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.
Compare the best savings accounts for students:
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- up to 4.60% APY:SoFi Checking and Savings(Member FDIC.)
- 4.35% APY:Capital One 360 Performance Savings(Member FDIC.)
- 5.00% APY:LendingClub High-Yield Savings(Member FDIC.)
- 4.30% APY:Discover® Online Savings(Member FDIC.)
- 4.65% APY:CIT Savings Connect(Member FDIC.)
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Ratings Methodology
Rates asof Feb 27, 2024
Offer | APY | Minimum to Earn APY | Rating | Next Steps |
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2024 Award Winner SoFi Checking and Savings Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | up to 4.60% Rate infoYou 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: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | $0 | Open Account for SoFi Checking and Savings |
Capital One 360 Performance Savings Read Review Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | 4.35% Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | $0 | Read Review |
LendingClub High-Yield Savings Open Account for LendingClub High-Yield Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our 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. | 5.00% Min. to earn: $0 | Rating image, 4.50 out of 5 stars. 4.50/5Our 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. | $0 | Open Account for LendingClub High-Yield Savings |
Discover® Online Savings Read Review Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | 4.30% Min. to earn: $0 | Rating image, 4.75 out of 5 stars. 4.75/5Our 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. | $0 | Read Review |
2024 Award Winner CIT Savings Connect Read Review Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our 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. | 4.65% Rate infoCIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.Min. to earn: $100 to open account | Rating image, 5.00 out of 5 stars. 5.00/5Our 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. | $100 to open account | Read Review |
TIP
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.
Open Account for SoFi Checking and Savings
Member FDIC.
Learn more our best student savings accounts:
Show The List [+]Hide The List [-]
- up to 4.60% APY:SoFi Checking and Savings(Member FDIC.)
- 4.35% APY:Capital One 360 Performance Savings(Member FDIC.)
- 5.00% APY:LendingClub High-Yield Savings(Member FDIC.)
- 4.30% APY:Discover® Online Savings(Member FDIC.)
- 4.65% APY:CIT Savings Connect(Member FDIC.)
Show Best Offers Available in
Rates asof Feb 27, 2024
2024 Award Winner
SoFi Checking and Savings
Open Account for SoFi Checking and Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our 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
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Rating image, 4.75 out of 5 stars.
4.75/5Our 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
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Open Account for SoFi Checking and Savings
APY
up to 4.60%Rate infoYou 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.
- Competitive APY on both Savings and Checking
- No account fees
- Welcome bonus up to $300 (direct deposit required)
- Early access to direct deposits
- Tools to help you track savings goals
- Unlimited transfers and withdrawals
- ATM access
- FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- Overdraft protection 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.
Read Full Review
Capital One 360 Performance Savings
Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our 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, 4.75 out of 5 stars.
4.75/5Our 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
Read Review
APY
4.35%
Min. To Earn APY
$0
- Competitive APY
- Branch access (if you live near one)
- No account fees
- Comfort of a well-known brand and reputation
- 24/7 customer support
- FDIC insured
- 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.
LendingClub High-Yield Savings
Open Account for LendingClub High-Yield Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5Our 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.
4.50/5Our 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 LendingClub High-Yield Savings
APY
5.00%
Min. To Earn APY
$0
- No monthly fees
- High APY
- ATM card available
- No minimum balance requirement after $100 minimum deposit
- Unlimited external transfers (up to a daily limit of $5,000-$250,000, depending on deposit size and account duration)
- $100 minimum deposit required
- Only one physical branch
A great option for students whose primary objective is maximizing yield. It has the highest APY of the five accounts listed here, and also is one of the few that offers an ATM card directly linked to the savings account. It even offers ATM fee reimbursem*nt. Accounts are easy to open, and there is a $100 minimum opening deposit (although no ongoing minimum balance).
Read Full Review
Discover® Online Savings
Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our 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, 4.75 out of 5 stars.
4.75/5Our 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
Read Review
APY
4.30%
Min. To Earn APY
$0
- Competitive APY
- No account fees
- Limited-time $150 or $200 bonus.
- 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.
2024 Award Winner
CIT Savings Connect
Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5Our 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.
5.00/5Our 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
Read Review
APY
4.65%Rate infoCIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 5.05% 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 transfers and withdrawals
- 24/7 customer support
- 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).
Tips for 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. Virtually all allow you to withdraw to a linked external account, but this can take a day or so. Some banks offer excellent online savings and checking accounts, which can create a more seamless money-transfer experience.
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.
You'll notice that not all of the accounts on this page are specifically designed for students, but that's OK. 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. Well, most online-based banks already offer those perks to all customers, so they could be excellent choices for students even if they aren't specifically made for them.
What is the difference between a student savings account and a regular savings account?
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.
What fees should I watch out for?
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.
The bottom line on student savings accounts
Savings accounts can be valuable financial tools for everyone, and college is a good time to build smart financial habits. Consider the yield, as well as the other features, of these top student savings accounts to see which could be the best fit for you.
Discover more top picks:
- Best Checking Accounts for Students
- Best High-Yield Savings Accounts
- Best Free Savings Accounts
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.
Our Banking Experts
By:Matt Frankel, CFP®
Writer, Analyst
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact CheckedAshley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.