Banking and Finance

The 5 Best Student Savings Account in 2020

July 27, 2021

According to Business Insider, Americans in their 20s have, on average, only $3,740 in savings. With the rising costs of college mixed with lower average wages than their parents at the same age, it’s easy to see why young students are having a hard time saving their hard-earned cash.

As a student, having the right savings account is crucial in setting yourself up for future financial successes. And not all student savings accounts are equal. Check out our guide to the best student savings accounts in 2020 to review monthly fees, interest rates, and other perks that can help you save more during your college years.

Best Student Checking Accounts for 2020

1. Chase Bank College Checking + Chase Savings Account

Chase Bank College Savings | Cheese Debit Card
Image: My Bank Tracker

Chase savings accounts are pretty popular, and for good reasons. The Chase Total Checking account earned a spot on our list of the Best Checking Accounts of All-Time. For students, however, the Chase Bank College Checking account is a great fee-free checking option that can easily be linked to their Chase savings account. Open both at the same time to waive monthly fees and access high-tech tools for budgeting and saving.

🛠️  Monthly Maintenance Fee: $5 for Chase Savings account but you can waive it by setting up a monthly transfer of $25 from your Chase Bank College Checking account

💸  Minimum Opening Balance: $0

💲 Other Fees: $2.50 ATM fee if using your connected Chase College Checking debit card

📈 Interest Rate & APY: 0.01%

💰  Cashback: N/A

🤑  Other Perks: $100 sign-up bonus if you meet the requirements; no monthly service fee until after graduation for students between the ages of 17 and 24; Chase QuickPay with Zelle

2. Bank of America Regular Savings

BoA Regular Savings | Cheese Debit Card
Image: My Bank Tracker

Having a BOA savings account as a college student offers peace of mind in terms of quality of service and access to ATMs and local branches. Out-of-state students will find that a BOA checking and savings account is a great way to bank both at home and at school. And, with the ability to easily link a checking and BOA savings account, transitioning out of college and into the real financial world is easy.

🛠️  Monthly Maintenance Fee: $8 but you can waive it by linking an eligible checking account to your BOA savings account

💸  Minimum Opening Balance: $100

💲 Other Fees: $2.50 non-BOA ATM fee if you’re using your connected BOA checking account debit card to withdraw cash

📈 Interest Rate & APY: 0.01%

💰  Cashback: Enroll in Bank of America’s Preferred Rewards to access cashback deals

🤑  Other Perks: No monthly service fee for students enrolled in college; mobile check deposits; automatic transfers; custom alerts

3. CIT Bank Savings Builder

CIT Bank Savings Builder | Cheese Debit Card
CIT Bank Ssvings Builder

The CIT Bank Savings Builder savings account is the best fee-free savings account option for students in 2020. With no monthly fees and a pretty great interest rate, this option is best for students who are truly interested in growing their savings over the course of their college careers.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $100

💲 Other Fees: Fee free!

📈 Interest Rate & APY: Standard interest rate for balances under $25,000 is 0.55%; earn up to 0.747% interest rate from the day the account is opened through the first Evaluation Day and continue earning 0.75% interest by making at least one monthly deposit of $100 or more

💰  Cashback: N/A

🤑  Other Perks: Deposit checks remotely and easily make transfers with the CIT Bank mobile app

4. PNC Virtual Wallet for Students

PNC Virtual for Students | Cheese Debit Card
Image: My Bank Tracker

For the financial-savvy student, few options are better than the PNC Virtual Wallet, which comes with three accounts: a checking account called Spend, an interest-bearing checking account called Reserve, and a savings account called Growth. All come with built-in budgeting tools that make planning your financial future easy and, honestly, quite fun.

🛠️  Monthly Maintenance Fee: $0 for six years of active enrollment in school

💸  Minimum Opening Balance: $0

💲 Other Fees: $36 overdraft fee for your Spend and Reserve accounts

📈 Interest Rate & APY: Reserve account earns 0.01%; Growth savings account earns between 0.01-0.03%

💰  Cashback: N/A

🤑  Other Perks: ATM reimbursement fees for select ATMs; one free incoming wire transfer per statement

5. Discover Cashback Debit Account

Discover Cashback Debit | Cheese Debit Card
Image: Discover Bank

Okay, so we know this one isn’t technically a savings account, but with the cashback deals that Discover offers, the Discover Cashback Debit account acts more like a savings account than anything else. Not only did the Discover It Student Cashback card rank as the No. 1 best credit card for college students but the Discover Cashback Debit Account ranks as one of the best banks with no fees. The 1% cashback offer makes the account ideal for fee-free college banking with a side of savings.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

💲 Other Fees: $0 in ATM fees at over 60,000 ATMs nationwide; incoming wire transfers are free; outgoing wire transfers are $30.

📈 Interest Rate & APY: While this account earns 1.15% APY (up to $30 per month), you also have to open a Discover Online Savings account in order to have the cashback savings sent there, which is actually great for students who want two separate accounts in order to organize and budget their cash.

💰  Cashback: Get 1% cashback on up to $3,000 of eligible purchases each month.

🤑  Other Perks: You’re eligible to receive free checks when you sign up for this account.

BONUS: Cheese Debit Card

Want to really increase your savings easily throughout college but don’t want to set up a savings account? Get a Cheese Debit Card! Not only is it a fee-free option to traditional checking accounts, but it’s a great option for students interested in saving cash easily and quickly. With a savings bonus that allows you to earn up to 3% cashback, you’ll get more out of your money than you would with a traditional Wells Fargo savings account, Chase savings account, or any other account from a traditional bank.

🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: $0 in fees at 55,000 ATMs in the US.

📈 Saving Bonus: Up to 3% by referring friends

💰  Cashback: Up to 10% for now

🤑  Other Perks: No fees for incoming international wire transfers, bilingual customer service in-app, more cashback affiliate brands to be unlocked, and more...

❌ No Monthly Fee                                    🧀️ $5 cash bonus    

❌ No ATM Fee                                           🧀️ Up to 10% cashback with every purchase/transaction

❌ No Overdraft Fee                                   🧀️ Potential Double Cheese Cashback

❌ No Insufficient Fund Fee                       🧀️ Up to 3% Saving Bonus

❌ No Minimum Balance Requirement      🧀️ Early Paychck

When you refer friends and family you can get up to a 3% savings bonus. And, you can receive up to 10% cashback when you shop with our exclusive partners. Your account will accrue interest on top of earning you cashback each time you swipe it when spending with one of our partners. Those are savings you simply can’t miss out on.