A savings account is one of the most important things college students need to manage their finances as they complete their education. Having a safe place to store your money can take the load off your shoulders, and there are plenty of banks across the US with different types of accounts. Whether you’re a domestic or an international intra-US student, it’s worth checking out what bank accounts are available there for students. Many banks also have bank accounts, so the best way to narrow it down is to see what they offer students. Many bank accounts have monthly fees or service fees, but some banks waive these fees for students.
Also, if you open an account with a bank that has an ATM, preferably a college or university campus. Using another bank’s ATM to withdraw money from the bank on your account may incur a withdrawal fee for you. Sometimes a bank with an ATM on your campus may have some sort of affiliation with your university that can offer you the added benefit of opening an account.
Here are some of the best savings accounts for college students in the US.
high jaychime savings account
Chime’s High Yield Savings Account can grow your money faster with a 0.50% Annual Percentage Yield (APY). Students can never pay fees through the automatic savings feature. To open the account, you can visit the official website and enter your email to open the spending account. Students can earn more dollars per dollar with an exchange rate savings account of 0.50% APY savings account. That’s 100 times the national average, and you’ll have no fees, no fishing, and no worries. There is no minimum balance requirement and no maximum interest requirement for a high-yield timekeeping savings account. You can increase your savings automatically with Round-Ups, where you can save changes with every purchase. You can also use the “Save When I Get Paid” feature to help you automatically save a portion of each paycheck. Chime is safe, FDIC insured, and they use encryption and security processes to help ensure your money is safe.
Ally Online Savings Account
With an Ally Online Savings Account, you can save smarter and faster than ever. Ally offers helpful tools, 24/7 support, and no monthly maintenance fees or minimum balance requirements. This account finally qualifies as a savings account, making your money work smarter. In addition to this, it is competitive, has variable rates, and has no monthly maintenance fees. Also, this account comes with tools to grow your money faster. However, like most savings accounts, there are six withdrawal limits per statement cycle, but using Ally’s tools won’t count toward those limits. Ally Online Savings Account can track your progress and see impact boosters can be made in clear and crisp graphs. You can use Buckets to organize your money and visualize what you save for. It can set boosters to optimize and maximize savings even if the rate changes after you open your account. Ally Bank online savings account balance tiers below $5,000, $5,000 to $24,999.99, $25,000 or more.
Bank of America Advantage Savings Account
The Bank of America Advantage Savings Account offers benefits and rewards to help you hit your goals faster, as well as access to Bank of America’s extensive support network. It has tiered savings so that as your account balance grows, your interest rate will likely increase as well. Bank of America has an incentive relationship where eligible rate customers can enjoy benefits and incentives in day-to-day banking, exempting certain services from rate boosters. Cashback deals can help you build balance by letting you choose your deals and earn up to 10% cash back in stores, restaurants, and more. There’s an easy way to round up debit card purchases and automatically deposit differences by signing up for Keep Changes. There is no monthly maintenance fee per statement cycle. You can maintain a minimum daily balance of at least $500 or link your Bank of America Advantage Savings Account to your Bank of America Advantage Relationship Banking® account or when you are a Bank of America Preferred Rewards customer or pay $8/month.
Alliant High-Interest Savings Account
Alliant High-Interest Savings Account can help you earn more interest with a high-yielding online savings account that quickly builds up your savings interest rate 13.8 times the banking industry average. You can access your account anywhere with Alliant Mobile and Online Banking and earn more money at the same time, with no maximum balance limit. If you opt for electronic statements, there are no monthly fees and just an initial deposit of $5, which the bank pays for you. Students can deposit and withdraw money at thousands of ATMs across the country with an average daily balance of $100 or more, with an APY rate of 0.55%. That’s one of the reasons Alliant has been named the Best Bank of 2020 by Business Insider. The account was also announced as WalletHub’s Best Savings Account 2020, NerdWallet’s Best Banks and Credit Unions March 2020 Mobile Banking, and CNBC’s Best Credit Unions 2020. Bank on your terms with Alliant’s high-interest online savings account, with 24/7 access.
TD Bank Simple Savings Account
The TD Bank Simple Savings Account is ideal if you want to build savings or have a young saving family. Hence, it is one of the best banks for students to accumulate savings. Plus, free autopay makes it easy to start saving for your goals. TD Bank created this account to facilitate the tracking of summary services, fees, and policies that can help you understand how this account works. All of TD’s savings accounts also include convenience services such as online and mobile, free deposit at bank and mobile, free direct deposit, free ATM card, free online statement. There is usually no minimum deposit requirement to open and use an account, but $300 is required if opening an account with an IRA. There is a monthly maintenance fee of $5.00; however, if certain provisions apply to a newly opened account, no monthly maintenance fee is required.
CIT Bank Savings Link Account
A CIT Bank Savings Linked Account can help you earn 0.50% APY with a minimum opening deposit of $100. With this account, you can boost your savings while getting a competitive interest rate and earn even more when you make a qualifying deposit in your linked checking account. The key benefits of Savings Connected and Checking Accounts are earning more than 7x the national average and getting the highest APY by automatically depositing $200 or more per month into your linked checking account. At the same time, you can even access your savings connections and check funds through any US ATM with your checking debit card. Also, CIT Bank does not charge ATM fees, and you can get up to $30 in ATM fees reimbursed to your checking account every month at other US banks. You can also earn interest remotely on your checking funds and deposit checks, and transfer money easily through the CIT Bank mobile app.
American Express High Yield Savings Account
An American Express High Yield Savings Account can help you earn more than average savings. When you open this account, you help to grow your money at a rate above the state rate. Additionally, according to Nerdwallet, American Express’s high-yield savings account accounts for its combination of the aforementioned rates and consumer-friendly features. 0.40% Ape can be earned through the terms and conditions of the application. There are AMEX savings benefits that make your money easily accessible and may be suitable for students. Additionally, American Express offers far more than best-in-class fees, as there are no minimums, no monthly fees, 24/7 money orders, monthly grants/monthly collections, and FDIC insurance. Beyond that, everything is backed by the service and reliability of American Express because, with this bank, customers are always the first. Additional features include simple transfers, automatic deposits, online management, daily compounding, monthly deposits, monthly statements, digital statements, and savings calculators.
Main savings after DCU
DCU’s main savings account is designed to encourage people to save money by paying at one of the highest rates in the country. DCU is committed to helping its members save money and did not capture the account. No monthly fee is required, and there is no need for the high maintenance costs of opening. Anyone can deposit and earn up to 6.17% on balances up to $1000. DCU has received a 5-star rating out of 4.5. The minimum amount required to open is $5.00, the minimum earned is $0.00, and the monthly fee is $0.00. To maintain membership, a deposit is required for the opening amount. The DCU primary savings rate is variable and can be changed after the account is opened. All fees are subject to weekly changes.
PNC High Yield Savings
PNC High Yield Savings is an online savings account designed to work hard to help you achieve your financial goals. You can earn 0.40% Annual Percentage Yield (APY) with no mandatory minimum balance. Apply online, and if you’re approved, you can start financing your account and start growing your savings. PNC is a member of the Federal Deposit Insurance Corporation (FDIC) and all deposits are insured to the maximum amount allowed by law. There is no monthly service fee for this savings account, and there are no fees for deposits and transfers. PNC has been a trusted bank for 160 years and offers solutions that can help you confidently navigate your finances at any stage of life. PNC helps its members gain the confidence they need to make important financial decisions for individuals and families. Building, funding, and getting funding is easy and safe. You can transfer money via external accounts and deposit via tablet or mobile phone.
Synchronized High Yield Savings
Synchronized high-yield savings accounts can help you save for your tomorrow with higher expectations. Account-holders can receive 0.40% APY with no minimum balance requirement. Synchronized High Yield Savings has been recognized as the best savings account for NerdWallet. This account is easy to withdraw, which means you can withdraw money anytime online, on the phone, or through an ATM. Banking is available anytime, anywhere because this is a bank that never closes. You can manage any of your Sync accounts online or with the Sync Bank mobile app from almost anywhere. The competitive growth of this savings account, the more you save. A slightly higher interest rate can help you accelerate your next savings goal. Also, if your account balance is $0 for more than 60 days, it may be closed.
