- No minimum opening deposit.
- No monthly fees.
- High APY.
Best Student Savings Accounts in September 2024
![best student savings accounts](/personal-finance/static/48d5fc7f11219ecaa22025ce790d66ea/8ae18/best-student-savings-accounts.jpg)
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Many college students don’t have much extra money, so they tend to forgo opening things like savings accounts. However, there’s never a better time to establish healthy savings habits than when you’re just starting out.
To help you find the right account, we’ve dug through dozens of student savings accounts and picked out the best for anyone looking to start saving in 2024.
Bank/Institution | Best For | APY | Monthly Fee | Minimum Deposit | Features |
---|---|---|---|---|---|
BMO Alto Online Savings Account | High APY | 5.10% | $0 | $0 | Unlimited transfers and withdrawals |
Customer satisfaction | 4.25% | $0 | $0 | 1% cash back on up to $3,000 per month in debit card transactions, no monthly fees | |
Earning airline miles | 2.5 American AAdvantage Miles per $1 saved | $0 | $0 | Earns American Airlines miles and no monthly fees | |
Combined savings and checking | Up to 4.60% | $0 | $0 | New account bonus, get paid two days early, additional FDIC insurance | |
Combined spending, savings, and investing account | Up to 5% APY | $0 | $0 | Manage savings, investing, and credit building from one app |
With its recent Bank of the West acquisition, BMO has expanded its foothold across the Midwest and western states. However, the BMO Alto Online Savings account is available to customers anywhere in the U.S. We love it because it offers a 5.10% APY, one of the highest yields currently on the market.
In addition to its high APY, there is no minimum deposit to open an account, and you won’t pay any monthly fees to keep it open.
When you have an issue when dealing with a company, you want confidence that it will be resolved. Discover Bank is known for delivering outstanding customer service. In 2023, J.D. Power named Discover “Best for Customer Satisfaction” for all direct bank savings accounts.
Additionally, the Discover® Online Savings Account has no monthly fees or minimum deposits and earns a respectable Savings: 4.35% variable APY.
If you prefer travel rewards over high interest, consider the Bask Bank Mileage Savings Account You’ll earn 2.5 American Airlines AAdvantage miles for each $1 you save annually. The best part is that the miles you earn can be used for flights on American Airlines or one of 20+ partners.
There is no minimum deposit required to open an account, and Bask Bank doesn’t charge monthly fees. If airline miles aren’t your thing, it also offers an Interest Savings Account with a 5.10% APY.
SoFi Savings and Checking is a popular choice for many students because it provides both a checking and savings account. Plus, when you open your account, you can earn up to a $300 bonus with the following direct deposits:
In addition to a generous sign-up bonus, SoFi offers up to 4.60% APY on savings account balances (1.20% APY without direct deposit) and 0.50% APY on checking accounts. Plus, there are no account fees, and you can receive your paycheck up to two days early when you set up direct deposit.
If you’re looking for a bank account to help you manage all your finances, look no further than Step. With a Step account, you can access a spending, savings, credit builder, and investing account all in a single app. This is ideal for anyone who doesn’t want to deal with multiple banks.
When you sign up, you can choose between a Step or Step Black plan. Step accounts have no fees, while Step Black charges a $99 annual fee. With a Step account, you’ll get a 5.00% APY when you set up direct deposit. No direct deposit is required to earn 5.00% APY with Step Black.
Our team reviewed dozens of savings accounts to find the best for students. We focused on fees, APY, new account promotions, and useful digital tools. The best overall accounts on our list feature low or no fees for typical banking use and provide customers with an above-average APY on savings balances.
When choosing a student savings account, consider the following factors:
Students are typically on a fixed budget, so even paying modest bank account fees can be a challenge. Always look for an account with no monthly fees so you can keep more of your money.
Most people use savings accounts to store their money safely and earn a little interest on the balance. Ensure the account you choose offers an APY that’s competitive with other banks and doesn’t require you to jump through many hoops.
When choosing a bank account, you want to choose one where you can easily access your money when needed. This could be through bank-to-bank transfers or free ATM access to your funds.
If you’re a student in search of a savings account, don’t feel as though you need to settle for one specifically for students. There are many great savings accounts available that offer high APYs and no fees and are still a great choice for students.
If you don’t need instant access to your cash, you could also consider other account types, such as a money market account or a certificate of deposits (CD). These accounts tend to have higher APYs than high-yield savings accounts.
A student savings account is just like a regular savings account, but it can include features that cater to a student's needs, such as no fees, early direct deposit access, free ATM use, or cash back on purchases frequently made by a college student.
Some student checking accounts require the account holder to be enrolled in high school or college, while others require the person to fall within a certain age range.
Opening a student savings account has several benefits.
Most importantly, you’ll be able to earn interest on your savings. Some savings accounts also have digital tools to help make your life easier—such as early direct deposit access, budgeting apps, and the ability to earn shopping rewards when you spend.
When choosing a student savings account, consider the following:
Many options are available if you’re a post-secondary student looking for a savings account. But don’t just sign up for the first account you see. Consider the most important features, including APY, monthly fees, and other tools that make it easy to manage your money.
If you are under 18, you cannot open an account alone. You need a parent or guardian to open a custodial or joint account. If you are over 18, you will be responsible for opening the savings account and signing any necessary paperwork.
No, the funds in your savings account can be used for anything you like. However, keep in mind that if you withdraw all the funds and the account has a $0 balance for an extended period of time, the account could be closed.
As a student, you may be on a tight budget. Look for a savings account that doesn’t charge fees or require a minimum balance, and offers an attractive APY.
When opening a student bank account, consider your choices and pick the best account for your needs. Once you’ve identified the right account, you’ll need to apply for it either online or in a branch location. Most banks require you to provide your legal name, Social Security number, physical address, and government-issued ID. Once your account has been approved, you can fund it.
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