Money behaviors and habits are established as early as age seven, making it crucial for parents to help their kids learn about saving money. Having a student savings account can be a great way for students to start developing good money habits while earning some extra cash through interest. But with so many options available, it can be overwhelming to choose the right account.
That’s why CNBC Select has compiled a list of the best savings accounts for students based on factors like interest rates, educational resources, fees, and kid-friendly features. Whether you’re looking for a high interest savings account, an online savings account, or simply the best student account for your child, we’ve got you covered.
So let’s dive in and explore the top savings accounts that will help students kick-start their financial journey and secure a better future.
Key Takeaways:
- Choosing a student savings account is essential for helping kids develop good money habits from an early age.
- Consider factors like interest rates, educational resources, fees, and kid-friendly features when selecting the best savings account.
- Options like the Alliant Credit Union Kids Savings Account, Capital One Kids Savings Account, and PNC Bank S is for Savings® offer competitive rates and educational tools.
- Online savings accounts from BMO Alto, Discover, and Ally provide convenience and high interest rates.
- Take into account your child’s financial goals and preferences to make an informed decision.
Best Overall: Alliant Credit Union Kids Savings Account
The Alliant Credit Union Kids Savings Account is the top choice for the best overall savings account for kids. With a competitive APY of 3.10%, this account offers a high-interest rate that helps young savers grow their money faster.
Opening an Alliant Credit Union Kids Savings Account is simple and hassle-free. You only need a minimum balance of $5 to get started. Plus, once your child reaches a minimum balance of $100, they can start earning the high APY.
One of the standout features of this account is the convenient parental controls. As a parent, you have full control over your child’s account, allowing you to monitor their savings progress and provide guidance along the way.
When your child turns 13, they have the option to add a checking account with a debit card. This helps them learn about responsible money management and prepares them for financial independence.
While there is a $5 monthly fee for this account, it can be easily waived by meeting certain criteria. Additionally, becoming a member of Alliant Credit Union is free and accessible to everyone.
Overall, the Alliant Credit Union Kids Savings Account offers a fantastic combination of high interest rates, parental controls, and financial flexibility, making it the best overall option for young savers.
Best for Setting Savings Goals: Capital One Kids Savings Account
The Capital One Kids Savings Account is an excellent choice for young savers who want to learn about setting and achieving savings goals. This account allows children to create multiple savings accounts for different purposes, helping them understand the importance of saving for various needs. Whether they’re saving for a new bike, a college fund, or their dream vacation, this account encourages responsible money management from an early age.
While the Annual Percentage Yield (APY) for the Capital One Kids Savings Account is relatively low at 0.30%, it offers other significant benefits. One noteworthy advantage is that there are no fees associated with this account, allowing young savers to keep their hard-earned money intact. Additionally, there is no minimum balance requirement, making it accessible for all kids who want to start saving.
Children who open a Capital One Kids Savings Account can also take advantage of other exciting features as they grow older. At eight years old, they can open a Capital One MONEY Teen Checking account, which provides them with valuable banking experiences and helps them develop financial independence.
When children reach the age of 18, they have the option to transition to an adult Capital One 360 Performance Savings account. This seamless transition allows them to continue managing their savings effectively throughout their young adulthood.
The Capital One Kids Savings Account offers a comprehensive and educational banking experience that sets young savers up for future financial success. By providing them with the tools and resources to set and achieve savings goals, Capital One empowers young adults to build a strong foundation for their financial future.
Best for Financial Education: PNC Bank S is for Savings®
When it comes to financial education, PNC Bank’s S is for Savings stands out as the best choice for college-age adults. This savings account offers a wealth of educational tools to help young adults build a strong foundation in money management.
One of the standout features of PNC Bank’s S is for Savings is its partnership with Sesame Workshop®, the organization behind Sesame Street®. Through this collaboration, PNC Bank provides a bilingual financial education platform that uses beloved Sesame Street® characters to teach kids the basics of money. This unique approach makes learning about saving, sharing, and spending fun and engaging.
“With PNC Bank’s S is for Savings, young adults can learn about money management while enjoying the familiar faces of Elmo, Cookie Monster, and Big Bird.”
In addition to the Sesame Workshop® partnership, PNC Bank also offers a dedicated online Student Hub. This resource is designed to assist college-age adults with their financial journey, providing valuable information and tools to navigate the world of finance with confidence. Whether it’s understanding credit, budgeting, or saving for future goals, the Student Hub has resources tailored to the needs of young adults.
While the interest rate on the S is for Savings account may be lower compared to other accounts, PNC Bank provides options to waive the monthly fee, making it more accessible for college students. This enables them to enjoy the benefits of a savings account without worrying about additional costs.
“PNC Bank’s S is for Savings offers college students a valuable opportunity to learn about finance while managing their money.”
To enhance the banking experience for college students, PNC Bank also offers the Virtual Wallet Student®. This financial product provides additional features and benefits specifically tailored to the needs of college students, helping them navigate their finances during this pivotal time in their lives.
| Savings Account Features | Benefits |
|---|---|
| Bilingual financial education with Sesame Workshop® partnership | Engaging and educational resource for college students |
| Dedicated Student Hub | Provides valuable financial information and tools |
| Waivable monthly fee | Reduces costs for college students |
| Virtual Wallet Student® | Enhanced financial product for college students |
Best for Younger Kids: USAlliance Financial MyLife Savings for Kids
When it comes to teaching younger kids about money and saving, the USAlliance Financial MyLife Savings for Kids account is a top choice. With a strong APY of 2.00% on the first $500, this account allows kids to watch their savings grow.
One of the standout features of the USAlliance Financial MyLife Savings for Kids account is the $10 deposit each birthday. This special birthday treat not only encourages kids to save but also adds an element of excitement to their savings journey.
Transitioning to MyLife Checking for Teens
As kids grow older and become teenagers, USAlliance Financial provides a seamless transition to the MyLife Checking for Teens account. At the age of 13, kids can start managing their finances in a more independent way.
This savings account for kids is designed to instill responsible money management habits from an early age. It’s never too early to start learning the value of saving, and the USAlliance Financial MyLife Savings for Kids account sets the foundation for a lifetime of financial success.
Best for Older Kids and Teens: Northpointe Bank Kids Savings Account
The Northpointe Bank Kids Savings Account is an excellent choice for older kids and teens who are looking for a reliable place to save their money. This account offers a competitive APY based on the balance amount, ensuring that their savings grow over time.
For account balances of $1,000 or less, the Northpointe Bank Kids Savings Account offers an attractive 1.50% APY, allowing young savers to earn interest on their deposits. As the balance increases, the APY adjusts accordingly, ranging from 1.12% to 0.35% APY for higher balances.
Opening an account is easy, with a minimum deposit requirement of just $10. Plus, there are no monthly fees to worry about, making it a cost-effective option for young savers.
Features of the Northpointe Bank Kids Savings Account:
- No monthly fees
- Competitive APY based on balance amount
- Option to add a checking account with debit card access
With the Northpointe Bank Kids Savings Account, older kids and teens can take advantage of additional banking services. This includes the option to add a checking account with debit card access, allowing them to learn about responsible spending while managing their savings.
Another advantage of the Northpointe Bank Kids Savings Account is that it offers access to physical branch locations. This is especially beneficial for young savers who prefer in-person banking experiences.
The Northpointe Bank Kids Savings Account is a great option for older kids and teens who want to make the most of their saving efforts. With its attractive APY, low fees, and additional banking options, it provides a comprehensive student banking experience.
Best for Maximizing Interest: Spectrum Credit Union’s MySavings Youth Account
If you’re looking to maximize interest earnings on your savings, look no further than the Spectrum Credit Union’s MySavings Youth Account. With an extremely high APY of 7% on the first $1,000, this account offers one of the best rates in the market.
Although this account doesn’t come with an accompanying teen checking account, it offers the flexibility for individuals to hold the account until they reach age 21. Plus, starting at age 13, account holders can enjoy ATM card access, allowing them to conveniently access their funds.
With Spectrum Credit Union’s MySavings Youth Account, you can make your money work harder with the high interest rates and the peace of mind of being part of a reputable credit union.
BMO Alto Online Savings Account
Looking for a reliable online savings account for students? Consider the BMO Alto Online Savings Account. With its competitive APY of 5.10%, this account offers an excellent opportunity for students to grow their savings.
One of the key advantages of the BMO Alto Online Savings Account is its fee-free structure. You won’t have to worry about monthly maintenance fees eating into your savings. Additionally, the account allows for unlimited transfers and withdrawals, giving you the flexibility to manage your funds as needed.
While the BMO Alto Online Savings Account excels in its interest rate and convenience, it’s important to note a few limitations. This account does not allow cash or check deposits, so you’ll need to rely on electronic transfers to fund your account. Furthermore, BMO Alto does not provide branch or ATM deposit access, which may be a consideration for those who prefer in-person banking services.
“With a competitive APY, zero fees, and unlimited transfers, the BMO Alto Online Savings Account is a convenient option for students looking to maximize their savings.”
Capital One 360 Performance Savings
When it comes to student savings accounts, the Capital One 360 Performance Savings account stands out as a top choice. This account offers a generous APY of 4.35%, allowing students to see their savings grow over time. But the benefits don’t stop there.
Capital One goes above and beyond to support students in their financial journey. They offer access to a mentoring program called Money & Life, which provides free coaching sessions and self-guided education to improve personal finance skills. This valuable resource empowers students to make smart financial decisions and set themselves up for success.
What sets the Capital One 360 Performance Savings account apart is its flexibility. With this account, students can set up multiple savings goals, whether it’s saving for tuition, a car, or a dream vacation. This feature helps students stay organized and focused on achieving their financial aspirations.
In addition to its online presence, Capital One also offers physical branch access. This means that students can enjoy the convenience of managing their savings online while also having the option to visit a branch for in-person support and assistance.
Discover Online Savings Account
When it comes to finding the perfect online savings account, Discover’s Online Savings Account is a top contender. With a competitive APY of 4.35% and no minimum deposit or fees, this account offers an attractive opportunity for students to grow their savings.
One of the standout features of Discover’s Online Savings Account is its user-friendly online platform. Students can easily navigate their accounts, view their balances, and track their progress towards their savings goals with just a few clicks.
Additionally, the account allows for mobile check deposits, making it convenient for students on the go. Simply snap a photo of your check using your mobile device and deposit it directly into your account.
Another highlight of Discover’s Online Savings Account is its flexibility when it comes to savings goals. Whether you’re saving for tuition, a study abroad trip, or an emergency fund, you can create multiple savings goals within the account to stay organized and focused.
And if you ever have any questions or need assistance, Discover offers 24/7 customer service support. Their team is ready to help you with anything account-related, ensuring a smooth and hassle-free banking experience.
With its competitive APY, user-friendly platform, mobile check deposit feature, and excellent customer service, Discover’s Online Savings Account is a solid choice for students looking to maximize their savings potential.
| Features | Details |
|---|---|
| APY | 4.35% |
| Minimum Deposit | No minimum deposit |
| Fees | No fees |
| Online Platform | User-friendly interface |
| Mobile Check Deposit | Convenient deposit option |
| Savings Goals | Create multiple savings goals |
| Customer Service | 24/7 support |
Ally Online Savings Account
When it comes to finding a high interest savings account, look no further than the Ally Online Savings Account. With a solid APY of 4.25%, this account offers competitive interest rates that help your money grow faster.
One of the standout features of the Ally Online Savings Account is its flexibility. There are no fees or minimum balance requirements, allowing you to save without worrying about unnecessary charges. Whether you’re just starting to build your savings or have a substantial balance, this account caters to your needs.
Ally also prioritizes convenience and accessibility. With a user-friendly online and mobile banking experience, managing your savings has never been easier. You can access your account anytime, anywhere, making it convenient for busy students on the go.
Additionally, Ally provides free transfers between accounts, allowing you to move funds seamlessly. Say goodbye to complicated transfer processes and hello to hassle-free banking.
Another benefit of the Ally Online Savings Account is the extensive network of over 43,000 ATMs nationwide. Whether you’re traveling or need to withdraw cash quickly, you’ll have easy access to your money.
Ally has established a strong reputation in the banking industry, known for its customer-centric approach and competitive offerings. The Ally Online Savings Account is an excellent choice for students looking to maximize their savings and take advantage of a high interest rate.
| Key Features | Details |
|---|---|
| APY | 4.25% |
| Fees | No fees |
| Minimum Balance Requirement | No minimum balance requirement |
| Online and Mobile Banking | Convenient and user-friendly |
| Free Transfers Between Accounts | Seamless fund movement |
| ATM Access | Over 43,000 ATMs nationwide |
PNC Virtual Wallet Student®
If you’re a college student looking for a convenient and comprehensive banking solution, look no further than PNC Virtual Wallet Student®. Designed specifically for college students, this account offers a range of tools and resources to help you effectively manage your finances while navigating through your academic journey.
With Virtual Wallet Student®, you can enjoy unlimited deposits and up to 6 free withdrawals per monthly statement period, giving you the flexibility to access your funds when you need them. PNC Bank also provides options to waive the monthly fee, ensuring that you can make the most of your college savings account.
But it doesn’t stop there. Virtual Wallet Student® goes beyond traditional banking services to support your transition into college life. From educational tools to assist you in making informed financial decisions to guidance on new financial products, PNC Bank has you covered.
“Virtual Wallet Student® is more than just a college savings account. It’s a comprehensive platform designed to empower students with the knowledge and resources they need to navigate their financial journey.”
Why Choose PNC Virtual Wallet Student®?
- Convenient and comprehensive banking solution for college students
- Unlimited deposits and up to 6 free withdrawals per monthly statement period
- Options to waive the monthly fee
- Educational tools to promote financial literacy
- Assistance in transitioning to new financial products
With Virtual Wallet Student®, you can take control of your finances and make smart money decisions while focusing on your college studies.
| Features | Details |
|---|---|
| Unlimited Deposits | Make as many deposits as you need without any restrictions. |
| Free Withdrawals | Enjoy up to 6 free withdrawals per monthly statement period. |
| Waivable Monthly Fee | Options available to waive the monthly fee, so you can save more. |
| Educational Tools | Access valuable resources to enhance your financial knowledge. |
| Transition Assistance | Guidance and support for transitioning to new financial products. |
SoFi Money
When it comes to student banking, SoFi Money is an excellent choice for students looking for a comprehensive financial services platform. Offering a hybrid checking and savings account, SoFi Money provides the best of both worlds.
With SoFi Money, students can enjoy a competitive APY of 4.60%, helping their money grow faster. This can be particularly beneficial for students who are looking to save for future goals, whether it’s for tuition fees, textbooks, or even that dream vacation.
One of the standout features of SoFi Money is that it has no fees. Students don’t have to worry about monthly maintenance fees or minimum account balance requirements. This means they can focus on saving and managing their money without any additional costs eating into their savings.
SoFi Money also provides free ATM access worldwide, making it convenient for students to access their money wherever they are. Whether they’re studying abroad or simply out on campus, they can withdraw cash without any extra charges.
Beyond banking services, SoFi Money offers additional benefits that can support students’ financial journey. They provide career coaching to help students navigate their professional paths and achieve their career goals. Additionally, SoFi Money hosts exclusive member events, giving students opportunities to network with like-minded individuals and gain valuable insights.
“SoFi Money is the ideal financial companion for students, offering a hybrid checking and savings account with a competitive APY of 4.60%, no fees, and worldwide ATM access. With career coaching and exclusive member events, SoFi Money goes beyond traditional banking to provide students with a comprehensive financial services platform.”
The Benefits of SoFi Money for Students:
- Competitive APY of 4.60%
- No fees
- Free ATM access worldwide
- Career coaching support
- Exclusive member events
Overall, SoFi Money offers a student banking solution that combines high interest rates, flexibility, and valuable resources to help students take control of their finances and build a strong financial foundation for the future.
Best High-Yield Savings Accounts Comparison
When it comes to finding the best high-interest savings account, students have several options to consider. This comparison table showcases the top accounts, highlighting key details such as annual percentage yield (APY), minimum balance requirements, fees, and additional features. By reviewing this comparison, students can make an informed decision based on their specific financial needs and goals.
| Account | APY | Minimum Balance | Fees | Additional Features |
|---|---|---|---|---|
| Alliant Credit Union Kids Savings Account | 3.10% | $5 | $5 monthly fee (waivable) | Convenient parental controls, option to add checking account at age 13 |
| Capital One Kids Savings Account | 0.30% | No minimum balance | No fees | Create multiple savings accounts for different goals |
| PNC Bank S is for Savings® | Varies based on location | No minimum balance | No fees (options to waive) | Bilingual Sesame Street® partnership, dedicated Student Hub |
| USAlliance Financial MyLife Savings for Kids | 2.00% on first $500 | No minimum balance | No fees | $10 deposit each birthday, transition to MyLife Checking for Teens |
| Northpointe Bank Kids Savings Account | 1.50% to 0.35% based on balance | $10 | No monthly fee | Option to add checking account, physical branch locations |
As students compare these high-yield savings accounts, it’s important to consider factors such as interest rates, account accessibility, and any associated fees. By choosing the right account, students can optimize their savings and develop healthy financial habits for the future.
Conclusion
In conclusion, when it comes to choosing the best student savings account, there are several top options to consider. The Alliant Credit Union Kids Savings Account, Capital One Kids Savings Account, and PNC Bank S is for Savings® all offer competitive APYs and valuable educational resources. These accounts not only help students develop good money habits but also provide opportunities for maximizing interest earnings.
If convenience and high interest rates are your priorities, online savings accounts like the BMO Alto Online Savings Account, Discover Online Savings Account, and Ally Online Savings Account are worth considering. They offer user-friendly online platforms, no fees, and attractive APYs. These accounts make it easy for students to manage their finances and save money.
When choosing the best savings account for your needs, it’s important to consider your financial goals and preferences. Think about factors like the APY, fees, accessibility, and educational resources offered by different institutions. By selecting the right student savings account, you can set yourself up for financial success and take a step towards a brighter future.
FAQ
What is the Alliant Credit Union Kids Savings Account?
The Alliant Credit Union Kids Savings Account is a savings account designed for students. It offers a competitive interest rate of 3.10% and has a minimum balance requirement of . It also provides parental controls and the option to add a checking account with debit card access when the child turns 13. There is a monthly fee, but it can be waived, and Alliant Credit Union membership is free and easy to obtain.
What are the features of the Capital One Kids Savings Account?
The Capital One Kids Savings Account allows young savers to create multiple savings accounts for different goals, teaching them the importance of saving for different needs. It has an interest rate of 0.30%, with no fees and no minimum balance required. Children can also open a Capital One MONEY Teen Checking account at age 8 and transition to an adult Capital One 360 Performance Savings account at age 18.
What educational resources does PNC Bank’s S is for Savings offer?
PNC Bank’s S is for Savings stands out for its robust offering of educational tools for kids. It features a bilingual Sesame Workshop® partnership with Sesame Street® characters teaching money basics, as well as an interactive online website for kids to learn about saving, sharing, and spending. While the interest rate is lower than other kid savings accounts, PNC Bank provides options to waive the monthly fee and offers a dedicated Student Hub to assist with new financial products like Virtual Wallet Student®.
What is the USAlliance Financial MyLife Savings for Kids?
The USAlliance Financial MyLife Savings for Kids is a savings account designed for younger kids. It offers a strong interest rate of 2.00% on the first 0 and provides a deposit each birthday, making saving fun for little ones. This account allows kids to transition to the MyLife Checking for Teens at age 13, and credit union membership is easy and free.
Why is the Northpointe Bank Kids Savings Account ideal for older kids and teens?
The Northpointe Bank Kids Savings Account is ideal for older kids and teens because it offers a competitive interest rate based on the account balance. Account balances of
FAQ
What is the Alliant Credit Union Kids Savings Account?
The Alliant Credit Union Kids Savings Account is a savings account designed for students. It offers a competitive interest rate of 3.10% and has a minimum balance requirement of $5. It also provides parental controls and the option to add a checking account with debit card access when the child turns 13. There is a $5 monthly fee, but it can be waived, and Alliant Credit Union membership is free and easy to obtain.
What are the features of the Capital One Kids Savings Account?
The Capital One Kids Savings Account allows young savers to create multiple savings accounts for different goals, teaching them the importance of saving for different needs. It has an interest rate of 0.30%, with no fees and no minimum balance required. Children can also open a Capital One MONEY Teen Checking account at age 8 and transition to an adult Capital One 360 Performance Savings account at age 18.
What educational resources does PNC Bank’s S is for Savings offer?
PNC Bank’s S is for Savings stands out for its robust offering of educational tools for kids. It features a bilingual Sesame Workshop® partnership with Sesame Street® characters teaching money basics, as well as an interactive online website for kids to learn about saving, sharing, and spending. While the interest rate is lower than other kid savings accounts, PNC Bank provides options to waive the monthly fee and offers a dedicated Student Hub to assist with new financial products like Virtual Wallet Student®.
What is the USAlliance Financial MyLife Savings for Kids?
The USAlliance Financial MyLife Savings for Kids is a savings account designed for younger kids. It offers a strong interest rate of 2.00% on the first $500 and provides a $10 deposit each birthday, making saving fun for little ones. This account allows kids to transition to the MyLife Checking for Teens at age 13, and credit union membership is easy and free.
Why is the Northpointe Bank Kids Savings Account ideal for older kids and teens?
The Northpointe Bank Kids Savings Account is ideal for older kids and teens because it offers a competitive interest rate based on the account balance. Account balances of $1,000 or less earn 1.50% APY, while higher balances earn between 1.12% to 0.35% APY. There is a $10 minimum deposit, no monthly fee, and the option to add a checking account with debit card access. Northpointe Bank also has physical branch locations.
What is the APY offered by Spectrum Credit Union’s MySavings Youth Account?
Spectrum Credit Union’s MySavings Youth Account offers an extremely high APY of 7% on the first $1,000, making it the top choice for maximizing interest earnings. While the account doesn’t offer an accompanying teen checking account, it allows individuals to hold the account until age 21 and provides ATM card access starting at age 13.
What are the features of the BMO Alto Online Savings Account?
The BMO Alto Online Savings Account is an online-only option that offers a competitive interest rate of 5.10% with no fees and unlimited transfers and withdrawals. However, it doesn’t allow cash or check deposits and doesn’t have branch or ATM deposit access.
What are the features of the Capital One 360 Performance Savings account?
The Capital One 360 Performance Savings account is a no-fee, no-minimum balance account that offers a generous interest rate of 4.35%. Capital One also provides access to a mentoring program called Money & Life, which offers free coaching sessions and self-guided education to improve personal finance skills. The account allows for multiple savings goals and has physical branch access.
What are the features of the Discover Online Savings Account?
Discover’s Online Savings Account features a competitive interest rate of 4.35% and no minimum deposit or fees. It provides a user-friendly online platform, mobile check deposit, and allows for multiple savings goals. Additionally, Discover has 24/7 customer service support to assist with any account-related inquiries.
What are the features of the Ally Online Savings Account?
Ally’s Online Savings Account offers a solid interest rate of 4.25% with no fees or minimum balance requirements. Ally provides a user-friendly online and mobile banking experience, free transfers between accounts, and access to a network of over 43,000 ATMs nationwide.
What features does PNC Virtual Wallet Student® offer?
PNC Virtual Wallet Student® is designed specifically for college students, offering various banking tools and resources to help manage finances. While the interest rate is not specified, PNC Bank provides options to waive the monthly fee and offers unlimited deposits and up to 6 free withdrawals per monthly statement period. Virtual Wallet Student® assists in the transition to new financial products and provides educational tools for students.
What features does SoFi Money offer?
SoFi Money is a hybrid checking and savings account that offers a competitive interest rate of 4.60%. It has no fees, provides free ATM access worldwide, and includes additional benefits like career coaching and exclusive member events. SoFi Money is a great option for students looking for a comprehensive financial services platform.
Where can I find a comparison of high-yield savings accounts for students?
You can find a comparison of the top high-yield savings accounts for students in the previous sections. Each account’s interest rate, minimum balance requirements, fees, and additional features are highlighted to help students make an informed decision based on their specific financial needs and goals.
,000 or less earn 1.50% APY, while higher balances earn between 1.12% to 0.35% APY. There is a minimum deposit, no monthly fee, and the option to add a checking account with debit card access. Northpointe Bank also has physical branch locations.
What is the APY offered by Spectrum Credit Union’s MySavings Youth Account?
Spectrum Credit Union’s MySavings Youth Account offers an extremely high APY of 7% on the first
FAQ
What is the Alliant Credit Union Kids Savings Account?
The Alliant Credit Union Kids Savings Account is a savings account designed for students. It offers a competitive interest rate of 3.10% and has a minimum balance requirement of $5. It also provides parental controls and the option to add a checking account with debit card access when the child turns 13. There is a $5 monthly fee, but it can be waived, and Alliant Credit Union membership is free and easy to obtain.
What are the features of the Capital One Kids Savings Account?
The Capital One Kids Savings Account allows young savers to create multiple savings accounts for different goals, teaching them the importance of saving for different needs. It has an interest rate of 0.30%, with no fees and no minimum balance required. Children can also open a Capital One MONEY Teen Checking account at age 8 and transition to an adult Capital One 360 Performance Savings account at age 18.
What educational resources does PNC Bank’s S is for Savings offer?
PNC Bank’s S is for Savings stands out for its robust offering of educational tools for kids. It features a bilingual Sesame Workshop® partnership with Sesame Street® characters teaching money basics, as well as an interactive online website for kids to learn about saving, sharing, and spending. While the interest rate is lower than other kid savings accounts, PNC Bank provides options to waive the monthly fee and offers a dedicated Student Hub to assist with new financial products like Virtual Wallet Student®.
What is the USAlliance Financial MyLife Savings for Kids?
The USAlliance Financial MyLife Savings for Kids is a savings account designed for younger kids. It offers a strong interest rate of 2.00% on the first $500 and provides a $10 deposit each birthday, making saving fun for little ones. This account allows kids to transition to the MyLife Checking for Teens at age 13, and credit union membership is easy and free.
Why is the Northpointe Bank Kids Savings Account ideal for older kids and teens?
The Northpointe Bank Kids Savings Account is ideal for older kids and teens because it offers a competitive interest rate based on the account balance. Account balances of $1,000 or less earn 1.50% APY, while higher balances earn between 1.12% to 0.35% APY. There is a $10 minimum deposit, no monthly fee, and the option to add a checking account with debit card access. Northpointe Bank also has physical branch locations.
What is the APY offered by Spectrum Credit Union’s MySavings Youth Account?
Spectrum Credit Union’s MySavings Youth Account offers an extremely high APY of 7% on the first $1,000, making it the top choice for maximizing interest earnings. While the account doesn’t offer an accompanying teen checking account, it allows individuals to hold the account until age 21 and provides ATM card access starting at age 13.
What are the features of the BMO Alto Online Savings Account?
The BMO Alto Online Savings Account is an online-only option that offers a competitive interest rate of 5.10% with no fees and unlimited transfers and withdrawals. However, it doesn’t allow cash or check deposits and doesn’t have branch or ATM deposit access.
What are the features of the Capital One 360 Performance Savings account?
The Capital One 360 Performance Savings account is a no-fee, no-minimum balance account that offers a generous interest rate of 4.35%. Capital One also provides access to a mentoring program called Money & Life, which offers free coaching sessions and self-guided education to improve personal finance skills. The account allows for multiple savings goals and has physical branch access.
What are the features of the Discover Online Savings Account?
Discover’s Online Savings Account features a competitive interest rate of 4.35% and no minimum deposit or fees. It provides a user-friendly online platform, mobile check deposit, and allows for multiple savings goals. Additionally, Discover has 24/7 customer service support to assist with any account-related inquiries.
What are the features of the Ally Online Savings Account?
Ally’s Online Savings Account offers a solid interest rate of 4.25% with no fees or minimum balance requirements. Ally provides a user-friendly online and mobile banking experience, free transfers between accounts, and access to a network of over 43,000 ATMs nationwide.
What features does PNC Virtual Wallet Student® offer?
PNC Virtual Wallet Student® is designed specifically for college students, offering various banking tools and resources to help manage finances. While the interest rate is not specified, PNC Bank provides options to waive the monthly fee and offers unlimited deposits and up to 6 free withdrawals per monthly statement period. Virtual Wallet Student® assists in the transition to new financial products and provides educational tools for students.
What features does SoFi Money offer?
SoFi Money is a hybrid checking and savings account that offers a competitive interest rate of 4.60%. It has no fees, provides free ATM access worldwide, and includes additional benefits like career coaching and exclusive member events. SoFi Money is a great option for students looking for a comprehensive financial services platform.
Where can I find a comparison of high-yield savings accounts for students?
You can find a comparison of the top high-yield savings accounts for students in the previous sections. Each account’s interest rate, minimum balance requirements, fees, and additional features are highlighted to help students make an informed decision based on their specific financial needs and goals.
,000, making it the top choice for maximizing interest earnings. While the account doesn’t offer an accompanying teen checking account, it allows individuals to hold the account until age 21 and provides ATM card access starting at age 13.
What are the features of the BMO Alto Online Savings Account?
The BMO Alto Online Savings Account is an online-only option that offers a competitive interest rate of 5.10% with no fees and unlimited transfers and withdrawals. However, it doesn’t allow cash or check deposits and doesn’t have branch or ATM deposit access.
What are the features of the Capital One 360 Performance Savings account?
The Capital One 360 Performance Savings account is a no-fee, no-minimum balance account that offers a generous interest rate of 4.35%. Capital One also provides access to a mentoring program called Money & Life, which offers free coaching sessions and self-guided education to improve personal finance skills. The account allows for multiple savings goals and has physical branch access.
What are the features of the Discover Online Savings Account?
Discover’s Online Savings Account features a competitive interest rate of 4.35% and no minimum deposit or fees. It provides a user-friendly online platform, mobile check deposit, and allows for multiple savings goals. Additionally, Discover has 24/7 customer service support to assist with any account-related inquiries.
What are the features of the Ally Online Savings Account?
Ally’s Online Savings Account offers a solid interest rate of 4.25% with no fees or minimum balance requirements. Ally provides a user-friendly online and mobile banking experience, free transfers between accounts, and access to a network of over 43,000 ATMs nationwide.
What features does PNC Virtual Wallet Student® offer?
PNC Virtual Wallet Student® is designed specifically for college students, offering various banking tools and resources to help manage finances. While the interest rate is not specified, PNC Bank provides options to waive the monthly fee and offers unlimited deposits and up to 6 free withdrawals per monthly statement period. Virtual Wallet Student® assists in the transition to new financial products and provides educational tools for students.
What features does SoFi Money offer?
SoFi Money is a hybrid checking and savings account that offers a competitive interest rate of 4.60%. It has no fees, provides free ATM access worldwide, and includes additional benefits like career coaching and exclusive member events. SoFi Money is a great option for students looking for a comprehensive financial services platform.
Where can I find a comparison of high-yield savings accounts for students?
You can find a comparison of the top high-yield savings accounts for students in the previous sections. Each account’s interest rate, minimum balance requirements, fees, and additional features are highlighted to help students make an informed decision based on their specific financial needs and goals.
Our Friends
- https://www.investopedia.com/best-savings-accounts-for-kids-5179494
- https://www.cnbc.com/select/best-savings-accounts-for-kids/
- https://www.cnet.com/personal-finance/banking/savings/best-high-yield-savings-accounts-for-college-students/
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