Opening a student savings account while you’re in college can be a smart financial move. You can start building an emergency fund, save toward a car, or plan for a bigger goal, like buying a home. Savings accounts for students typically charge fewer fees, and some pay competitive rates.
Which is the best bank to open savings accounts for students? Read on to find out.
| Company | Best for… | APY | |
|---|---|---|---|
| Best for Beginning Savers | 3.80% | ||
| Best for High APY | 3.75% (4.40% for qualifying new accounts) | ||
| Best for Mobile Banking | 3.75% | ||
| Best for Automated Savings | 1.75%; 3.75% with Chime+ | ||
| Best All-in-One Checking and Savings | 3.80% (4.50% for the first six months for qualifying accounts) | ||
| Best for In-Person Banking | 0.01% |
Table of Contents
The best savings account for students
Synchrony high-yield savings
Best for Beginning Savers
Why it’s one of the best for students
Synchrony Bank’s high-yield savings account is a simple, fee-free option that’s especially good for students starting to save. It offers flexibility for deposits and withdrawals, plus FDIC insurance for peace of mind.
- No monthly fees
- No minimum deposit or balance requirement
- Multiple ways to fund the account (ACH, direct deposit, mobile check deposit, wire)
- Optional ATM card with free withdrawals at Visa Plus and Accel ATMs
- FDIC-insured up to $250,000
- No physical branch locations
| Annual percentage yield (APY) | 3.80% |
| Monthly fee | $0 |
| Min. balance | $0 |
| Unique features | Optional ATM card for fee-free withdrawals at Visa Plus and Accel ATMs |
Betterment Cash Reserve savings account
Best for High APY
Why it’s one of the best for students
Betterment’s Cash Reserve stands out with a high APY, no fees, and generous FDIC insurance through partner banks. It’s a flexible, low-cost option for students who want easy access to savings.
- Competitive APY
- No monthly or maintenance fees
- Unlimited withdrawals without penalty
- FDIC insurance up to $2 million ($4 million for joint accounts)
- Betterment is not a bank itself; it relies on partner banks for coverage
- No debit card or ATM access (ACH transfers only)
| APY | 4.00% (4.65% when you open a new account and make a qualifying deposit through Jan. 15, 2026) |
| Monthly fee | $0 |
| Min. balance | $0 |
| Unique features | Unlimited withdrawals |
Quontic Bank high-yield savings
Best for Mobile Banking
Why it’s one of the best for students
Quontic Bank’s high-yield savings is a strong choice for students who prefer mobile-first banking. It offers modern payment options, credit tracking, and FDIC protection, all with no ongoing balance requirements.
- Mobile-first banking with Zelle, Apple Pay, Google Pay, and Samsung Pay
- Ability to view all bank accounts and loans in one place
- Credit report monitoring and tracking tools
- No ongoing balance requirements
- Optional ATM card available
- FDIC insured up to $250,000
- Limited physical branch access (digital-focused bank)
- $100 minimum to open
| APY | 3.75% |
| Monthly fee | $0 |
| Min. balance | $0 |
| Unique features | 100% U.S.-based support; ATM card |
Chime high-yield savings
Best for Automated Savings
Why it’s one of the best for students
Chime makes it easy for students to save and spend with a linked checking and savings account, no fees, and automated savings tools that help grow your balance.
- No minimum deposit required
- Fee-free checking plus high-yield savings
- Rate bump with direct deposit
- Automated savings features (round-ups and paycheck transfers)
- Cash deposits at 85,000+ retail locations
- FDIC insured through partner banks
- No physical branches
- Must open a checking account to access savings
| APY | 1.75%; 3.75% with Chime+ (requires a qualifying direct deposit) |
| Monthly fee | $0 |
| Min. balance | $0 |
| Unique features | Automated savings tools; deposit cash at Walgreens locations |
SoFi checking and savings
Best All-in-One Checking and Savings
Why it’s one of the best for students
SoFi offers an all-in-one checking and savings account with no fees, no minimums, and perks like sign-up bonuses, high APY, and up to $3 million in FDIC insurance.
- $0 to open, no minimum balance requirement
- No monthly or overdraft fees
- Introductory bonus ($50 or $300 for new accounts)
- Higher APY with direct deposit (first six months)
- FDIC insurance up to $3 million through partner banks
- Unlimited savings withdrawals and free transfers between checking/savings
- Fee-free cash withdrawals at 55,000+ Allpoint ATMs
- Cash deposits at Green Dot retail locations
- No physical branch locations
- Must use direct deposit to unlock higher APY
| APY | 3.80% (4.50% for the first six months when you set up a new account with an eligible direct deposit) |
| Monthly fee | $0 |
| Min. balance | $0 |
| Unique features | Up to $3 million in FDIC insurance; introductory bonus |
Wells Fargo Way2Save savings account
Best for In-Person Banking
Why it’s one of the best for students
Wells Fargo’s Way2Save account is a good choice for students who want a traditional bank with branch access and simple savings tools, though its APY is much lower than online options.
- Access to physical branches and in-person banking
- “Save As You Go” feature transfers $1 to savings with each debit card purchase
- Option to waive the $5 monthly service fee through Save As You Go transfers
- Available to college students and younger students (with a parent/guardian)
- FDIC insured up to $250,000
- $5 monthly fee unless waived
- Lower APY compared to online savings accounts
| APY | 0.01% |
| Monthly fee | $5; waived when the account owner is under 24 |
| Min. balance | $300 |
| Unique features | Online banking and financial education tools |
How does a student savings account work?
Student savings accounts work similarly to other savings accounts in that you can deposit money into them and earn interest. The biggest difference is who they’re for.
A student account may be offered to:
- Middle school students 13 and under
- High school students aged 13 to 17
- College students aged 17 to 24
You can find student savings accounts at traditional banks, credit unions, and online banks. Interest rates, fees, and features vary from bank to bank.
What happens to a student account after graduation?
Once a student graduates or reaches a certain age, their student account may be converted to a regular savings account. That can affect the APY you earn and the fees you pay. The minimum balance requirement may also change.
Benefits of opening a savings account for students
Opening a savings account while in school is an opportunity to learn some of the basics of money management. For example, you can get experience with setting savings goals and working toward them. There are a few other benefits as well.
- Savings accounts for kids may have fewer fees.
- Banks may not require a minimum opening deposit or minimum balance.
- Student savings account interest rates can sometimes be higher than other savings account rates.
Who is a student savings account right for? Here are some examples of when opening one makes sense.
| If you… | Open a student savings account to… |
| Are new to saving | Get into the habit of saving for future needs |
| Want a secure place to keep your money | Protect your savings with FDIC insurance |
| Have specific financial goals you want to save for | Fund your goals with automatic savings transfers |
To start, I like young savers to have one checking account and one savings account.
How to compare student savings accounts
Finding the best student savings account to open requires a little research. Here are the most important factors to consider during your search.
- Interest rates. Of course, you’ll want to check out how student savings account interest rates compare.
- Opening deposit and minimum balance. Many student savings accounts can be opened with $0, but some require a higher minimum deposit. You may also be expected to maintain a minimum balance.
- Fees. Review the fee schedule to see what you might pay for monthly fees, overdraft fees, and withdrawal fees.
- Eligibility. Check the bank’s requirements to open a student account to learn who’s eligible. Some student accounts may be open to college students only, while others may accept high school students.
Also, think about how you’ll access your money. An online bank can pay higher rates, but there are no branches, and ATMs might be limited. Brick-and-mortar banks or credit unions have physical locations, but savings account rates may be lower.
When choosing a savings account as a student, prioritize low fees and ease of use. Also, you want to be able to decline overdraft protection—if you use your debit card, and you don’t have enough money to fund the purchase, the purchase should be rejected, instead of launching the overdraft which will cost you fees.
Requirements to open a student savings account
If you’re 18 or older, you can open a student savings account by yourself. Typically, you’ll need a:
- Valid, government-issued photo ID
- Social Security number
- Minimum deposit, if one is required
Your bank should tell you what kind of ID is accepted. For example, that might include a driver’s license, state-issued ID card, or a passport.
Can a 17-year-old open a high-yield savings account?
A 17-year-old can open a savings account with the help of a parent or legal guardian. State law requires you to be 18 or older to open a bank account in your name only.
How to open a student savings account
To open a student savings account, you’ll first need to choose a bank. Next, you’ll need to determine whether you can open the account yourself or if you’ll need a parent’s help.
Here’s how the process works for students 18 and older.
- Organize your information. You’ll need your ID, Social Security number, date of birth, and other personal information to fill out the bank’s application.
- Complete the application. Fill out the application, either online or in-person. Double-check it to make sure you’ve entered all the required details and that they’re correct.
- Make your first deposit. You might add funds through direct deposit, mobile check deposit, ACH transfer, wire transfer, or in person at a branch.
- Activate your ATM card. If your student savings account comes with an ATM card, you’ll need to activate it. Choose a secure PIN and don’t share it with anyone.
- Set up automatic savings. If your new account includes automatic savings features, use them. Set up recurring transfers or opt in to round-ups to save your spare change.
If you’re under 18, your parent or guardian will need to handle account opening for you. They’ll need to share information about you, including your name, date of birth, and Social Security number. The bank will also ask for their ID and personal details.
Student savings account alternatives
Aside from student savings accounts, you might be interested in other ways to manage your money. Some of the possibilities you might consider include:
- Student checking accounts
- Certificate of deposit (CD) accounts
- Custodial accounts (that are controlled by a parent until you turn 18)
- 529 college savings plans
Each one serves a different purpose. Checking accounts, for example, are for holding money that you plan to spend or pay bills with. A 529 account, meanwhile, can help you save money for college.
Understanding your needs can help you decide which type of account to open.
Get a head start with a student savings account
Opening a student savings account can help you develop healthy money habits that can last a lifetime. Even if you save just a little at a time, you’re flexing your financial muscles. Learn more about the best savings accounts and how to decide which one might be right for you.
| Company | Best for… | APY | |
|---|---|---|---|
| Best for Beginning Savers | 3.80% | ||
| Best for High APY | 4.00% (4.65% for qualifying new accounts through Jan. 15, 2026) | ||
| Best for Mobile Banking | 3.75% | ||
| Best for Automated Savings | 1.75%; 3.75% with Chime+ | ||
| Best All-in-One Checking and Savings | 3.80% (4.50% for the first six months for qualifying accounts) | ||
| Best for In-Person Banking | 0.01% |
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Synchrony Bank, High-Yield Savings Account
- Betterment, Cash Reserve Account
- Quontic Bank, High Yield Savings
- Chime, High Yield Savings
- SoFi, Checking and Savings
- Wells Fargo, Student and Kids Savings Accounts
About our contributors
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Written by Rebecca Lake, CEPF®Rebecca Lake is a certified educator in personal finance (CEPF®) and freelance writer specializing in finance.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Catherine Valega, CFP®, CAIA®Catherine Valega, CFP®, CAIA®, founded Green Bee Advisory LLC to help women, philanthropists, investors, and small businesses build, manage, and preserve their financial resources. She's been practicing financial planning for more than 20 years.