Getting a student savings account is one of the best first steps you can take to manage your finances and build wealth for yourself. The benefits of a student savings account can help you reach your financial goals and become financially independent.
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Many financial institutions, banks, and credit unions offer accounts with low fees and reasonable interest rates. Some offer a dedicated student account. Students can use these types of accounts to manage their finances.
Credit cards are one of the products and services most banks offer.
College students can link their checking accounts to grow their savings account.
A good savings account is what we will be looking at in this article. A savings account is important for financial success and should be a priority for everyone.
10 Best Student Savings Accounts of 2023
Here are the best savings accounts for students you can open today:
- CIT Bank Savings Builder Account: 1.00%
- Axos High-Yield Savings Account: 0.61%
- Discover Bank Online Savings Account: 0.50%
- Marcus By Goldman Sachs High-Yield Online Savings Account: 0.50%
- American Express Bank Online Savings Account: 0.50%
- Capital One Kids Savings Account: 0.30%
- HSBC Everyday Savings Account: 0.01%
- Bank of America Advantage Savings: 0.01%
- DCU Primary Savings Account: 6.17%
- Radius Bank High-Yield Savings: 0.15%
1. CIT Bank Savings Builder Account
- APY: 1.00%
- Monthly Service Fee: $0
- Minimum Opening Deposit: $100
- Minimum Account Balance: $25,000 or $100 monthly deposit
One of the highest rates offered is 1.00% for the CIT Bank Savings Builder account. It has no minimum balance requirement and no monthly service fees, making it an ideal choice for savers.
A minimum opening deposit of $100 and a minimum account balance of $25,000 are some of the criteria that can be used to qualify. There may be additional fees associated with opening and maintaining the account.
You can replace the minimum account balance requirement with a monthly deposit of $100 or more. If you haven’t saved any money yet, this is a great option. Setting aside a small amount each month is a great way to start saving money.
There are many perks to enjoy when opening the account. You can enjoy the benefits of your new account immediately.
There are no account opening fees or maintenance fees, and the APY is compounded daily to maximize how much you earn from your savings. You can access your money at any time without penalty.
The account is limited to 6 transactions per statement cycle and you can make check deposits remotely. You can see your account balance and transactions online with our online banking services.
The account gives you access to the mobile banking app and is insured by the Federal Deposit Insurance Corporation.
2. Axos High-Yield Savings Account
- APY: 0.61%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $250.00
- Minimum Account Balance: $0
Some of the best industry-leading rates on their high-yield savings account can be found at Axos Bank, which has been in business for 20 years.
You will get an impressive 0.61% APY on your account balance, along with no monthly service fees. As interest is added to your account balance each day, your earnings will continue to grow.
If you are looking for a checking account with no fees or minimum balance requirements, you can open an Axos Bank rewards checking account that will give you up to 1% APY on your balances. You can easily connect your account to your online banking platform.
A great option for students looking for a savings account is the online-only bank, Axos. It’s an ideal choice for students who are looking to get the most out of their money because of the competitive interest rates and no monthly maintenance fees at Axos Bank.
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3. Discover Bank Online Savings Account
- APY: 0.50%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $0.00
- Minimum Account Balance: $0.00
Discover’s There is no minimum account balance and no fees in the online savings account. It’s a great option for people who want to save money and earn interest on their balance.
It is easy to open a Discover Bank Online Savings account. You can start earning interest on your savings immediately after you open your account.
You need to provide basic information such as your name, address, and Social Security Number if you want to do everything online. A valid form of government-issued identification, such as a driver’s license or passport, can be uploaded.
At the account application stage, you can make a deposit. Through the bank’s secure online banking platform, you can make a deposit directly into your account. You will get a confirmation via email from Discover bank.
There are no fees when opening this type of account with Discover.
It’s nice to see that the bank doesn’t charge any fees for things like insufficient funds or closing your account. It’s important to remember that there are other fees associated with banking, such as overdraft fees and international transaction fees, so it’s always wise to review the details of your account before signing up.
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4. Marcus by Goldman Sachs High-Yield Online Savings Account
- APY: 0.50%
- Monthly fee: $0.00
- Minimum Opening Deposit: $0.00
- Minimum Account Balance: $0.00
Marcus, by Goldman Sachs, is offering a There is a high-yield online savings account. Your money will be working hard for you with this High-Yield Online Savings Account. Your savings can grow much faster if the rate is above the national average. Saving money with this account can provide you with peace of mind, knowing that your money is growing faster than it would be at other financial institutions.
There are no fees to open the account and no monthly maintenance fees. It is possible to make sure you don’t start eating into your savings just to open the account. You need to research different options to make sure you get the best interest rate and other benefits.
You don’t have to go to a branch to open the account online. You can open the account in a few minutes. You don’t have to give a minimum amount to open the account.
You will need to provide some personal details during the application process, but this is nothing new. You can expect to hear back from the company within a few days after you submit your application.
Once the account is set up, you can enjoy same-day transfers, the ability to link accounts held with other banks, and access to a contact center that’s not only open 24/7 but is based in the US.
You can rest assured that your money is safe because the account is insured by the FDIC. The bank has a long history of providing strong financial protection for its customers, so you can trust that your money is in good hands.
5. American Express Bank Online Savings Account
- APY: 0.50%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $0.00
- Minimum Account Balance: $0.00
The American Express Bank Online Savings account offers students a number of benefits. Students can take advantage of the bank’s help whenever they need it. The national average is lower than this.
You will get a great rate regardless of how much you save, because there are no monthly maintenance fees and no minimum balance to keep. Making it even more attractive, you also have access to a range of other benefits such as free online transfers and high interest rates.
If you already have a current account, you can link it to the American Express Bank savings account and use fund transfers 24/7. It’s easy to manage your finances as you can access all of your accounts in one place. You are good to go if you have your account and routing number. Just follow the instructions and you should be able to set up a direct deposit.
You can transfer funds online or by calling the bank. If you want to automate your finances, you can set up recurring transfers.
Every month, interest is posted to your account. This account can be used to make purchases, transfer money, and store funds.
AmEx is insured up to $250,000. AmEx customers can have peace of mind that their deposits are safe.
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6. Capital One Kids Savings Account
- APY: 0.30%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $0.00
- Minimum Account Balance: $0.00
Younger students, including those in high school or younger, can enjoy an APY rate of 0.30% with Capital One’s Kids Savings Account.
The account is only available to people under the age of 18. Proof of age and identity is required to access the features of this account.
Once the student reaches 18 years of age, the account will be switched automatically to a Capital One has a savings account. With a Capital One 360 Savings Account, you can be sure that your money is safe and secure, as well as earning competitive interest rates.
The account helps eligible students learn how to manage their money better. The account is designed to give students the skills they need to make sound financial decisions.
My Savings Goals allows you to set up and track goals, and Automatic Savings Plan ensures deposits to the account are made on a pre-determined schedule. It makes it easy to set up and manage your budget.
The account has a mobile banking app that has parental controls. The app allows parents to set limits on their child’s account.
The account can be opened at one of the Capital One bank branches. Customers will be able to take advantage of all the benefits Capital One has to offer once the account is opened.
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7. HSBC Everyday Savings Account
- APY: 0.01%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $1
- Minimum Account Balance: $1
The HSBC Everyday Savings account is one of the many savings accounts offered by HSBC.
The minimum rate is 0.01%. Depending on the type of loan and creditworthiness of the borrowers, theAPR rate can be higher than 0.01%.
Most students can afford a minimum opening balance of $1. It is easy for students to open a bank account with a low minimum balance requirement.
The Everyday Savings Account is accessible to everyone. It has convenient and secure access to your funds. It has many of the features we have become accustomed to when it comes to bank accounts. Online banking and access to an ATM network are included.
You can use internet banking and HSBC Mobile Banking for free. Automatic savings for any amount can be set up to help you stay on top of your finances.
The account can be opened online. You will have access to a range of banking services once your account is open. HSBC will inform you through the submitted contact details if your application is approved or not, or whether more information is required.
8. Bank of America Advantage Savings
- APY: 0.01%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $100
- Minimum Account Balance: $500 or more
The starting rate is not the best, but the bank can be accessed and offers higher rates for those in the program. Not only does this bank offer competitive rates and diverse services, but it also provides customers with great convenience and accessibility. It might be difficult for students to qualify for this. The competition for this opportunity is fierce.
The Bank of America Advantage Savings usually has a monthly maintenance fee of $8.00, but they waive it for qualified students. The higher interest rate on savings can be enjoyed by students without having to worry about the extra cost of the Bank of America Advantage Savings account.
You can earn as much as 15% cash back through their program. With the cash back program, you can save money on everyday purchases while enjoying all the benefits that come with being a member.
Keep the Change is a cool feature that comes with this account. Customers can save without even thinking about it if they use Keep the Change to round up purchases to the nearest dollar and then transfer the extra change into a savings account. Through this feature, the difference between the cost of the card and the amount in your bank account will earn you interest. This feature will allow you to start building your savings without having to think about it.
The account is insured by the Federal Deposit Insurance Corporation and comes with a number of features. Competitive interest rates are offered by the account to help customers reach their financial goals.
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9. DCU Primary Savings Account
- APY: 6.17% for the first $1,000 then 0.25%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $5.00
- Minimum Account Balance: $0.00
DCU’s The primary savings account has a high interest rate. A Primary Savings account is ideal for people who want to earn higher returns on their money. The rate is higher than the competition, but there is a catch. To take advantage of this rate, you will need to commit to a long-term contract.
The rate only applies to the first $1,000 in your account. If you deposit up to $1,000 in your account, you can maximize your savings. The effective rate you will earn depends on how much money you have saved in the account. The higher the balance in your account, the more interest you will earn.
It can be difficult to calculate the effective rate. In order to make informed financial decisions, it is important to understand the effective rate of interest and how it is calculated. This is why the bank offers a savings calculator to help you figure out how much you can save. The financial buffer you need to feel secure in the future can be determined using this calculator.
There is no minimum account balance to keep, and the account has a very low opening deposit. The account is ideal for people who are just starting to save money. It’s an excellent tool for people who want to increase their savings goals.
10. Radius Bank High-Yield Savings
- APY: 0.15%
- Monthly Fee: $0.00
- Minimum Opening Deposit: $100.00
- Minimum Account Balance: $0.00
For balances between $2,500 and $24,999.99, the Radius Bank High-Yield Savings account has an APY of 0.15%. The higher the balance, the higher the APY is at 0.50%. The rate goes up to 0.25 if above this. The rate remains at 0.1% for transactions below this amount.
While other banks offer higher rates, this account comes with a few bells and whistles that could make it worth it. Before you make a decision on which bank account is right for you, you need to consider all of the benefits and drawbacks.
It is easy to open an account online. You need a minimum deposit of at least $100 to open the account. The initial deposit must be at least $100 to make additional deposits.
You can use the mobile banking app once the account is open. You can access your account and manage your finances with the app. You can set up and track financial goals with this access. Goalkeeper can be used to create a budget and track your progress towards saving money. Everything is automated and completely free if you set an unlimited number of goals. It’s important to set realistic and achievable goals in order to keep yourself both inspired and productive.
The account comes with a free ATM card, and there are no ATM access fees, even if you use an ATM network that is not Radius to help you save more money. Thousands of ATMs can be found in the Radius Bank ATM network.
Finding The Best Student Savings Account For You
A good high-yield savings account can be your first step toward a more financially responsible future. The earlier you start, the more benefits you can get down the line. Making small changes now, such as budgeting and saving, can have a big impact on your financial wellbeing in the long run.
There is no easy answer when it comes to deciding which account is best. It’s important to compare the features and benefits of different accounts to find the best one for you. Every one of us has different financial goals and requirements. Understand your financial goals and requirements in order to make informed decisions about your finances. What works for me might not work for you. Everyone’s situation is unique and should be addressed accordingly.
Always keep in mind the interest rates. To find the best rate, be sure to compare banks and lenders. Your savings will grow faster if you have high rates. Because of the growth of your savings, you may be able to achieve your long-term financial objectives more easily and sooner than anticipated.
As they can quickly eat into whatever you manage to save, overdraft fees are an important factor to consider. It’s a good idea to research potential banks and compare fees so that you can find the best deal for your needs.
The ability to automate a monthly direct deposit into your account is a useful feature. If you have a hard time setting aside money for savings, this feature could be helpful. Banks with robust mobile banking apps are always a good option.
It can also be helpful if the bank or financial institution you decide to go with can offer you a student checking account or a money market account as this will allow you to keep everything under one roof.
