A savings account is the best way a student can inculcate the habit of saving money and gain financial knowledge. And for students looking to open their first savings bank account, here are some of the best student savings accounts in 2021. 

CIT Bank – Savings builder account  
The savings builder account from CIT bank is one of the best savings accounts for 2021. A student can earn an APY of up to 0.55 percent. The minimum deposit requirement is USD 100 if a student wants to open the savings account.

If they wish to earn the maximum interest rate, they have two options – they can choose to deposit USD 25,000 or make a monthly deposit of USD 100. This would also help them build up savings for the future.

PNC Bank – Virtual wallet student savings account
The best part about this savings account is that a student needn’t pay any monthly fees. It offers several resources and tools to impart financial knowledge to students and has relationships with 50 major universities. With this savings account, a student can earn an APY of 0.01 percent.

The minimum deposit requirements for the virtual wallet if the student savings account is USD 25. It offers a calendar-based system that makes it easier for students to keep finances organized.

Capital One – 360 kids savings account
Immaterial of whatever a student balance is, the interest earned would be 0.50 percent APY. The savings account is an excellent option for high school students, and with this account, they can quickly learn to manage their savings. For instance, it offers an online account that can be easily managed by students. 

Students will require an adult participant as a joint account holder to decide if they can withdraw or deposit money in the account.

Ally Bank – Online savings account
The online savings account from Ally Bank is one of the most reputed bank accounts with highly rated mobile and online banking. Again, with this bank account, a student doesn’t need to make any minimum deposit or incur monthly fees for opening the account. 

Also, it has one of the highest APY for a student’s savings account, i.e., 0.80 percent. Plus, the bank is widely acclaimed for excellent customer support. The interest in this savings bank account is compounded daily. The debit card given with this bank account incurs an overdraft fee of USD 25, and if the student exceeds the allowed limit of six transactions, they will be charged with USD 10 per transaction as fees.

When looking for the best student savings account for 2021, one must search for a low-maintenance one. This means they should look for an account that offers higher APY and incurs fewer fees or monthly deposits. It would add if a bank’s savings account has a relationship with major schools or universities.