Student savings accounts are great financial tools that can help them save for their future needs. Besides, saving a little from their pocket money or earnings from a part-time job helps them become financially responsible. Listed below are the best student savings accounts that you can consider:
- PNC Bank
PNC bank’s students saving account offers an incredible online experience and makes money management easier for you. The website has a calendar-based system to assist students in organizing their finances. Most importantly, parents can get an alert when the account balance drops too low. Also, the account holders receive a debit card, and the bank does not charge any monthly fee.
In the list of the best student savings accounts, you can also find Varo. Although not a student savings account, it offers multiple benefits for everyone, including the students who want to save money. All its services are available online, so you don’t have to visit the branch for making transfers. Also, the mobile app has received great ratings, as it allows you to access check deposits and other smart features.
- Ally bank
Ally bank offers a satisfactory APY rate of 0.80%, along with daily accumulated interest. Also, you are not charged any monthly fee, and the bank boasts of amazing mobile banking services, including bill payments and e-check deposits. You can also set limits on where and when you can swipe the debit card. Plus, the app has customer support services to answer all your queries and questions.
- American Express Bank
This is among the best banks offering student savings accounts. Many are only familiar with the credit card services offered by this bank, but it has some of the top savings accounts for students that are available at the best interest rates. By opening their account in this bank, students can earn 0.60 % APY, and they also don’t have to pay to open the account.
- Navy Federal Credit Union
This is another option that isn’t entirely a student savings account but has a line of benefits that can help students start their financial journey. Along with offering an APY of 0.25%, it does not charge any monthly maintenance fee and has an abundance of ATMs across the country and Canada to help students access their money whenever they wish to without spending hours or traveling miles to find an ATM.
Apart from the above-mentioned best student savings accounts, you can explore other accounts and choose from outside this list if they offer better savings. That said, ensure that you compare their services, interest rate, and fees to make an informed decision while choosing a bank to open an account with.