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Best Student Savings Accounts for Building Your Financial Future

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Let's be real: Managing money as a student isn't easy. Between late-night pizza runs and overpriced textbooks, saving might not be your first priority -- but it can seriously pay off.

A good savings account isn't just a place to stash birthday money or part-time job income. It's your training ground for building smart money habits and growing your financial independence. And if you pick the right account, you can actually earn something on your savings instead of letting it sit there doing nothing.

Below, I'll break down some of the best savings accounts for college students right now.

They aren't all labeled "student" savings accounts, but they're low on fees, easy to use, and offer solid interest rates, which is what actually matters.

The top 3 student savings accounts

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jul 14, 2025
Limited-Time Offer: Earn up to 4.00% APY

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Limited-time offer: Earn up to 4.00% APY
Earn up to $300 bonus with direct deposit. Plus, new customers earn an extra 0.20% APY on savings for up to 6 months with direct deposit (terms apply) -- that equals up to 4.00% APY! Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
APY
up to 3.80% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No monthly account fee
  • Welcome bonus up to $300 (direct deposit required)
  • ATM access
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
  • Early access to direct deposits
  • Tools to help you track savings goals
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • No branch access; online only
  • Overdraft protection requires monthly direct deposit minimum

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.

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My take: I love that SoFi® bundles checking and savings together with no account fees and a smooth app experience. The APY is competitive, and having up to 20 savings "vaults" makes it easy to organize your goals -- plus, early direct deposit is a nice bonus.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jul 14, 2025
Award Icon 2025 Award Winner

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
3.50% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of June 26, 2025. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • Branch access (if you live near one)
  • 24/7 customer support
  • FDIC insured
  • No ATM access

Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.

Read Full Review

My take: If you want branch access and a strong APY, Capital One's account is tough to beat. No minimums or monthly fees make it student-friendly, and if you live near a branch or Capital One Cafe, you get that face-to-face help when you want it.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Jul 14, 2025

CIT Savings Connect

Open Account for CIT Savings Connect

On CIT's Secure Website.

Member FDIC.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for CIT Savings Connect

On CIT's Secure Website.

APY
3.90% Rate info Circle with letter I in it. CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 4.00% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
Min. To Earn APY
$100 to open account
  • Competitive APY
  • No account fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • FDIC insured
  • $100 minimum deposit required
  • No branch access; online only

CIT Savings Connect has among the highest APYs we've seen for an account with no account fees or minimum balance requirement (though a $100 initial deposit is required to open it). It's a great fit for those who want a top-notch APY and a flexible online banking experience.

Read Full Review

My take: CIT's high APY and zero monthly fees make this a solid pick, especially if you're cool doing everything online. The $100 minimum to open is low enough for most students, and you won't get hit with surprise charges -- just straightforward saving.

What makes a good student savings account?

Look for accounts that keep things simple: low or no fees, easy access to your money, a solid mobile app, and a decent interest rate. The best savings accounts won't just pay well, they'll make saving easy and fit your busy student life without hidden surprises.

Don't get distracted by just the APY

Yes, the interest rate matters, but don't let it be the only thing you look at. Rates change all the time. What's high today could drop next month. So focus on the overall package: How easy is it to use? Are there annoying fees? Can you access your money quickly?

Mobile experience = essential

If the bank's app is clunky or glitchy, skip it. You want to be able to check your balance, move money, or get help without jumping through hoops. Before you open anything, take two minutes to peek at App Store or Google Play reviews.

Watch out for sneaky fees

Some banks love charging for everything: monthly maintenance, overdrafts, inactivity, wire transfers. As a student, you don't need all that drama. Look for accounts that make it easy to avoid fees. Or better yet, don't charge them in the first place.

Make sure you can actually get to your money

Savings accounts are designed to be a bit "hands off," but you should still be able to get your cash when you need it. Some banks don't offer ATM cards for savings accounts, which can make access clunky. If you think you'll need quick access, that's something to pay attention to.

Why college students should open a savings account

A savings account is like your financial safety net. It helps you build an emergency fund, stash away money for big goals (like study abroad or spring break), and get used to separating your spending money from your "don't-touch-it" money.

The earlier you start, the more your savings can grow, and the more confident you'll get managing your own finances.

What kind of fees should you watch for?

Some banks love to nickel-and-dime you, and as a student, that's the last thing you need. Here are the most common fees to look out for and how to avoid them:

  • Monthly maintenance fees: These are the worst. If the account charges one, make sure it's easy to waive -- or better yet, avoid it altogether.
  • Overdraft and NSF fees: More common with checking accounts, but some savings accounts charge them too. Always make sure you've got enough in your account before setting up any transfers or payments.
  • Inactivity fees: Some banks charge you for not using your account. Weird, but true.
  • Returned deposit fees: If you cash a check that bounces, you might get dinged.
  • Wire transfer fees: Not a huge deal for most students, but good to know if you ever need one.

How much do you need to open a student savings account?

Most online banks make it easy, with either no minimum or a pretty low one (like $100 or less). And if it's a student-branded account, you'll usually get even more flexibility here.

FAQs

  • Student accounts usually have lower fees and minimums designed for younger savers, but many regular savings accounts can work just as well.

  • Not always. Some accounts require proof of enrollment, while others are based on age or just offer no special requirements at all.

  • Nope. Rates can change over time, so don't pick an account based on the current APY alone. Look for a good overall experience too.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express National Bank (Member FDIC), Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime®, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, TAB Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.