Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

12 best student savings accounts

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.

Why trust Finder

  • 300+ banks and credit unions reviewed
  • 160+ savings accounts analyzed and rated by our team of experts
  • Evaluated under our unbiased rating system covering 6 categories
  • 20+ years of combined experience covering financial topics

We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.

For college students

For high school students

Best overall

Synchrony High Yield Savings

4.3
★★★★★

Finder score

Read review
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.

Easy access to your money with almost no fees.

Barclays Online Savings

4.3
★★★★★

Finder score

Get a $200 bonus when you open a new savings account, deposit $25,000 within 30 days of opening and maintain the balance for 120 days. Terms apply
Go to site
on Barclays's secure site
Read review
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.

No monthly fee or minimum balance requirements

American Express® High Yield Savings Account

4.9
★★★★★

Finder score

Go to site Read review
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.
Member FDIC

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

Marcus Online Savings

4.4
★★★★★

Finder score

Read review
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.

Packed with features that help you reach your savings.

PNC Virtual Wallet Student

Read review
PNC’s Virtual Wallet Student account gives you access to tools like spending and budgeting resources.

A hassle-free, convenient way to save

Ally Bank Savings Account

4.8
★★★★★

Finder score

Read review
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.

Earn one of the highest APYs available today.

MySavings Account

4.6
★★★★★

Finder score

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

Available to applicants younger than 18.

Capital One Kids Savings Account

4.4
★★★★★

Finder score

Read review
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.

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

DCU Primary Savings Account

4.9
★★★★★

Finder score

Read review
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.

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.

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

Golden 1 Youth Savings Account

4
★★★★★

Finder score

Read review
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.

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

Chase Savings

3.3
★★★★★

Finder score

Read review
The Chase Savings account is best for students looking to save.
The information about Chase Savings has been collected independently by Finder and has not been reviewed or provided by the issuer.

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.

    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.

    $
    Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
    Capital One Kids Savings Account
    Finder Score: 4.4 / 5: ★★★★★
    Capital One Kids Savings Account

    2.50%

    $0
    $0
    $1,025
    Alliant Kids Savings Account
    Finder Score: 4.6 / 5: ★★★★★

    Finder Award
    Bonus
    Alliant Kids Savings Account

    3.10%

    $100
    $5
    Alliant Credit Union will pay the $5 initial deposit
    $1,031
    MySavings Account
    Finder Score: 4.6 / 5: ★★★★★
    MySavings Account
    Savings

    4.35%

    $0
    $0
    $1,043.50
    loading

    More guides on Finder

    Ask a Question

    Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    Go to site