Students’ savings accounts should condition students to adopt healthy financial habits that will give them some real world experience. Personal finance is not taught in many schools and people are unaware of the power of investing and compound interest. As such, the goal of any student should be an account that not only offers a high interest rate but also offers other tools like budgeting and other calendar-based or goal-setting features that will help them learn financial discipline. Mentioned below are some well-reviewed banks that offer the best savings accounts for students.

1. DCU Primary Savings

While DCU doesn’t have any account specifically meant for students, their savings account has the best interest rates by far when it comes to the first $1000. The APY (Annual Percentage Yield) is 6.17% and is extremely useful for students who are trying to mobilize small savings. The lack of monthly fees or any necessary minimum balances makes it a very attractive account for students looking to get ahead with their personal finances. Some students even park their money in the account and let it earn interest while using another account for their everyday needs in order to avail the high interest. This may not provide much practical experience but will allow you to learn more about other banks in relation to DCU, and study the pros and cons of each.

2. Capital One MONEY account
Many parents try to inculcate healthy financial habits in their kids from a young age in order to help them achieve their long term goals. Some start as young as high school, and in order to address their needs Capital One has come out with a unique account designed for young students to start considering personal finances. The APY on this account is 0.25% and there are no monthly fees or minimum balances. The account can be accessed online and requires a parent or adult to act as a joint holder. This will let the parents keep an eye on the account activity as well. Ultimately, all withdrawals from the account and deposits also have to be approved by the adult account holder. This account is only available for students who are under 18, and students will have to switch over to another account after they cross that age.

3. Bank of America savings account
When we speak of savings accounts for students, several features should be considered. Bank of America is one of the most accessible banks in the country because it is one of the biggest banks. It has a unique system to improve your savings accounts. Every time a purchase is made using your debit card, the amount is rounded to the nearest dollar and the surplus amount is deposited in your savings account from the checking account. Monthly fees are waived for students, but this benefit comes to an end after graduation. The savings rates, like any major bank, are moderate. A separate checking account will need to be created in order to use the automatic savings feature.