Saving money while in college can seem like an impossible task. Particularly, if you’re balancing a limited income with school and other activities. But saving what you can now—up to an extra $50 a month—in the right high-yield savings account today can set you up for success after graduation.
While there are plenty of college checking accounts out there, there aren’t many savings accounts designed just for students. But since there are so many free savings accounts out there, don’t limit your search to offerings with a “college” rating. If you are at least 18 years old, you are likely to qualify High yield savings accountwhich is the most Online banking only Displays.
Here are our top picks for the best high-yield savings accounts for college students that can serve you well while you’re in school and when you’re ready to launch your career.
Best high yield savings account for college students
BMO Alto Online Savings Account
There is no minimum deposit or balance
Depending on where you go to school, you may have seen a BMO Harris Bank branch. However, the Alto savings account is an online-only option. It currently has a 4.50% APY competitor which equals a number of Better savings rates now.
While some banks limit you to six withdrawals or transfers per month for savings accounts, and charge you excessive transfer fees each time you exceed that limit, BMO’s Alto account does not. There are no other fees to worry about either. However, you will not be able to deposit checks or cash or handle deposits at an ATM or Bank Muscat branch. You’ll need to arrange transfers from another account, instead. But BMO allows unlimited withdrawals and transfers.
Capital One 360 Performance Savings Account
No fees Ability to set multiple savings goals Access to Money & Life Access to physical branch
Capital One’s 360 Performance Savings Program checks all the essential boxes – no fees, minimum balance requirements and a generous 4.15% APY. Plus, if you’d prefer personal help managing your money on campus or at home, Capital One has branches and coffee shops nationwide.
Capital One distinguishes itself with a mentoring program called Money and life. You can get up to three free 60-minute coaching sessions, along with access to self-guided education to improve your personal financial skills. While these are not just for students, the program can make a huge difference in your financial journey. Other features we like include an automatic savings plan to schedule recurring transfers to reach your goal, mobile check deposit, and the ability to manage multiple accounts via the mobile app.
Discover an online savings account
No fees No minimum balance or deposit requirements Overdraft protection when linking a checking account to a savings account No cash deposits
Another name widely known in the credit card industry, Discover is also worth considering. The Bank’s online savings account is a no-frills account with no fees attached. You’ll earn 4.15% APY, and if you have a Discover checking account, you can set up overdraft protection to avoid overdraft fees on your everyday spending. The account does not come with an ATM card, but cash deposits are not available. You can deposit money via direct deposit, online transfers, mail a check, or deposit it via the app.
Ali Savings Account
There are no fees, no minimum balance. Provide funds to work toward financial goals
Ally is one of the most popular names among online-only banks – for good reason. The bank offers 4.00% APY, and has many convenient app features. You can use Ally’s savings buckets to divide your money among several savings goals—like that spring break fund, emergency stash for auto repair, and books for class. You can round your transactions to the nearest dollar to add the surplus to your savings account. Finally, we like Ally’s Surprise Savings tool that analyzes linked checking accounts to determine the chances of going further into your savings account.
PNC virtual wallet dialer
No monthly fees or minimum balance requirements for six years from account opening A solid set of budgeting tools may qualify for a $100 bonus Banking access available online and at a nearby branch
A student account in PNC’s Virtual Portfolio is a mix of checking and savings accounts with an additional reserve account for short-term planning. The account contains a range of useful tools for saving, spending and keeping track of where your money is going. The bank regularly offers a $100 sign-up bonus to new student customers at certain locations who make 10 debit card transactions within the first 60 days. This account is free for The first six years after opening the accountHowever, it requires a minimum deposit of $25. After six years, the monthly maintenance fee goes up to $7, but it can be waived if you meet certain requirements.
We like that this account is free and comes with the ability to set savings goals and low cash status notifications. But it does not earn interest. However, a PNC Virtual Wallet Student account might be a good fit if you want to keep both accounts under one roof. And you will have online and branch access to your funds.
SoFi Student Checking and Saving Account
No fees No minimum balance $10 sign-up bonus upon deposit of $10 within the first 5 days of account opening Both checking and savings account option
SoFi is the only online bank with good savings APY. This account has no fees and is geared toward college students. When you open the account, it will also create a checking account for you — so if you’re not looking to pass on your check, you might consider a different, higher-yield savings option. But a checking account is one of the better services out there, if you don’t mind online banking. You’ll earn 4.20% APY on your savings and 1.20% on checking balances as long as you have a direct deposit setup – a rare offer for a free checking account. There is no minimum direct deposit amount.
We also like that SoFi offers a convenient rounding option to automatically transfer the remaining funds from a purchase into your savings account. You can make cash deposits Green Dot Retailers.
The difference between a high yield savings account and a college student savings account
High-yield savings accounts are designed to offer higher returns on your money than traditional savings accounts. But in some cases, they come with additional hurdles that you’ll need to clear, such as reaching a minimum balance. On the other hand, savings accounts for college students do not have as many requirements. It was designed as an entry point for young people who don’t make a lot of money. With that in mind, they usually don’t charge a fee.
However, you don’t have to limit your search to student savings accounts to get the same benefits. a lot of the The best high yield savings accounts They do not charge a fee or have any requirements to open a deposit.
What should college students look for in a savings account?
If you’re trying to get into a savings routine while you’re still in school, here’s what to look for when choosing the perfect place to park your savings:
No Minimum Balance or Direct Deposit Requirements: You may not have a stable income right now. And even if you make extra cash, it may not be enough to meet some savings account balance requirements. With this in mind, make sure your savings account doesn’t have any balance requirements to take that stress out. No Fee: Don’t pay to hide your money. In college, you don’t have to worry about paying a monthly fee just to park your money. And fees can take away from any interest you earn. Tech Gadgets: It’s 2023, and your bank or credit union The experience should deliver all the typical bells and whistles digitally. Most banks offer a website and mobile app to manage your account. Make sure the account offers convenient online and mobile tools that make your life easier. Interest: There are many banks and credit unions that pay out impressive APYs for deposits right now. The interest you earn is like free money. Before opening an account, compare interest rates to get the best return but put financial literacy first.
bottom line
No matter what you’re interested in learning while you’re in college, you’ll need to master one essential skill for success after graduation: how to save. Start looking for the right method for your money and open one today.
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