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.
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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.
Pros
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 4.75% APY on your balance, no matter how much is in your account.
Cons
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.
American Express® High Yield Savings Account is available to anyone, but high school students can take advantage of its perks when they open it jointly with a parent or guardian.
Pros
Competitive APY. Save for college and any other financial goals with a strong APY on your total balance.
No fees. Your savings grows unhindered with no monthly fee or minimum balance requirements.
24/7 support. Reach American Express customer service by phone or email any time, day or night.
Cons
No ATM access. As with most online savings accounts, this one doesn't come with an ATM card for easy cash withdrawals.
No cash deposits. American Express Online Savings doesn't come with branch or ATM access, so you cannot deposit cash.
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.
Pros
Above-average APY. Earn 4.35% 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.
Cons
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.
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.
Pros
No fees. There's no monthly fee to keep this account open.
High APY. Earn 4.4% on your balance
No minimums. There's no minimum deposit required or minimum to earn the high APY.
Cons
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.
The Ally Bank Savings Account gives you a hassle-free, convenient way to save. Plus, you'll get access to four automatic savings tools to help you reach your goals.
Pros
High interest rate. You'll earn a generous 4.2% APY on every penny you save in your Ally Savings account.
Four savings tools. Split your money into different savings buckets or &mdash
if you have an Ally Checking account &mdash
set up automatic deposits, sweep 'spare change' from debit card purchases into savings and let Ally transfer unused funds into savings for you.
No hidden fees. This account has no monthly fees and a $0 opening deposit to get started.
Cons
No ATM access. As with most savings accounts, this one doesn't come with an ATM card for cash withdrawals.
Excessive withdrawal fee. You'll typically pay $10 each time you make more than six transactions a month. However, this fee may be waived during the COVID pandemic.
No cash deposits. You can't deposit cash, which is a common feature with online savings accounts.
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.
Pros
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 2.5% on your balance, more than what many larger institutions offer.
Cons
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.
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.
Pros
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 0.15% on your remaining balance.
Low initial deposit. You can open this account with as little as $5.
Cons
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.
Best introductory savings account for kids younger than 18.
BECU Early Saver Youth Account
4.7
★★★★★
Finder score
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 6.17% APY on your first $500 in savings. But the rate drops to 0.5% after that.
Pros
High introductory APY. Earn a whopping 6.17% 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.
Cons
Average APY after first $500. Once your teen saves their first $500, the APY drops to 0.5%. 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.
Annual Percentage Yield (APY)
6.17%
0.50%
Interest compounding
Quarterly
Minimum balance to earn interest
$0
Fee per transaction over the limit
$20
APY
Up to 6.17%
Fee
$0
Minimum deposit to open
$0
This account offers a low opening deposit and no monthly fee.
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.
Pros
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.
Cons
Mediocre APY. You earn 0.2%. That's lower than the national average. Many other banks offer significantly 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.
The Chase Savings account is best for students looking to save.
Pros
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.
Cons
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.
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:
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
Savings accounts are an essential part of saving for college, 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.
Cassidy Horton is a freelance personal finance copywriter and past contributing writer for Finder. Her writing and banking expertise have been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University. See full bio
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