College Students: Don't Let Your Savings Sit in a Lousy Account

If you're in college and still letting your savings sit in whatever account you opened years ago -- or worse, just letting it gather dust in a checking account -- it's time for a wake-up call. Your money should be working as hard as you do, even if you're just saving a little at a time.

The truth is, not all savings accounts are created equal. Some pay next to nothing, charge fees that chip away at your balance, or make it harder than it should be to get to your money when you need it.

So how do you find a savings account that actually works for you? Here's the deal.

1. Don't just chase the highest interest rate

Yes, a high APY (annual percentage yield) is important -- it's how your money grows. But that shiny rate isn't guaranteed forever. Banks change their rates all the time, so don't pick an account based on APY alone.

Instead, look for a mix of good features: low or no fees, easy access to your cash, and a mobile app that won't make you want to pull your hair out.

2. Keep fees out of the picture

For a student, every dollar counts. Avoid accounts with monthly maintenance fees or other sneaky charges that eat into your savings. Many online banks offer accounts with zero fees and no minimum balance requirements, which means more money stays where it belongs -- in your account.

3. Pair it with a checking account for easier access

If you're opening a high-yield savings account at an online-only bank, it's worth thinking about how you'll move your money when you need it. Many of the best savings accounts are online-only, which means no branches.

To keep things simple, consider opening a checking account at the same bank so you can make instant transfers between your accounts. That way you won't have to wait several business days for cash to hit your checking account so you can withdraw it from an ATM.

Two of my favorite picks for students right now

SoFi Checking and Savings (Member FDIC)

This one is best if you want everything in one place. This combo account gives you up to 3.80% APY with no account fees, no monthly fees, and a super user-friendly app that lets you create up to 20 separate "vaults" to organize your savings goals. Plus, you get early access to direct deposit, which is perfect if you want your paychecks fast.

The only catch is you need to set up direct deposit to earn the top APY, but if you can swing that, it's a great all-around choice for students who want convenience and flexibility. Apply for a SoFi Checking and Savings (Member FDIC) account today.

CIT Savings Connect

This is ideal if you prefer a straightforward, no-frills online savings account with one of the highest APYs out there (3.90%). It has no monthly fees and a low $100 minimum deposit to open, which is doable for most students.

This is a great pick if your focus is maximizing interest while keeping costs low. Apply for a CIT Savings Connect account today.

Don't settle for a low APY

College is a great time to start building habits that pay off for life, and your savings account is the perfect place to start. Don't let your money sit in a lame account -- put it to work.

If you're not sure which account fits you best, check out our list of the best student savings accounts. It's got everything you need to find the right fit and start saving smarter today.