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. But with so many accounts, it may be difficult to find which account is best for you. We researched these accounts and their features to bring you the 10 best savings accounts for students.

Best savings accounts for high school students

Capital One Kids Savings Account

Available to applicants younger than 18.

  • APY: 0.6%
  • Interest compounding: Monthly
  • Monthly fee: $0
  • Minimum opening deposit: $0

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:

DCU Logo

DCU Primary Savings

Earn a high APY on the first $1,000 in your account.

  • APY: 6.17%
  • Interest compounding: Monthly
  • Monthly fee: $0
  • Minimum opening deposit: $5

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:

Golden 1 Logo

Golden 1 Youth Savings

This account offers a low opening deposit and no monthly fee.

  • APY: 0.2%
  • Interest compounding: Monthly
  • Monthly fee: $0
  • Minimum opening deposit: $1

Teach your teen the value of a dollar with this Golden 1 Youth Savings account. It has a low opening deposit and no monthly fees. But you must live or work in California to open this account for your teen.

BECU Logo

BECU Early Savers Account

Best introductory savings account for kids younger than 18.

  • APY: 6.17%
  • Interest compounding: Quarterly
  • Monthly fee: $0
  • Minimum opening deposit: $0

This savings account from Boeing Employee Credit Union (BECU) is ideal for students younger than 18 who live in Washington state or a few select counties in Oregon and Idaho. It earns a high 6.17% APY on your first $500 in savings. But the rate drops to 0.1% after that.

Chase Savings

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

  • APY: 0.01%
  • Interest compounding: Monthly
  • Monthly fee: $5
  • Minimum opening deposit: $0

The Chase Savings account is best for students looking to save. Perks include:

Best savings accounts for college students

Synchrony High Yield Savings

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

  • APY: 1.7%
  • Interest compounding: Daily
  • Monthly fee: $0
  • Minimum opening deposit: $0

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:

Marcus by Goldman Sachs Online Savings

Earn a high APY while not worrying about monthly fees or minimums.

  • APY: 1.7%
  • Interest compounding: Daily
  • Monthly fee: $0
  • Minimum opening deposit: $0

This online savings account pays a high APY, 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.

Barclays Online Savings

Easy access to your money with almost no fees.

  • APY: 1.6%
  • Interest compounding: Daily
  • Monthly fee: $0
  • Minimum opening deposit: $0

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:

MySavings Account

Earn one of the highest APYs available today.

  • APY: 1%
  • Interest compounding: Daily
  • Monthly fee: $0
  • Minimum opening deposit: $0

This online savings account offers one of the highest APYs in the country with no monthly fees or minimums.

PNC Bank Logo

PNC Bank Virtual Wallet Student

Packed with features that help you reach your savings.

  • APY: 0.05% to 0.1%
  • Interest compounding: Daily
  • Monthly fee: $0
  • Minimum opening deposit: $25

PNC’s Virtual Wallet Student account gives you access to tools like spending and budgeting resources, plus:

How did we choose the best accounts?

We chose the best savings accounts for high school and college students by digging into key factors like interest rates, age requirements, monthly fees, minimum opening deposit requirements and account perks.

Most of the accounts on our list are specifically for students. But we included a few standard accounts that offer unique features that would benefit most college students.

What’s changed in 2020?

For 2020, we added information about the APY, compounding period, monthly fees and minimum deposits to our recommendations so you can easily compare accounts.

The Chase Savings account was originally on our list, but we removed it because it has a subpar 0.01% APY. We replaced it with the Golden 1 Youth Savings account.

We removed the CIBC Agility Savings account from our best high school savings account list because it’s only available to those who are at least 18 years of age. We replaced it with the BECU Early Savers account.

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 More info
Barclays Online Savings
1.60%
$0
$0
Go to site
View details
Earn 20x the national savings account average with no fees or minimums.
Synchrony High Yield Savings
1.70%
$0
$0
Go to site
View details
Earn one of the highest interest rates without the fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Read review
View details
A simple savings account with low, waivable monthly fees.
Capital One Kids Savings Account
0.60%
$0
$0
Read review
View details
Kids Savings Accounts are fee-free and don’t require a minimum balance.
Alliant Kids Savings Account
1.60%
$0
$5
Read review
View details
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
MySavings Account
1.00%
$0
$0
Read review
View details
An online high-interest savings account with no minimum balance or monthly fees.
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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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