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Best banks for students who want to save money

Parents often open accounts for their children when they are students – whether it is to teach them money skills, to start their savings early, etc. Close to 75% of teens have saved money as a priority today. According to a National Financial Educators Council study, more and more students are of the opinion that they will hugely benefit from money management courses in schools, as many finish school without a proper understanding of it. Opening the best bank saving accounts which students will manage themselves, and later deal with grants and student loans, will go long way in helping the young ones learn money management. This article lists the best bank saving accounts for students. The best part – all are free with free ATM access, free app access, and other features that will suit students.

TD Bank Simple Savings
TD Bank Simple Savings account features an interest of 0.05% APY, no minimum opening deposit and a monthly fee of $5 for accounts with balances less than $300. However, the monthly fees are waived for account holders less than 18 years and more than 62 years. The monthly fees are also waived for the first 12 months for account holders who have an eligible, linked TD checking account and make consistent, periodic transfer of at least $25. This is one of the best bank savings accounts for students.

Citizens Bank Green Savings
The Citizens Bank Green Savings account has an interest rate of 0.01% APY, with no minimum opening deposit. However, it features a monthly fee of $4.99 for balances up to $200. The bank features extended hours across 1,100 branches and 3,100 ATMs. The GoalTrack Savings and Steady Save features allow account holders to establish and track savings objectives and goals and offers them the ability to automatically contribute money to a predetermined schedule.

Flagstar Direct Simply Savings
Flagstar Direct is one of the best bank saving accounts with a great promotional offer – it offers a guaranteed interest rate of 1.05% APY for 12 months. While it has an opening fee of $1 and a monthly fee of $3, customers can avoid the monthly fee with balances over $300. Those with an under-$300 balance can avoid fees by opening a checking account. According to the balance that they maintain, students can also later get access to home equity lines of credit, home equity loans, personal loans and preferred rates on CDs. This is one of the best bank savings accounts for students.

HSBC Everyday Savings
The HSBC Everyday Savings features a 0.01% APY, no minimum balance, monthly fee or opening deposit. Customers who have enrolled in the ‘automatic savings’ scheme can save money steadily, automatically and unconsciously. The money in the account is insured by the FDIC up to the maximum permissible amount legally.

UMe Federal Credit Union Student Savings
The UMe Federal Credit Union Student Savings account is specially designed for the young ones between 14 and 17 years of age who wish to save well. The account offers 0.1% APY, features a $5 opening balance, no minimum balance, and no monthly fee, and pays interest on a $25 or more account balance. The account allows students as well as parents to contribute money and features a free ATM card as well.

U.S. Bank Goal Savings
As the name suggests, the objective of this account is to encourage account holders to follow goal-oriented savings. Customers can arrange for automatic savings which transfer funds in a predetermined manner. While the account features 0.01% APY, no minimum balance, fee or opening deposit, it requires their student customers to transfer at least $25 from a checking account (student/otherwise) at least once every statement cycle.

Navy Federal Credit Union Basic Savings
One of the best bank saving accounts for family members of the US military; the Navy Federal Basic Savings has an interest rate of 0.25% APY, no fees, no minimum balance and no minimum opening deposit. Customers can withdraw money quickly and also have same-day access to their account by enrolling in the ‘direct deposit’ scheme.

Capital One 360 Savings
Featuring an interest rate of 0.75% APY, the highlight of Capital One 360 Savings is definitely its nifty mobile deposit feature which allows account holders to deposit checks from any geographical location. With no minimum balance, no monthly fee and no minimum opening deposit. anywhere, the account features a unique savings plan that lets customers save without consciously having to think about it. Account holders can also open several accounts for specific goals and customizable names. This is one of the best bank savings accounts for students.

Ally Bank Online Savings
With an interest rate of 1.15%, Ally is easily one of the best bank saving accounts on this list. This online account features no minimum balance, no monthly fee as well as no minimum opening deposit. Besides, account holders can deposit checks using the Ally eCheck Deposit app, can talk to customer care 24×7, and even get 6 free transactions per statement cycle (maximum permitted by law). This is one of the best bank savings accounts for students.

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