Are you a student who wants to find the best accounts for students to save money in? It can be hard to compare all of your options and choose the one that will help you reach your financial goals.
We've made a list of the 5 best savings accounts for students to help you out. From interest rates to monthly fees, every account is different. Read on to learn more about the best accounts for students to save money in.
Table of Contents
1) CIT Bank
CIT Bank is an online bank that gives students a savings account with a high rate of return. The account has a competitive interest rate of 0.35% and only requires you to put in $100.
CIT Bank's high-yield savings account has an annual percentage yield (APY) of 2.45% and a monthly maintenance fee of $0.
Also, the bank lets you take out up to six times a month for free, with no minimum balance requirement.
The account also has a feature called "automatic savings," which lets customers transfer money from their checking account to their CIT Bank savings account on a regular basis. Lastly, online banking and customer service are available 24/7 at CIT Bank.
2) Ally Bank
Ally Bank is a great place for a student who wants to start saving money. It has a high-yield savings account for students that can only be opened online.
This account gives you access to great rates and doesn't charge you anything each month or if you don't keep a minimum balance.
You can get up to 0.60% APY on your savings with the Ally Bank Student Savings Account. You'll also have access to a lot of features, like a mobile banking app and customer service that's available 24/7.
You can set up automatic transfers from your checking account to this account, which makes it easier to save money without having to worry about forgetting.
This high-yield savings account for students is great for anyone who wants to save money without having to pay a lot of fees or keep a certain amount in the account.
Ally Bank also has good rates, which makes it a good choice for students who want to make their money grow.
3) Barclays
If you're a student looking for a high-yield savings account, Barclays is a great choice. Their Barclays Online Savings Account gives students an annual percentage yield (APY) of 0.60%, which makes it one of the best savings accounts for students.
It has no minimum balance and no monthly fees, which makes it a great choice for students just starting out.
The Barclays Online Savings Account is also great because it has a mobile app that lets users access their accounts from anywhere and at any time. With this account, it's easy for students to keep track of their savings, deposit checks, move money, and do other things.
Also, customer service is available 24 hours a day, 7 days a week, if students need help with their accounts. Overall, Barclays is a great option for students who want a high-yield savings account that is easy to use.
It's easy to open an online account, and the whole thing takes less than 5 minutes. Also, there is no minimum balance requirement and no monthly maintenance fee, so students can start saving without worrying about extra fees or penalties.
As long as you keep your Barclays Online Savings Account, your savings will continue to earn a higher-than-average interest rate.
Also, customers can make as many deposits and withdrawals as they want and can get email notifications when their accounts are used. Barclays is one of the best high-yield savings accounts for students because of these reasons.
4) Capital One
Capital One is a great place for students to open high-yield savings accounts. The annual percentage yield (APY) on the Capital One 360 Money Market Account is 0.60%, which is higher than the national average. There is no minimum balance requirement, and you don't have to pay a monthly service fee.
With this account, students can set up automatic transfers from their checking account to their savings account. This makes it easier to save because they don't have to remember to transfer funds themselves.
Capital One also has tools like Goal Tracker and Savings Planner that make it easy to set and track your savings goals.
There are also many other features that make it easier for students to manage their money, such as a virtual assistant, fraud monitoring, and customer service that is available 24/7.
With Capital One, students can use all of these features and get a high-yield savings account at the same time.
5) Marcus by Goldman Sachs
Marcus by Goldman Sachs is a great option for students looking for high-yield savings accounts. This bank has a great rate of 1.7% APY, making it one of the best places to save your money.
Not only is the rate very good, but there are no fees and you don't have to open or keep a minimum balance in the account.
Withdrawals and transfers can be made quickly and easily through their mobile app, making it a great choice for students who need to get to their money quickly and easily.
Marcus also has extra features, like debit cards and other tools that help users manage their money better, like this. Marcus by Goldman Sachs is a great choice for people who want a savings account with a high rate of return.
But if you don't mind a slightly lower rate, Ally Bank is another great place for students to get a high-yield savings account. Ally Bank gives up to 1.50% APY on balances of up to $15,000. Balances of more than $15,000. earn even more interest.
Ally Bank also has a number of features that make it appealing to students, such as free ATM withdrawals at thousands of ATMs across the United States, no monthly maintenance fee, free checks and money orders, and free overdraft protection up to $250.
Plus, customers can open accounts and handle them all online.
