January 2025’s Best Savings Accounts for Students

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The Synchrony High Yield Savings account is a solid savings option for students, despite not having any particularly student-specific perks. With this account, you’ll earn an awesome 4.30% APY on all balances with no minimum requirements. Although there are better APYs out there, Synchrony’s rate is still well above the national average.

You won't pay anything in monthly maintenance fees with this account, and you can open it with any amount of money. Synchrony doesn’t charge ATM withdrawal fees, though this account does come with up to $5 in domestic ATM fee reimbursements.

With the Synchrony High Yield Savings account, you’ll only be able to access your account digitally. Since the bank doesn’t have any physical locations, customers can contact a representative online or over the phone.

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The Discover® Bank Online Savings Account features a solid interest rate of 3.75%. Interest on this account compounds daily, meaning your money will grow at the fastest rate possible. Like most of Discover’s products, this account has no monthly fees and no minimum deposit, helping customers save and keep money in their pockets. You also won’t pay fees for bank checks, excessive withdrawals, insufficient funds and more.

Discover is a mobile- and online-only bank with no branch locations. If you’re comfortable banking online, this shouldn’t be an issue for you at all, given that the bank has a highly rated mobile app, user-friendly online dashboard and 24/7 customer service. Discover also gives account holders easy access to their account balances, transaction histories, transfers, mobile check deposit and even free credit score reports. All in all, this is a great checking account option for students who are comfortable banking online.

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If you’re interested in the Affirm Savings Account, you’re likely focused on its fantastic 3.85% APY. There are no balance restrictions on this interest rate, so it applies to everything you deposit. This account is great for students, as it doesn’t require a minimum deposit and you won’t be on the hook for any monthly fees.

Affirm is a totally online company whose services are based around its mobile app. As a result, you should only open an account if you’re comfortable banking online or on your phone. It’s also a fairly new company, and it didn’t start in the banking industry. In fact, Affirm is, first and foremost, a shopping app that allows users to make online purchases at various stores and pay for them over time.

Affirm’s mobile app boasts a high average rating of 4.9 stars out of 5 between the Apple and Android app stores. Through this medium, you’ll be able to make transfers, check your account balance and contact customer support. 

The app also has an average rating of 4.6 out of 5 on Android.

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At Ally Bank, you can get a solid 4.00% APY, with interest that compounds daily. An account like this one that compounds every day allows you to earn interest more quickly on top of the interest you’ve already earned. As you’re earning these returns, you will also avoid monthly fees, so your growing money won't take a hit in that way.

One of the best rated apps in finance on both the Apple and Android stores, Ally boasts a wide range of benefits. You can set up scheduled bill payments, eCheck deposit and specific debit card controls to dictate where and when you can swipe the card. This account comes with the Zelle payment service, allowing you to send and receive money in a peer-to-peer fashion similar to Venmo.

The Ally Assist system embedded in this app can take care of many of the issues or questions you might have. If you’re on the go and need some cash, the ATM locator will help you find a fee-free ATM in your area.

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The first $1,000 you deposit in a Digital Federal Credit Union (DCU) Primary Savings account will earn interest at a 6.17% APY. That works out to about a $62 bonus over your first year, just for letting the money sit in the account. Unfortunately, though, any money you deposit after that receives a lower 0.15% APY. Also, you need to deposit $5 at the time you open a Primary Savings account, but there are no monthly fees.

Whether you’re at university in the U.S. or you’re studying abroad, you’ll likely be able to access a fee-free ATM through DCU’s sizable international network. Though this credit union only has a few of its own branches, account holders can do their banking through any of the over 5,000 locations where it offers shared banking. These are available in every state, so visit DCU’s website to find one near you.

DCU offers membership first and foremost to any immediate family of current members. However, you can become a member on your own by being a current or retired employee of an eligible company, being a member of an eligible organization or living, working, attending school or worshipping in an eligible community.

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The Varo Savings Account isn’t technically a student account, but it offers many desirable benefits for everyone, including students. The account has a 3.00% APY, which is one of the better rates currently on the market. For this account, Varo does not require a minimum opening deposit, nor are there monthly maintenance fees. You can also gain access to a higher APY of 5.00% by meeting the following requirements during each qualifying period:

• Make sure you close out the month with a positive balance in your Varo accounts
• Receive total direct deposits of $1,000 or more each qualifying period

The 5.00% APY is only on balances up to $5,000. Balances over that will receive the base APY of 3.00%. There are no minimum balance requirements for these accounts and interest is paid out in whole cents only. 

Varo's services are entirely online, so you won’t have the ability to visit a branch to access a customer service representative. However, the bank’s mobile app has extremely high ratings on both the Android and Apple app stores.  Through this platform, you’ll be able to access all the features that you might value in person, including mobile check deposits and automatic savings tools. If you have specific questions, though, you can still contact the bank by phone.

Setting up an account with Varo is relatively easy. You first need to open a Varo Bank checking account, a process that’s easily completed online. Once this step is done, you can then set up your high-yield savings account with Varo. To begin managing your account, simply download the Varo app.

For more details on Varo's offer, click here. 

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EverBank, Member FDIC, offers the Performance(SM) Savings account that is a solid option for students looking to open a savings account.

This online savings account does not require a minimum balance to open, nor does it charge any monthly maintenance fees. And because this account is now a Yield Pledge® product, the bank makes a promise to guarantee a yield in the top 5% of competitive accounts.

EverBank also reimburses ATM fees for accounts with an average daily balance of at least $5,000. For accounts with less than this, the bank will reimburse up to $15 in monthly ATM fees. With EverBank, you'll be able to visit a physical bank location to conduct business, but you can also use the bank's mobile app.

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Students who open LendingClub’s High-Yield Savings Account get access to one of the highest rates on the market. With a 4.75% APY, the High-Yield Savings Account offers substantial room for growth. And with no monthly fees, you don’t have to worry about additional charges eating through your savings.

The High-Yield Savings Account also comes with a free debit card. This is perfect for students who have a busy schedule and need to make quick transactions. In addition, this debit card provides 1.00% cash back, provided the account maintains an average daily balance of at least $2,500 and receives $2,500 in direct deposits per month. While these figures may be out of reach for many college students, it’s a great perk to have beyond the account’s already great APY.

The High-Yield Savings Account does require a $100 minimum deposit to open. And if you’re looking to make transactions at a local branch, there are limited options since LendingClub has just one location in Boston. Also through this account, users have access to multiple customer service options, which include assistance via email, phone or an online chat.

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Chime is an entirely online financial technology company. Its services are extremely easy to use and simple, which are qualities that lend themselves to a strong experience for students new to online banking. You'll also have access to a savings APY of 2.00%, which is great by today's standards. You won't be on the hook for any monthly minimums or monthly fees, and you don't need a minimum to open an account. The only fee you'll be on the hook for is a $2.50 fee for out-of-network ATM withdrawals or over-the-counter transactions.

The main caveat when it comes to opening a Chime Savings Account is the fact that you'll need to first open a Chime Spending Account, Chime's version of a checking account. This account is easy to open and use as well, and it doesn't come with any monthly minimums or fees, so it's not a huge hurdle to have to jump over to open a Savings Account. To make things even better, Chime's mobile app is consistently very highly rated, so you're likely to have a good experience working with your account on a mobile device.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

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The CIT Bank Savings Builder Account offers the potential of a high APY, though you'll need to prioritize saving to reach the top rate. In order to earn its 1.00% APY, you’ll need to either maintain a $25,000 balance or make monthly $100 deposits. For many students, a balance as high as $25,000 is out of reach. However, socking away $100 a month is far more attainable and encourages saving for the future. If you cannot meet either of the requirements for the 1.00% APY, your rate will drop to 0.40%.

To become a Savings Builder Account holder, you must deposit at least $100 in your account at opening. After that, there are no account minimums or monthly maintenance fees.

When it comes to accessing your money, you can make free transfers to other bank accounts, initiate wire transfers or have the bank mail you a check for free. CIT Bank has a large online presence, so you can manage your account online, on your phone or by calling customer service.