It can be very difficult to save money while in college. Students often feel overwhelmed while trying to manage academics with a social life and a part-time job. So, they hardly think of saving money and growing their wealth. But when there are student loan payments and post-graduation expenses looming ahead, they need to think smart. This is where a savings account can help. With a savings account, students can have better control over their expenses, hold money for tuition fees, save for potential emergencies, or even the future.
- Wells Fargo: Known for its extensive network of branches, Wells Fargo is one of the most popular options when it comes to savings accounts for students. The bank has flagship accounts for students — Student Checking accounts and student savings accounts. To open a checking account, students need to make a minimum deposit of $25. The account requires a monthly service fee of $10, which is waived off if you are between 17 and 24 years. The fee is also waived off if you have a linked Wells Fargo Campus ATM or Campus Debit Card. You can set up automatic transfers from the checking account to a savings account to boost your savings.
- PNC Bank: This bank offers a Virtual Wallet Student savings account. The account has an APY of 0.01%. It requires a minimum deposit of $25. There are no monthly fees involved. The bank has specially designed a website to help students manage money in a better way. It has a calendar-based system that helps to organize all your finances. Also, the website lets you categorize each of your purchase; this way you will know where you are spending more. The bank also has tie-ups with 50 major universities; so, you can get school-based perks as well. You can keep the account active for six years if you are able to provide proof that you are an active student.
- Synchrony Bank: This bank does not offer any special savings account for students, but it has a high yield savings account that can be quite useful for students. The account has an APY of 2.25% without any minimum deposit. Additionally, there are no monthly fees. Thus, it is a low-cost account, even though there are no benefits specifically for students. If you are thinking about growing your money, it is best to opt for a savings account from Synchrony. The bank has no local branches, but it has an app for Android as well as iOS devices. You can pay bills, transfer funds, deposit checks, and view detailed transaction history with the app.
- Ally Bank: Ally Bank is another excellent choice when it comes to savings accounts. You can earn an APY of 2.20%. This interest compounds on a daily basis. There are no monthly maintenance fees or minimum deposit required. The account comes with an Ally debit card. The card has an overdraft fee of $25. Also, it charges $10 per transaction once you exceed the permissible limit of six transactions per month. Due to the imposition of these fees, it is easier to keep a check on overspending. Additionally, the bank’s app has multiple features that allow you to set up controls to limit how many times you can swipe your debit card.