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12 best student savings accounts for October 2021
Grow your nest egg while focusing on your studies with a savings account for students.
The best student savings account comes with low fees and a strong interest rate to help you grow your money while you focus on school. We compared over 110 accounts to find the best savings accounts for students. This meant 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 2021?
We added Ally Online Savings to our best list for college students because it has a 0.5% APY and unique savings tools to help you manage your money. We added American Express High Yield Savings as a best option for high school students because it can be opened online jointly with a guardian and features a strong APY, no fees and 24/7 customer service.
12 best student savings accounts
|Account||Best for||Monthly fee||APY||Learn more|
|American Express® High Yield Savings||None||0.4%||Go to site|
|Synchrony High Yield Savings||None||0.5%||Read review|
|Marcus by Goldman Sachs Online Savings||None||0.5%||Read review|
|Barclays Online Savings||None||0.4%||Read review|
|MySavings Account||None||0.5%||Read review|
|Ally Bank Online Savings Account||None||0.5%||Read review|
|PNC Virtual Wallet Student||None||0.01%||Read review|
|Chase Savings||$5||0.01%||Read review|
|Capital One Kids Savings Account||None||0.3%||Read review|
|DCU Primary Savings Account||None||6.17% on the first $1,000 and 0.25% after that||Read review|
|Golden 1 Youth Savings Account||None||0.05% on balances $100+||Read review|
|BECU Early Saver Youth Account||None||2.02% on your first $500 and 0.02% after that||Read review|
Best savings accounts for college students
Dive into the pros, cons and features of each of the best savings accounts for college students:
Earn a high APY while not worrying about monthly fees or minimums.
Easy access to your money with almost no fees.
Earn one of the highest APYs available today.
A hassle-free, convenient way to save
Packed with features that help you reach your savings.
Best savings accounts for high school students
Compare the pros, cons and features of each of the best savings accoutns for high school students:
No monthly fee or minimum balance requirements
|Minimum deposit to open||$0|
Get the safety and security of banking with one of the Big Four.
Available to applicants younger than 18.
|Minimum deposit to open||$0|
Earn a high APY on the first $1,000 in your account.
This account offers a low opening deposit and no monthly fee.
|Minimum deposit to open||$1|
Best introductory savings account for kids younger than 18.
BECU Early Saver Youth Account
Finder rating 4.7 / 5 ★★★★★
|APY||Up to 2.02%|
|Minimum deposit to open||$0|
How to choose the best student savings account for you
- Account type. Some savings accounts are designed specifically for students while others are general savings accounts that can be opened jointly between a teen and their guardian.
- Features. Compare features like mobile banking, savings tools and parental controls.
- Rates. A higher interest rate helps your savings grow faster to reach your goals sooner.
- Access. Compare mobile banking, branch locations, ATMs and other ways to access your account.
- Requirements. Look out for age restrictions, initial deposit, minimum balance and other eligibility requirements.
- Bonus. Find out if any accounts offer bonuses or rewards that can help kickstart your savings.
- Availability. Consider whether or not it’s available in your state and how long you’ll be allowed to use the account. Some student accounts are only available when you’re enrolled, while others can stay open for a certain number of years after you’re first enrolled.
Do any top banks offer student savings accounts?
These major banks don’t offer student savings accounts, but they waive the fee on some of their general savings accounts for students under age 18.
- Wells Fargo. The Way2Save Savings account earns a paltry 0.01% APY, but it comes with an ATM card and the $5 fee is waived for those under the age of 18, or 19 in Alabama.
- TD Bank. The TD Simple Savings account has a 0.05% APY and no minimum opening deposit and the $5 is waived until you turn 18.
- Bank of America. The BoA Advantage Savings account comes with automatic savings tools, but it only earns 0.01% APY — a rate lower than the national average — and has an $8 monthly fee that’s waived for enrolled students under age 24.
- US Bank. With US Bank’s Standard Savings account, you’ll pay no fee if you’re under age 18. But the interest rate is only 0.01% — that’s one penny a year for every $100 you save.
- Discover. Out of all the accounts in this list, Discover Online Savings is the best option. It earns a competitive 0.45% APY and has no monthly fees or minimum balance requirements.
What happens to my student savings account once I’m no longer a student?
Once you graduate or are no longer a student, your account may automatically convert to an adult savings account. Some banks don’t do this automatically, so your student account may continue business as usual.
If you’re over 18, you can contact your financial institution if you want to remove a parent or guardian from the account. You can also request a change to your account type, which can unlock additional features, including person-to-person payments, digital wallets and online bill pay.
Student savings account alternatives
- 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.
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 savings accounts
Explore other popular 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.
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