Best Student Savings Accounts Of 2025

The SoFi Checking and Savings Account ranked highest for a combined account because the combination allows you to simplify your finances with everything under one umbrella. On top of that, you can earn a high interest rate without stressing about any monthly fees.

Why We Like It

We like this account because you can earn up to up to $300 as a bonus when opening and access your paycheck up to two days early when you set up eligible direct deposit. It’s a good fit for you if you plan to hold a part-time job while studying.

What We Don’t Like

We don’t like that you must set up eligible direct deposit to earn the advertised APY. For customers without eligible direct deposit, the APY drops from up to 3.80%¹ APY on savings and Vaults balances and 0.50% APY on checking to 1.00% APY on savings and Vaults balances and 0.50% APY on checking.

Who It’s Best For

This account is best for students who want to keep their banking in one place and plan to set up eligible direct deposit.

Fees:

• Outbound wire transfer: $30
• Cash deposit: up to $4.95 (charged by retailers)

*Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

¹SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. 

²SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

³SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁵Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

⁶We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

We picked the FourLeaf (formerly Bethpage) Federal Credit Union for students who want to bank with a credit union because it offers 5.00% APY on the first $1,000 deposited into the account and 1.39% APY on balances between $1,000 and $10,000. This account is for individuals 20 years old and under, but anyone under 18 will need to open it jointly with a parent or guardian.

Why We Like It

We like this account because it has no monthly maintenance fees to worry about, and you can get started with only $5. There are no overdraft fees either. It’s difficult to find such a high APY for student savings accounts, so we included this at the top of the list.

What We Don’t Like

We don’t like that students over 20 years old can’t open an account, so if you’re a college student looking to open a student savings account, you should probably look elsewhere.

Who It’s Best For

This account is best for new savers because the high APY only applies to balances up to $1,000.

We chose the Synchrony Bank High Yield Savings account for cash access because the account comes with an optional ATM card and $5 in monthly ATM fee reimbursements. It also promises an attractive APY of 3.80%.

Why We Like It

We like this account because it has no monthly fees, minimum deposit or balance to earn the desired APY.

What We Don’t Like

Synchrony Bank doesn’t offer checking accounts, so if you want your accounts to be at the same institution, consider looking elsewhere.

Who It’s Best For

This account is best for students who want ATM access to their savings, low fees and a competitive APY.

• Earn an APY of 3.80% that compounds daily.
• No monthly maintenance fee, required minimum deposits or overdraft fees.
• No incoming wire transfer fees, though you’ll owe $25 for domestic wires. (No international wires available.)
• Access to ATM card, and no-fee options through the Plus or Accel networks. Receive up to $5 per statement in reimbursements on ATMs used in the U.S.
• Limited to 6 withdrawals per month, though that doesn’t count ATM withdrawals. After that, your withdrawals will be denied, but there is no fee.
• 24/7 customer service available via the phone and there’s a chatbot that can connect you to a human representative.

We picked the Affirm Savings Account for mobile banking because the Affirm app is clean and easy to use, free of the cluttered navigation menus seen with some banking apps. With a 3.85% APY, no minimums and no fees, the Affirm Savings account is a no-brainer for college students looking for a mobile account to stash their funds in.

Why We Like It

We like that this account has no balance requirements to earn the advertised APY and charges no fees.

What We Don’t Like

Affirm doesn’t offer any other banking products, so if you’re looking to bank in one place, you may want to consider somewhere with more account options.

Who It’s Best For

The Affirm Savings Account is best for students who want a simple, fee-free account with a competitive APY.

No monthly fees or requirements are needed to earn the advertised APY on all balances. The savings account can be opened online or through the mobile banking app. You must be 18 years or older to open this account.

We selected the Marcus by Goldman Sachs Online Savings Account for its high APY. While a few accounts offer a slightly higher APY, they usually come with strings attached. This one pays a competitive 3.65% APY on all balances, up to maximum balance limits APY on any positive balance with no direct deposit requirement.

Why We Like It

We like that this account has no fees or required minimum deposit, making it ideal for a student looking to build a savings account from scratch.

What We Don’t Like

Marcus by Goldman Sachs offers few financial products, so if you want to bank in one place, this account might not be the best fit.

Who It’s Best For

This account is best for students who want a simple savings account that earns a high savings rate on all balances.

• You’ll earn a yield of 3.65% APY on all balances, up to maximum balance limits on all balances and interest compounds daily.
• There’s no minimum balance requirement and no monthly maintenance fee. Marcus doesn’t impose a fee for outgoing or incoming wire transfers, although you can only send a transfer to an account you own at another bank.
• No access to ATMs, so you shouldn’t use this account if you think you’ll need to dip into your savings in a pinch.
• Still, you can make as many transfers out of your savings account as you wish.
• Customer service via the phone is available 24/7, and existing customers can use the chatbot for instant communication.