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Best student savings accounts

Grow your nest egg while focusing on your studies.

Updated

Fact checked
As a student, you have access to exclusive savings accounts designed to help your money grow while you focus on school. 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.

Best savings accounts for high school students

Available to applicants younger than 18.

Capital One Kids Savings Account

0.5%
APY
None
Fees
None
Min. opening deposit
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 0.5% on your balance, more than what many larger institutions offer.
  • Online-only account. You'll need to open the account online. But you can pop into a Capital One branch to ask questions if you'd like.
  • Customer service isn't 24/7. Chat with a customer support representative during regular business hours or call 800-655-2265 daily from 8 a.m. to 11 p.m. ET.
Interest compounding Monthly
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $10

Earn a high APY on the first $5 in your account.

DCU Primary Savings Account

Up to 6.17%
APY
None
Fees
$5
Min. opening deposit
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. You won't pay a monthly maintenance service fee.
  • High APY. Regardless of your account balance, you'll earn 6.17% APY on the first $1,000 in your account and 0.25% on your remaining balance.
  • Low initial deposit. You can open this account with as little as $5.
  • Must open in person. Account holders younger than 18 must open this account at a local branch.
  • Limited branches. DCU is primarily located in Massachusetts, so you'll need to live in this service area to open an account.
  • Members only. You must be related to a current DCU member, belong to an eligible organization or be employed or retired from one of DCU's employers to qualify for membership.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

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

Golden 1 Youth Savings Account

0.1%
APY
None
Fees
$1
Min. opening deposit
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.
  • Low opening deposit. You only need $1 to get started.
  • No monthly fees. You won’t pay any monthly fees to keep this account open.
  • Online application. Open this account online without visiting a local branch.
  • Mediocre APY. You earn 0.1% when you keep at least $100 in your account. While it’s higher than the national average, other banks offer higher rates.
  • Excessive transaction fee. Look out for a $3 fee if your teen makes more than six outgoing transactions a month, including three branch cash withdrawals or transfers. Although you should contact Golden 1 to see if this policy is temporarily suspended due to the coronavirus.
  • Strict membership requirements. You must live or work in California, a family member of a current Golden 1 member, or belong to a Select Employee Group to open this account.
Interest compounding Monthly

Best introductory savings account for kids younger than 18.

BECU Early Saver Youth Account

Up to 4.07%
APY
None
Fees
None
Min. opening deposit
This savings account from BECU Early Saver Youth Account (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 4.07% APY on your first $500 in savings. But the rate drops to 0.02% after that.
  • High introductory APY. Earn a whopping 4.07% APY on your first $500 in savings.
  • Free ATM card. Withdraw cash on the go using your complimentary ATM card.
  • No monthly fees. This account has no monthly fees or minimum deposit requirements.
  • Average APY after first $500. Once your teen saves their first $500, the APY drops to 0.02%. You’ll find better rates elsewhere.
  • Must open in person. You’ll need to visit a local BECU branch to open this account.
  • Strict membership requirements. Only Boeing employees or those who live or work in Washington State or a few select counties in Oregon and Idaho can open this account.
Interest compounding Quarterly
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit $20

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

Chase Savings

0.01%
APY
$5 monthly
Fees
None
Min. opening deposit
The Chase Savings account is best for students looking to save. Perks include:
  • No monthly fee for kids. Students younger than 18 won't pay the $5 monthly service fee.
  • Low initial deposit. You can open this account with as little as $0.
  • 0.01% interest rate. You'll earn $1 a year for every $100 you keep in the account. This is much lower than the rates offered by other banks.
  • $5 excessive transaction fee. Expect a $5 fee each time you make more than six outgoing transactions a month. Although Chase may be waiving this fee due to the temporary suspension of Regulation D.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $5

Best savings accounts for college students

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

Synchrony High Yield Savings

Synchrony High Yield Savings logo
Finder Rating: 4.9 / 5

★★★★★

Apply now
at Synchrony's secure site
1.05%
APY
None
Fees
None
Min. opening deposit
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 1.05% APY on your balance, no matter how much is in your account.
  • Limited in-person support. This bank has one location in Bridgewater, New Jersey, so you'll have to be comfortable banking online if you live outside this area.
  • Withdrawal limits. You can't withdraw more than $1,000 a day from ATMs and $500 from point-of-sale retailers.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $0

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

Marcus by Goldman Sachs Online Savings

1.05%
APY
None
Fees
None
Min. opening deposit
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.
  • No fees. There's no monthly fee to keep this account open.
  • High APY. Earn 1.05% on your balance.
  • No minimums. There's no minimum deposit required or minimum to earn the high APY.
  • No ATM access. This online account doesn't come with an ATM card, so you're limited to electronic and wire transfers only.
  • No mobile app for Android. Marcus recently released an iOS app, but the Android app has yet to be released as of February 2020.
  • Limited monthly transactions. Marcus may close your account if you make more than six outgoing transactions a month. But Regulation D is currently suspended, so contact Marcus to see if it's temporarily waiving this policy.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit 6
Fee per transaction over limit

Easy access to your money with almost no fees.

Barclays Online Savings

1%
APY
None
Fees
None
Min. opening deposit
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% APY on your balance.
  • No monthly fee. You won't pay a monthly fee to keep this account open.
  • No minimums. There's no initial deposit or minimum balance requirement.
  • Excessive transaction fee. Expect to pay $5 each time you make more than six outgoing transactions a month. This is the usual policy, but contact Barclays to see if this is still the case because Regulation D is currently suspended.
  • No cash deposits or withdrawals. This online account doesn't come with an ATM card and doesn't support cash deposits.
  • Hold on deposits. Barclays holds each incoming deposit for up to five days before it credits your account.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit 6
Fee per transaction over limit $5

Earn one of the highest APYs available today.

MySavings Account

0.75%
APY
None
Fees
None
Min. opening deposit
This online savings account offers one of the highest APYs in the country with no monthly fees or minimums.
  • High APY. 0.75% is one of the highest APYs you'll find on a savings account.
  • 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.
  • No check deposits. The only way to access your money is through an electronic transfer.
  • Limited support. My Savings Direct is an online-only bank, so you're limited to phone and email support.
Interest compounding Daily
Minimum to earn interest $0
Monthly transaction limit
Fee per transaction over limit

Packed with features that help you reach your savings.

PNC Virtual Wallet Student

PNC Virtual Wallet Student logo
0.01%
APY
None
Fees
$25
Min. opening deposit
PNC’s Virtual Wallet Student account gives you 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. Open this account with as little as $25 in person or $0 online.
  • No monthly fee. You won’t pay a monthly fee for six years with proof of active student status.
  • Unclear rates. PNC doesn’t list the interest rates for the PNC Virtual Wallet Student account on its website. But given that their other savings accounts range from 0.05% to 0.01%, it may be low.
  • Early closure fee. You’ll pay $25 if you close your account within 180 days of opening.
Interest compounding Daily
Minimum to earn interest $1
Monthly transaction limit
Fee per transaction over limit

How to choose the best student savings account for you

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

Student savings account alternatives

Savings accounts are an essential part of any financial strategy, but they’re only one piece of the puzzle. Here are a few other accounts you could consider:

  • Digital savings apps. Use a budgeting app to trim expenses, stay on track financially, set savings goals and save for the future.
  • 529 college savings plans. Plans like Collegebacker encourage you to save for future costs of education. They offer tax advantages and allow you or your family to put money away for things like tuition, fees, housing and more.
  • Prepaid tuition plan. Allows you to purchase credits for future tuition and fees at participating post-secondary institutions at current prices.
  • Roth IRAs. Make penalty-free withdrawals at any time to pay for college for you, your kids or your spouse. If you end up not needing the money for college, it’s still there for retirement.
  • Custodial accounts. Parents and older loved ones can use a UGMA or UTMA account to save for a child’s future. Once the child turns 18, the money is theirs to use for college or any other expenses.

    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.

    Compare other student savings accounts

    Explore other top-rated student savings accounts in this table. Sort your options by APY, fees and minimum deposits. Have more than one top pick? Click the “Compare” box next to each account to view them side-by-side.

    $
    $
    months
    Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
    Synchrony High Yield Savings
    1.05%
    $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
    0.50%
    $0
    $0
    Read review
    View details
    Kids Savings Accounts are fee-free and don’t require a minimum balance.
    Alliant Kids Savings Account
    0.75%
    $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
    0.75%
    $0
    $0
    Read review
    View details
    An online high-interest savings account with no minimum balance or monthly fees.
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    Compare up to 4 providers

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