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Best Student Savings Accounts

Review Updated
Matt Frankel, CFP®

Our Banking Expert

Ashley Maready
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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

College students are often experiencing some level of financial independence for the first time, and a savings account is a good first step. It can help you set aside money for the future as well as help your money make money.

Below are our picks for the best savings accounts for students.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.

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A note about the accounts on this page

You might have noticed the accounts listed on this page aren't "student" specific accounts. That's because we pick accounts that we think are the best offers for college students -- whether those accounts are marketed as "student" specific accounts or not.

SoFi Checking and Savings

Member FDIC.

Rates as of Oct 08, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
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
Rating image, 4.50 out of 5 stars.
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.
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= Excellent
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Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.30%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

This account offers an easy-to-use app-based platform, as well as an excellent APY. It has no account fees, and offers ATM access as well as unlimited transfers and withdrawals.

One potential drawback is that the account only comes as a combination of a checking and savings account. You can't open one or the other. And you'll need to set up a direct deposit to get the top APY on savings. However, the combination account makes it easy to seamlessly move money between the two.



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.30% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/8/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ Our account fee policy is subject to change at any time.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Capital One 360 Performance Savings

Member FDIC.
Rating image, 4.50 out of 5 stars.
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.
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Rating image, 4.50 out of 5 stars.
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
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APY
4.10% 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 Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

This account offers a rare combination of a truly high APY and in-person branch banking access. It has no minimum balance requirements or monthly fees. It could be a good fit for anyone, but is a standout for people who live near a branch.

One major downside is accessibility if you aren't near a branch, as you can't use an ATM card to make withdrawals. However, the account does integrate with the Capital One 360 Checking account (also an excellent product), and money can be easily transferred and withdrawn through that.

Award Icon 2024 Award Winner

CIT Savings Connect

Member FDIC.
Rating image, 4.50 out of 5 stars.
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.
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= Excellent
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Rating image, 4.50 out of 5 stars.
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.
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= Excellent
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APY
4.35% 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 4.70% 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

The CIT Savings Connect offers one of the top APYs on our list, and has no monthly service fees. Accounts are easy to open, and it has a manageable $100 initial opening deposit requirement, creating a pretty low barrier for entry for students.

A downside is that the primary method of withdrawal is transferring to a linked checking account from another bank (there's no checking account to pair through CIT, nor is there a debit card).

Discover® Online Savings

Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 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
Rating image, 5.00 out of 5 stars.
5.00/5 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.
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= Excellent
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Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Limited-time offer
Earn up to $200 when you use offer code TMF924 on your first Discover Online Savings application. Circle with letter I in it. Apply for your first Discover Online Savings Account with offer code TMF924. Deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. Offer ends March 13, 2025. See Discover’s website for full details.
APY
4.10%
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • No ATM access
  • No branch access; online only

Discover is a well-known and trusted brand, and its high-yield savings account has a highly competitive APY and no account fees. It is also a standout when it comes to customer support, which is available 24/7.

For students, a big downside is no ATM access -- the main way to get money out is to transfer to a linked checking account.

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. 

What to Know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank.

What to consider when choosing the best student savings account

The most important tip when it comes to choosing the best bank for your student savings account is to consider all of the pros and cons, not just the APY the bank is paying.

For one thing, it's important for students to realize that bank account APYs are not permanent and aren't guaranteed for any specific length of time. Just because a specific savings account has a higher yield than the others right now doesn't mean it will stay that way.

With that in mind, here are some tips for picking the best student savings account.

  • High APY: APY (annual percentage yield) isn't everything. But all other factors being equal, a higher yield is better. This is generally why most (if not all) of the accounts we feature on our best-of lists are from online banks -- they simply pay better than branch-based bank accounts in nearly all cases.
  • Mobile app experience: The last thing you want is a clunky, difficult-to-navigate mobile app. Before you choose a student savings account, check user reviews of the bank's app on the App Store or Google Play Store.
  • Customer service: Unless your bank has physical branches, you'll be relying on other means of customer service than in person. Make sure the bank's phone support hours are a good fit for you, and take note of any other ways you could get help if you need it, such as live chat support.
  • Access to your money: It's important to make sure that when you need to access your savings, you'll be able to do so in a reasonable amount of time. Some (but not all) banks provide ATM access for savings account customers, so make sure to choose one that has it if that is important to you.

What is a student savings account?

Technically, a student savings account is a bank account specifically designed for students to be able to save money they don't need for day-to-day expenses. And these look different, depending on the bank that offers them. Some might specifically require the account owner to be enrolled in a college or university, while others may simply require the account holder to be within a certain age range.

One of the biggest reasons student savings (and checking) accounts exist is to make it easier for younger people to start saving money, with features like lower deposit requirements, no monthly account fees, etc.

Student savings account vs. traditional savings accounts

If a bank offers both student and non-student savings accounts, aside from the age restrictions, there are some other common differences. For example, if a bank charges a monthly account activity fee on its standard savings account unless certain requirements are met, it might not on student accounts. If a bank requires a minimum deposit to start an account, it might waive this requirement for students.

Why should a college student open a savings account?

College is the first time many young adults are managing their own finances to one degree or another, and a savings account can help establish smart financial behaviors. While a checking account can help a college student budget their living expenses, a savings account can help them build up an emergency fund and show firsthand the power of making their money work for them.

Student savings account fees

The most important type of fee to watch for is a monthly maintenance fee. This is most common among branch-based banks and can be anywhere from $5 to $25 per month, depending on the bank and the nature of the account.

There are usually some ways to avoid a monthly maintenance fee, such as by maintaining a minimum account balance or setting up an automatic recurring transfer from your checking account. But the best way to avoid a monthly maintenance fee is to open an account at a bank that doesn't charge one at all.

Other common savings account fees include:

  • Returned item fees: For example, if you deposit a check into your savings account and it bounces, your bank might charge you a fee.
  • Wire transfer fees: Virtually all banks charge for outgoing wire transfers, and while college students usually don't need to make wire transfers (they're especially common when you're buying a house), it's important to know what they cost.
  • Inactivity fee: If your account sits idle for months at a time with no deposits or withdrawals, your bank may impose a fee.
  • Overdraft or non-sufficient funds (NSF) fees: These are more common with checking accounts but can also apply to savings accounts. You can avoid these fees by making sure there's enough money in your account to cover any scheduled payments.

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

Some banks have a minimum deposit requirement, but most online banks don't. And if the account is specifically a student savings account, the minimum deposit requirement is typically lower than the bank requires for standard savings accounts.

Discover more savings accounts top picks:

Our savings account methodology

At The Motley Fool Ascent, 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 The Motley Fool Ascent rates bank accounts.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, 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.

FAQs

  • Savings accounts can be great tools for college students, even if you don't have a ton of money to set aside. For one thing, gradually adding seemingly small amounts of money to a savings account can help build up an emergency fund for unexpected expenses. Second, savings accounts can be a great way to visualize the power of compound interest and putting your money to work for you.

  • In most cases, online banks are where students will find the best savings account yields, lowest minimum deposit requirements, and best fee structures. Some banks with branches are starting to offer better savings products to remain competitive, so it's still worth looking at several options.