Savings accounts are one of the biggest things that college students need to manage their finances when completing their education. Having a safe place can store your money can be one weight off your mind, and there are many banks all across the United States, along with different types of accounts. Whether you are a domestic or an international student within America, it is worth checking out what bank accounts there are available for students. There are many banks and bank accounts, so the best way to narrow them down is to look for what they are offering students. Many bank accounts have a monthly fee or service charges, but some waive those fees for students.
Furthermore, it is best if you open accounts in banks that have ATMs on college or university campuses. Using a different bank’s ATM to withdraw money from the bank you hold your account with can result in being charged for your withdrawal. Sometimes banks that have ATMs on your campus may have some kind of affiliation with your university and could provide you added benefits for opening an account.
Following are some of the best savings accounts for college students in the US.
High YieldChime Savings Account
Chime’s High Yield Savings Account can make your money grow faster with a 0.50% Annual Percentage Yield (APY). Students can set their money aside with Automatic Savings features and never pay a fee for it. To open an account, you can access the official website and enter your email to open a Spending Account. Students can earn more on every dollar from the Chime High Yield Savings Rate of 0.50% APY on the Savings Account. This is 100 times the national average, and you will have no fees, no catch, and no worries. High Yield Chime Savings Account does not have a minimum balance requirement and no maximums on interest earned. You can grow your savings automatically with Round-Ups, where you save the change on every purchase. You can also use the “save when I get paid” feature to help you automatically save a percentage of every paycheck. Chime is Secured and FDIC Insured, and they use encryption and secure processes to help ensure your money is safe.
Ally Online Savings Account
With Ally Online Savings Account, you can save smarter and faster than ever. Ally provides helpful tools, 24/7 support, and no monthly maintenance fees or minimum balance requirements. This account finally meets the criteria of a savings account that lets your money work smarter. Along with that, it has a competitive, variable rate and no monthly maintenance fees. Moreover, this account comes with tools to grow your money faster. However, like most savings accounts, there is a limit of six withdrawals per statement cycle, but using Ally’s tools won’t count toward those limits. Ally Online Savings Account can track your progress and see the impact boosters can make in a crisp, clear chart. You can use buckets to organize your money and visualize what you are saving for. It has the feature of setting up boosters to optimize and maximize your savings, even if the rate changes after you open the account. Ally Bank Online Savings Account balance tiers are Less than $5,000, Between $5,000 and $24,999.99, and $25,000 or more.
Bank of America Advantage Savings Account
Bank of America Advantage Savings Account offers benefits and rewards that are made to help you hit goals faster, along with access to Bank of America’s broad network of support. It has tiered savings which means as your account balance grows, your interest rate has the potential to increase too. Bank of America has rewarding relationships where qualifying clients can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services. Cashback deals can help you build your balance by letting you choose your deals and earn up to 10% cash back at stores, restaurants, and more. There are easy ways to save by enrolling in “Keep the Change” to round up debit card purchases and deposit the difference into savings automatically. There is no monthly maintenance fee for each statement cycle. You can maintain a minimum daily balance of at least $500 or Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account or When you are a Bank of America Preferred Rewards client or pay $8/month.
Alliant High-Rate Savings Account
Alliant High-Rate Savings Account can help you earn more interest with a high yield online savings account that quickly builds your savings with rates 13.8x the bank industry average. You can access your account anywhere with Alliant Mobile and Online Banking while earning more on your money with no maximum balance limit. There is no monthly fee if you select Electronic Statements, and only a $5 initial deposit is required, and the banks pay it for you. Students can make deposits and withdrawals at thousands of ATMs nationwide with APY rates of 0.55% on an average daily balance of $100 or more. Bank without skipping a beat through their mobile app, which lets you bank from anywhere, and it is one of the reasons Alliant are Business Insider’s Best Banks of 2020. This account was also announced WalletHub 2020’s Best Savings Accounts, NerdWallet Best Banks and Credit Unions for Mobile Banking March 2020, and CNBC Best Credit Unions 2020. Bank on your terms with Alliant’s high-rate online savings accounts that has 24/7 access.
TD Bank Simple Savings Account
TD Bank Simple Savings Account is ideal if you want to build savings or have a young saver in the family. Hence, it is one of the best banks for students to build up their savings. Moreover, free automatic transfers make it easy to start saving for your goals. TD Bank has created this account for easy following of outline services, fees, and policies that can help you understand how this account works. All of TD’s savings accounts also include convenient services such as online and mobile banking with mobile deposit, free direct deposit, free ATM card, and free online statements. Account opening and usage usually do not require a minimum deposit, but $300.00 is required if opened as an IRA. The monthly maintenance fee is $5.00; however, no monthly maintenance fee is required when certain rules apply to the newly opened account.
CIT Bank Savings Connect Account
CIT Bank Savings Connect Account can help you gain up to 0.50% APY with a minimum opening deposit of $100. With this account, you can boost your savings while simultaneously getting a competitive rate and earn even more when you make a qualifying deposit in your linked eChecking account. The main benefits of Savings Connect and eChecking accounts are to earn over 7x the national average and to get the top APY by making an automated monthly deposit of $200 or more into your linked eChecking account. Along with that, you can even access your Savings Connect and eChecking funds through any US ATM with your eChecking debit card. Moreover, CIT Bank does not charge ATM fees, and you can get up to $30 in other US bank’s ATM fees reimbursed per month on your eChecking account. You can also earn interest on your eChecking funds and deposit checks remotely and make transfers easily with the CIT Bank mobile app.
American Express High Yield Savings Account
American Express High Yield Savings Account can help you earn more interest than your average savings. When you open this account, you are helping to grow your own money at a rate higher than the national rate. Moreover, according to NerdWallet, American Express’s High Yield Savings Account ranks among the best with its combination of above-average rates and consumer-friendly features. It is possible to receive 0.40% APY with terms and conditions applied. There are Amex Savings benefits that can make your money easy to access and could be a great fit for students. Also, American Express offers much more than just a great rate as there are no minimums, no monthly fees, 24/7 superior customer service, round-the-clock money access, up to 9 withdrawals/transfers per month, and FDIC insurance. Along with that, everything is backed by the service & reliability of American Express because, at this bank, the customer always comes first. Other features include simple transfers, auto-deposits, online management, compounding daily, depositing monthly, monthly statements, digital statements, and savings calculators.
DCU Primary Savings
DCU’s Primary Savings account is designed to encourage people to save money by paying one of the highest rates in the country. DCU is committed to helping its members save money, and there is no catch to open this account. There are no monthly fees and no high maintenance costs required to open. Anyone can just deposit and earn as high as 6.17% APY on balances up to $1000. DCU has been given 4.5 out of 5 stars as a rating. The minimum amount need to open is $5.00, the minimum to earn is $0.00, and the monthly fee is $0.00. To maintain the membership status, the opening amount needs to remain as a deposit. DCU Primary Savings Rates are variable and could be changed after the account is opened. All fees and charges could change weekly.
PNC High Yield Savings
PNC High Yield Savings is an online savings account designed to work harder to help you achieve your financial goals. You can receive 0.40% Annual Percentage Yield (APY) with no mandatory minimum balance. Apply online, and if you are approved, you can start funding your account and start growing your savings. PNC is a member of FDIC, and all deposits are insured up to the maximum amounts allowed by law. This savings account has no monthly service charges and no charges for deposits or transfers into your account. PNC is a trusted bank for 160 years and offers solutions that can help you confidently navigate your finances during any phase of life. PNC has helped gain the confidence their members need to make important financial decisions for individuals and their families. Setting up, funding, and accessing your funds is simple and safe. You can fund your account with transfers from an external account and deposit checks via your tablet or mobile phone.
Synchrony High Yield Savings
Synchrony High Yield Savings account can help you save for your tomorrows with higher expectations. Account-holders can receive 0.40% APY, and there is no minimum balance required. Synchrony High Yield Savings has been recognized as Nerd Wallet Best Savings Account. This account has convenient withdrawals, which means you can access your money whenever you need it online, by phone, or via ATM. Banking is available anytime, anywhere because this is a bank that never closes. You can manage any and all Synchrony accounts from almost anywhere online or in the Synchrony Bank mobile app. Competitive rates of this savings account grow the more you save. A slightly higher interest rate can help speed you toward your next savings goal. Also, if your account is left with a $0 balance for greater than 60 days, it may be subject to closure.
