SoFi Bank, Discover Bank, Capital One Bank, Alliant Credit Union and Bethpage Federal Credit Union are our top picks for the best student savings accounts.
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Jared Macarin Editor
Jared is an editorial veteran who joined Home Solutions after more than 20 years in the newspaper industry. He has written, edited or designed more than 50 newspapers across the country, winning numerous awards. Jared has also edited and wrote for Forbes Advisor, Lending Tree, The Streamable and Lonely Planet. When he isn’t working, Jared enjoys spending time with his wife on outdoor adventures, watching sports and reading.
If you’re comfortable banking solely through a mobile app, Milli offers deposit accounts with no fees or minimums and a 4.75% APY for its savings account
LendingClub offers deposit accounts with APYs of up to 5.15% and doesn’t charge monthly, overdraft or ATM fees, but it doesn’t have branch locations
Varo Bank offers customers a simple online banking experience with competitive savings rates and no fees, but it doesn’t have any branch locations
Barclays Bank offers competitive rates on deposit accounts and doesn’t charge fees or have minimum deposit requirements. It also doesn’t have branches or ATMs.
We rate Capital One 4.2 out of 5 stars for its high interest rates on deposit accounts and no fees, but it has fewer than 300 branches across nine states
Bask Bank stands out for its high-yield savings rates and lack of monthly account fees, but it offers few deposit accounts, no ATMs and no branch access
Synchrony Bank could be right for you if you’re looking for high-yield savings or CD accounts with APYs up to 5%, but it doesn’t offer in-person access
Connexus Credit Union earns 4.1 out of 5 stars for having competitive rates on certain accounts, no monthly fees and accessible in-person banking options
PenFed CD rates range from 0.00% to 4.20% for terms of six months to seven years, but you can often find better CD options from other institutions
CIT Bank CD rates range from 0.30% to 3.50% APY, and the bank offers standard, jumbo and no-penalty CDs with terms between six months and five years
Online-only Alliant Credit Union offers regular, jumbo and IRA CDs with rates from 4.00% to 5.45% APY and terms ranging from three months to five years
Huntington earns 3.9 out of 5 stars for its checking accounts and banking access, but it has fewer branches and strict requirements to earn higher rates.
If you’re comfortable banking only online and want competitive rates on savings products, Marcus by Goldman Sachs might be the right fit for you
With deposit accounts offering up to 4.50% APY, Ally Bank is a worthwhile choice if you’re comfortable banking only online since it doesn’t offer branches
Alliant Credit Union offers a variety of deposit accounts with competitive rates for checking, savings and CDs, but it doesn’t offer in-person banking
Formerly known as TIAA Bank, EverBank offers high-yield deposit accounts with competitive APYs and no monthly fees, but it only offers branches in Florida
Zynlo offers high-yield checking, savings and money market accounts with no monthly fees, but it doesn’t offer branch access or other financial products
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Truist Bank earns 3.7 out of 5 stars in our review. It has a wide array of deposit accounts, but branch locations are mostly confined to the southeastern United States
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M&T Bank offers CD terms ranging from 32 days to 72 months, with a $1,000 minimum deposit for all CDs and featured APYs ranging from 3.75% to 4.85%
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U.S. Bank offers a wide variety of standard and specialty CDs, with terms ranging from one month to five years and interest rates from 0.05% to 4.85% APY.
USAA savings accounts don’t offer the highest rates but can be a great way to gain access to the bank’s other products.
Marcus certificate of deposit (CD) rates range from 3.90% to 5.15% annual percentage yield (APY), with terms between six months and six years available.
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UFB’s savings account has one of the highest APYs (5.25%) in the industry, plus no monthly fees – making it a top choice.
Chase offers a $300 bonus for most new checking customers, but bonuses can be as high as $3,000 for people with large accounts.
Annual percentage yield, or APY, measures how much you earn in interest on your savings deposits over the course of the year. The higher the APY, the more you earn.
FDIC insurance protects your savings in the event your bank fails, up to $250,000.
Interest is the amount you pay to borrow or the amount you earn on your savings. High rates are great for savers, but not so good for borrowers.
A great way to build your savings account quickly is to cut expenses and add a new source of income at the same time.