Saving money is very important for college students. With the help of savings, they can meet their expenses and pay for fees, stationery items, and other essentials. But It is only possible with the help of saving money. Without them, They can survive their life at the hand to mouth. By the way, In the post, I will gonna share with you the seven best savings accounts that give you high APY and helps to grow your money faster and you will take interest to save more money. Let’s come and talk about the Importance of Saving Money For College students. Lets’s start:
Importance of Saving Money For College Students:
There are too many factors that students need money and fulfil their requirements. So, In this case, saving better money is the most essential part of their current life. Because Every student has a different situation, Some will be relying on their parents and someone have no parents/guardians that help them and provide every possible resource for their sturdy or many other cases. So, In this situation, continuing their studying is a bit challenging for them, If they have no solid resources. But, No worries about them, With the Good Money Manager you can continue your study and wealth without any diffusivity. Let’s forward and see what major needed of the students should focus on and first save money for them. Let’s dig down.
- Saving Money For Paying College Fees.
- For Hostel Allowmwnts.
- For Transport Fees.
- For Health.
- Laundry Expenses.
And Much More. So, These are some essential categories that are needed for every student. Without them, They can’t survive much more. Now, Let’s go and see how to save money from these essential items and others on the best saving accounts.
Read Related Article: 5 Different Places To Save Your Money
7 Best Saving Accounts For College Students:
The 7 Best Saving accounts are given below. Before ongoing, Make sure that you be good at self-control, and don’t withdraw in a concise time. This is not good for you and no advantage to using a saving account. So, You should be suitable for yourself and withdraw your payment at the exact time that gives your benefits.
1. CIT Bank
CIT Bank is the first choice on my list. This is a very profitable saving account for the students that they can save their money with a 0$ deposit and no extra fees charged from them. It gives you the highest Annual Percentage Yield (APY) which is 4.05% maximum. You can earn up to above. CIT Bank provides virtual access to the users and they don’t have any physical branch. This is easy to access from any place and it’s always in your pocket. So, I think this is the best and always accessible. If we talk about the interest rate of the CIT Bank it’ provides according to your balance. Your interest rate will increase as your balance. Now, Let’s come and see their Pros and Cons.
- Easily Accessible from any place.
- 24/7 Working.
- Highest APY.
- Virtually services.
- No Monthly Fees.
- You can deposit even a small amount of money.
And Much More.
- No Physical Branch.
- No ATM card, Credit card or auto loans.
Liberty Saving Bank is the second number on my lush. Which gives you also highest APY which is 4.0%. This saving account is best for students and gives them the highest interest rate. Students can save their money on this account and secure their personal finance. You will need a minimum of 1$ to open it. Liberty saving accounts also provide virtual services that you can easily access your account from any place on your mobile phone or desktop. Some of the best and most shocking features about this bank is that is completely outrated. Libert Savings Bank offers some physical branches in Ohio, Colorado, and Florida. Let’s Move forward and see their Pros and Cons.
- Pay your all bills with them.
- Manage all expenses.
- No Monthly Fees.
- Debit Card and Visa card are free.
- No minimum balance.
- Mobile Banking and Online Banking are free.
And Much More.
- Deposit Not Free. (Minimum 1$ to deposit)
- Physical Branches are limited.
Discover Bank also play a leading role for a student. Discover Bank helps students which can save their money and it gives you a good APY which is 3.30%. This bank account gets no minimum balance to earn interest. Discover Bank offer one physical branch and online services are available 24/7. You can access your money at any time from any place. So Far, It’s not offered to the Cashback debit accounts for new customers. Discover Bank is also best for individual’s person, retirement people, or loan takers. Let’s come and see their pros and cons.
- No Monthly Fees.
- Pay your online Expenses.
- Mobile Friendly.
- Very Popular Mobile App.
- Cashback Reward.
- Only One Physical Branch.
- Cashback Debit accounts are not available for new customers.
HSBC is popular in the Highest Yielding saving accounts. The best saving account is most profitable for students because they can save their money and can earn the highest interest rate. If we talk about their APY, that is not high according to the other bank accounts. It gives 3.30% APY which is low compared to the other saving accounts. Yes, can start with a 0$ deposit. Its monthly fee is 50$, But it can be excused by some conditions or policies. Pretty thing is that they have 64+ physical branches in different countries. Let’s talk about their pros and cons.
- Highest Interest Rate.
- Too Many Physical Branches.
- Get Bouns.
- Week Custome Support, But Available.
- 50$ Maintenance Fee.
American Express Bank is online banking for students that give them the golden opportunity to save their money and open an account with 0$ opening fees. You can open your account free of cost and save money. American Express Bank give you the same APY as other saving accounts which is 3.30%. Moreover, it does not charge you a single penny. Some of the biggest advantages are that It does not provide a mobile app and cash deposit. By the way, If you want to deposit on the American Express Bank, Then you will first put your money in another account and send it by ACH on this account. Now come and see the pros and cons:
- Easy to use from any place. (Online Banking)
- Good Customer Support.
- Top Yield Saving Accounts.
- Highest Interest Rate
- No Mobile App.
- No Direct option for depositing Money.
Chase is another best saving account for students. Its rewards you 100$ for signup. This is a very popular and huge bank account which have 4500+ branches and 16000+ ATMs. These bank services are only available for 17 to 24 ages students. Their opening is complementary free and at no price. But, Its Monthly fee is 5$, No worries. You can don’t pay for it. Chase doesn’t get fees for college students. You can get more information from their official site. The average APY of the chase is 0.33%. Now, Let’s see the pros and cons of the chase.
- Get a 100$ bonus on sign-up.
- Lots of physical branches in different countries.
- No deposit Fees.
- No Monthly Fees for college students.
- Mobile friendly.
- Very low APY and interest rate.
- It’s only available for all colleges.
Alliant is the very best option for college students. If they want to save money. Alliant Bank services offer High-Yield saving rates for college students and their interest rate is very much better. The minimum APY is 2.70% and you need a minimum of 5$ for opening the account. Your interest will be made when you deposit a minimum 100$. If we talk about their monthly fees, then we see that It doesn’t take any fees from users. You can use it free of cost. Let’s come and see their pros and cons.
- No Monthly fees.
- Interest rates can start from a low balance.
- Large numbers of free ATMs
- No Physical Branch.
- Account opening is not free.
So, these were some bank accounts for college students. If you are a student and want to save your money for continuing your study or any other purpose, then I think these banks are the best option for you according to your needs. Take a little glance at their APY and interest rate then take a responsible decision that what is profitable for me. I hope this article will help you to find a good bank for you that you will save your money very well way.
Share this article with your best friends that seeking savings accounts or want to save their money. Help them and share this with them, Hopefully, they sucess to find the best account for themself. Thank You.
After reading this article, You will be able to find the best saving account for yourself which is best for you. You will be aware of the interest rate and the APY. If you will be looking for a saving account for yourself then will hope that you will succeed to find one here. As you know, Saving money is very important for students, So If you are a student and want to save your money then should choose which account is very profitable for you. Luckily, I’ve shared some bank accounts that will help you very much. Stay strong and save your money.
- What is the best APY for student banks?
Ans: Minimum of 1% APY is the best for You. Most of the best banks offer a minimum of 1% APY which is good, But some offer up to 3% or 4%. But in short, a Minimum of 1% APY is good.
- Can I access my money immediately in any emergency situation?
Ans: Yes! You are free to access your money from any place, at any time. No restriction on you. You can easily withdraw at any time.
- Which factors we should keep in the mind before opening a saving account as a student?
Ans: There are 4 key points that you should know before opening the account.
- No Monthly Fees.
- Better Interest rate and APY.
- Should be mobile-friendly.
- Easy to use.