthly fee. You won’t pay a monthly fee with proof of active student status.

Synchrony High Yield Savings

It’s a good way to start saving no matter how much you have.

While this account isn’t exclusive to students, it’s a good way to start saving no matter how much you have. Synchrony operates entirely online and offers benefits like:

  • No deposit requirements. You don’t need to deposit any money to open the account and won’t need to maintain a minimum balance.
  • No monthly fee. There’s no monthly fee required to keep this account open.
  • High APY. Earn 1.8%% APY on your balance, no matter how much is in your account.

Marcus by Goldman Sachs Online Savings

It’s a smart way to start saving while you’re still in school.

This online savings account pays four times the national APY average, making it a smart way to start saving while you’re still in school. Plus, it offers a handful of features that help your money grow while you focus on your studies:

  • No fees. There’s no monthly fee to keep this account open.
  • High APY. Earn 1.7% on your balance.
  • No minimums. There’s no minimum deposit required or minimum to earn the high APY.

Barclays Online Savings

Easy access to your money with almost no fees.

This online savings account provides easy access to your money with almost no fees. Plus, it offers an assortment of perks like a savings assistant, savings goals and more:

  • High APY. Earn 1.7% APY on your balance — roughly 24 times the national average.
  • No monthly fee. You won’t pay a monthly fee to keep this account open.
  • No minimums. There is no initial deposit or minimum balance requirement.

MySavings Account

The safety and security of an FDIC-insured institution

This online savings account offers one of the highest savings account APYs in the country. You’ll get easy access whenever you need it, the safety and security of an FDIC-insured institution, plus:

  • High APY. 1.8% is one of the highest APYs you’ll find on any savings account out there.
  • No fees. There are no monthly service charges, hidden costs, penalties or other fees.
  • No minimums. You can open this account with as little as $0 and won’t need to maintain a minimum balance.

How to compare student savings accounts

There are a few factors to consider as you shop around for the best savings account:

Compare with other student savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Capital One Kids Savings Account
0.60%
$0
$0
Kids Savings Accounts are fee-free and don’t require a minimum balance.
Alliant Kids Savings Account
1.65%
$0
$5
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Barclays Online Savings
1.70%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 20 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
Synchrony High Yield Savings
1.80%
$0
$0
Earn one of the highest interest rates without the fees.
MySavings Account
1.80%
$0
$0
An online high-interest savings account with no minimum balance or monthly fees.

Compare up to 4 providers

Beyond student savings accounts

Savings accounts are an essential part of any financial strategy, but they’re only one piece of the puzzle.

A 529 college savings plan encourages you to save for future costs of education. This college savings plan offers tax advantages and allows you or your family to put money away for the future. You can choose between a prepaid tuition plan and an education savings plan to tailor your savings strategy:

  • Prepaid tuition plan: Allows you to purchase credits for future tuition and fees at participating post-secondary institutions at current prices.
  • Education savings plan: A tax-advantaged investment account that can be used to pay for things like tuition, fees, housing and more.

Compare 529 savings plans like Collegebacker to find an option that meets your needs.

Bottom line

There’s no shortage of quality savings accounts for students out there — but always compare features, rates and requirements before deciding.

While these are some of the best student savings accounts we’ve come across, you may want to compare other savings accounts to see if there’s a better option for you.

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