Ranked: Top HYSA Options for College-Bound Teens

You might now be thick in the throes of "senioritis" -- that "I'm almost free" feeling that takes hold in the last few months of your senior year of high school. But along with sleeping in and accidentally missing your math class multiple times (whoops), it pays to think about ways to set yourself up for future financial success.

As basic as it sounds, opening a new high-yield savings account (HYSA) is a great idea. Here are three options we like a whole lot that are worth your consideration.

1. SoFi Checking and Savings

This one is a bit unique, because at SoFi, you can't open a savings account on its own without a checking account. This isn't a bad thing -- in fact, it's for the best. Checking accounts give you much easier access to your money, and if you've got one linked to your savings account, you'll be able to add and subtract cash quite readily. Just be careful to stay under your transaction limit (some banks still enforce old Regulation D rules for savings accounts).

This idiosyncrasy aside, SoFi has a lot to offer an incoming college freshman. You'll need to set up direct deposit to earn the top APY on the savings account (the account earns up to 4.60%), so if you have a part-time job in the future, that could make this account a natural fit. Plus, your checking account even earns interest to the tune of 0.50%.

There are no fees on your SoFi Checking and Savings accounts. And SoFi offers some great tools to help you maximize your savings. You can use its Vaults to create savings goals within the larger account, and RoundUps send extra change from your SoFi debit card purchases to your savings.

2. Ally Savings

I have an Ally Savings account, and it is perhaps my favorite bank account ever (is it weird to have a favorite bank account?). I didn't open this account until many years after my college days ended, but it has a lot of appealing features that make it a great fit if you're preparing to collect your high school diploma and head off into the sunset.

For starters, the APY is pretty solid -- 4.25% isn't the highest available, but you can open the account with $0, and all balances earn the same interest. Ally's mobile app is stellar, and lets you transfer money around at will, both between your Ally accounts and using Zelle. It also shows you how your balance has grown over previous months.

Plus, it gives you access to my favorite Ally Savings feature: buckets! You can create up to 30 sub-savings accounts within your main account, name them, and set savings goals for them. And Ally won't charge you monthly maintenance fees.

3. Discover® Online Savings

You might be more familiar with Discover® as a credit card issuer, but it offers bank accounts, too. The Discover® Online Savings account is worth a look for a few reasons. It offers a decent APY of 4.25%, and you don't need a minimum balance to either open the account or earn that rate.

Discover's mobile app also shines, letting users pay bills, deposit checks, and move money around. It even lets you create a Quick View that doesn't require you to log in to view your account balance. Discover doesn't charge monthly maintenance fees on its savings account. If you're very comfortable managing your finances online, this one might just be a winner for you.

Why do you need a HYSA as a college student?

Everyone needs a savings account, and since high-yield ones are paying so far above the average rate right now (just 0.47%, according to the FDIC), it's a fantastic idea to open a HYSA specifically. Your money will grow with interest -- and the higher your balance, the more you earn. Savings account rates are variable, so taking advantage of high ones now is 100% worth your time -- interest rates are predicted to fall this year, and when they do, your savings APY will too.

Opening a HYSA now gives you the chance to build up those savings muscles that will serve you well for the rest of your life. Trust me, living without savings is the worst. Since you're likely not financially independent from your family yet, now is a good time to get in the habit of putting a portion of your earnings aside in savings. If an unplanned expense arises (and trust me, they always do), having money in a HYSA means you can potentially avoid putting that bill on a credit card and being charged expensive interest on it.

If college is in your future, you've probably got a long to-do list. But I recommend adding "open a HYSA" to it, and investigating the accounts listed above. You can also take a look at The Ascent's list of the best high-yield savings accounts for even more options. Your future self will thank you.