Best Banks for College Students

All that you need to know about the best banks in 2019 for college and school students including, fees, interest rate, different types of bank accounts and so on.

Updated by Taskeen Fatema on 14th October 2019

Being a college or a high school student sometimes feels like carrying the burden of the entire world on your shoulders. As naïve as the thought maybe it is not far from the overwhelming truth especially in the year 2019 and possibly in the years to come. Out of the many things that go on in your labyrinth of a mind, an underlying thought that wanders is that of managing your own finances, especially since most of the time, there is a lack of experience in that field seeing that you’re only a student.

Amidst the many factors that seem difficult to control, there is one thing that you can have going for you without a speck of hesitance; a good bank to support and stabilize all your financial needs as a college student, which is exactly why we have assimilated a list of factors that will enable you to make a well informed and personalized decision as to which bank and in particular, bank account, would cater best to your ongoing and contingent future needs.

As per the OECD’s Program for International Student Assessment’s student's financial literacy survey, up to 47% of U.S. students open their first bank accounts when reaching college.

This is one of the most important money step you will take as a student, hence read through and voila, make yourself a life-changing decision!

Table of Contents

Factors enabling you to decide what is best for you

For students, the primary concern should be their safe access to ATMs of the banks they decide to take an account with. Here are the factors to help you decide:

  • No fees for ATM use

  • Checking and savings account

  • Debit card availability so there won't be much of a need to carry cash

  • Account access solutions such as online banking, Mobile banking, text banking, etc., simplifying the user access to the bank account, anytime and anywhere on your way to everywhere

  • Electronic fund transfers

  • Low monthly maintenance fee

  • Reasonably good interest rates

Even after close consideration of the factors a bank might still not meet up to your requirements. Everyone's case is different and one should pick one based on his/her personal condition. It is important to be aware of all the options available to you before you go ahead with a bank. 


Top 10 banks and bank accounts for college students

Considering the above aspects, the top 10 banks for young adults, ranging from North Carolina, Michigan, California, Chicago, Florida, Arizona, New York, Texas, Boston and even some being solely online banks,  are as follows:

1. Ally Bank

Rated as the best millennial bank by businessinsider.in, Being an online-only bank, it provides a diverse range of choices for anyone and everyone. Customers can easily manage accounts on their phones, tablets or desktop computers. Even though Ally doesn’t have a specific student checking account, it provides several features that are perfect for college students.

Fees: The primary benefit to students is the lack of monthly fees on checking or savings accounts and no minimum balance requirement.

Interest rate: Competitive interest rates especially for the savings account.

Physical presence : Not having a Brick and mortar presence is not a demerit at all as Ally users can withdraw from their account for free from 43,000 fee-free in-network ATMs from across the US (There are no limits to how many withdrawals you make.) and non Ally ATM’s from up to $10 in fee reimbursements per month.

Virtual Presence: You can also link your Ally account to five digital payment apps, including Google Pay and Apple Pay. In order to check your balance, it is as simple as opening up the Ally Banking app on your phone and if you do run into any issues, you can call customer service any time of the day or night as it offers customer support on a robust 24/7 basis, unlike most traditional banks.


Bank accounts available with Ally Bank

Ally does not offer a specific student checking account, but its grown-up checking account is great for students' needs and helps create good habits while they're young to carry forward into adulthood.

1) Checking accounts: According to the official website, Ally Bank’s checking currently pays 0.10 percent APY on balances up to $15,000 and 0.60 percent for balances over $15,000. It’s not the best interest rate out there, but it is well above the average among large and traditional banks.

The account is so good that students will want to keep it after graduation. A debit card will be received along with standard checks.

2) Savings accounts: This FDIC-protected savings account as well has no monthly maintenance fee. Unlimited deposits can be made, but there’s a limit of six additional transactions per statement cycle.

Ally offers a 1.75% APY for high yield savings accounts, Unlike an Ally checking account, an Ally savings account doesn’t come with checks or a debit card.

3) Money Market accounts: Money market accounts are Ally’s third option for a bank account. In a money market account, you’ll earn an APY of 0.85%, regardless of your account balance. You’ll also get checks and a debit card.

However, you won’t get the free online bill pay service that comes with a checking account.  For a money market account, if offers a 0.9% APY, which increases to 1% once you hit a 25,000 minimum daily balance.

Money market accounts are most useful to customers with a daily balance lower than $15,000.

They give you the high-interest rate of a savings account but the check and debit card options of a checking account.

The Ally CashBack Credit Card is a no-annual-fee card that offers 2% cash back at gas stations and grocery stores with 1% everywhere else. If you can spend $500 in eligible purchases in the first three months, you can get a $100 bonus. There is also a 10% Ally Deposit Bonus if these rewards are deposited into an Ally Bank account.


2. Capital One 360

Before one slips into the shoes of a college student, one is yet a student nevertheless, and that stage is never very early to learn to manage money on a small scale. This particular aspect is very well taken care of by Capital one 360 which is also an online bank with top-notch tools providing one of the best banking experiences.

Similar to the other online banks, users can access their account through a number of devices.

Fees: As per its website, Capital One 360 doesn’t have any monthly fees or minimums on its checking, savings or money market accounts.
You can show your teen how far their dollar can go with a free checking account and no account balance requirements

Interest rate: Capital One 360 offers competitive interest rates on its checking, savings and money market accounts.

Physical presence: Not having a physical presence doesn’t deter its functions from running smoothly as there are 39,000 fee-free Capital One and Allpoint ATMs nationwide. The bank won’t charge you for using an out-of-network ATM, though the ATM owner may.

The bank also has around 30 Capital One Cafés (the name for Capital One’s bank and coffee shop) in select states across the country. These locations are hybrid offices where you can explore banking options, speak to a rep, open an account, get coffee and use free Wi-Fi.

  • Free debit card to enable the teens to exercise their freedom of choice in spending as well as learning about the tactics of saving at the same time.

Virtual presence: With the help of text alerts, parents and teens can track spending habits together and know when the balance is getting low in real-time.

Journey Student Rewards: Capital One 360 also has a credit card option for college students, the Journey® Student Rewards from Capital One®. This credit card has no annual fee and gives you the chance to earn 1% cashback on all purchases — and earn a 25% bonus on cashback if you make on-time credit payments.


Bank accounts available with Capital one 360

1) MONEY: Capital One 360 offers a special teen checking account called MONEY. This account has no minimum balance and no monthly fee. It comes with a debit card. The interest paid by the bank is 0.25 % which may not be exceptional but it isn’t leaning towards bad either.

2) Checking account: This bank offers high-interest on this account, free of monthly fees that can fit a wide range of needs, including those of college students. As of Sept. 14, 2018, the APY on the 360 Checking account starts at 0.20% for balances under $50,000.
 
3) Savings account: This account earns an interest of 1.00% APY, which is more than 10 times the national average. But if you have $10,000 to save, the rate on the bank’s money market account is more appealing at 2.00% APY. Falling below $10,000 earns a lower rate.
Goal setting. The savings account has added features that help you manage and save your money, such as the ability to open up to 25 separate savings accounts and to use an automated savings tool to set and track goals

4) Money market account: This is the banks' shining star. Capital One also has flexible overdraft options, though some of its overdraft charges are high.

5) Kids Savings Account: You typically have to be 18 years old to open a savings account. But with the Kids Savings Account, you can create a savings account with your minor child. There are no monthly fees, and the Kids Savings Account offers a 0.75% APY.


3. Chase Bank

Chase is one of the biggest banks in the world, with a colossal number of branches across the country, offering a buffet of services and types of accounts for anyone and everyone, be it a high school student, or a college student making it convenient to choose wisely.

Fees: There is no monthly service fee for students 17–24 for a period of up to 5 years. It's great for those looking for a bank with a wider presence and easy on-the-go mobile banking.

Interest rate: Chase checking accounts offer 0.01% APY across the board, but its savings account has more interest rate options depending on the type of product and the amount you deposit, offering anywhere from 0.01% APY to 0.09% APY.

Physical presence:  Chase Bank boasts of having a wide presence of around 5000 physical branches and 16000 ATMs, so it's easy to access your money. It's especially great if you're going to college away from your hometown.

Virtual presence:  Checks can be deposited from virtually anywhere, anytime, just by taking a photo with the Chase Mobile® app. Sending and receiving money is possible in only moments using Chase QuickPay® with Zelle®.

Chase Freedom Student Card: Take advantage of a credit card created for students that helps build credit and earns cash back on purchases. (a lot of benefits to avail)


Bank Accounts available with Chase bank

1) Checking account: Chase offers a checking account specifically designed for college students. A checking account will help make managing your day-to-day spending a lot easier. And it's also helpful to establish a relationship with Chase early, so you are open to more possibilities later after graduation.
Chase checking customers get $100 when you open a Chase College Checking account with qualifying activities. After five years, fees work like the high school account. It also has a $25 minimum opening deposit.

2) Chase High School Checking Account: This account is specifically for students from 13 to 17 years old and must be opened with a co-owner parent or guardian. Accounts require a $25 minimum opening balance. In order to avoid a $6 monthly fee, you’ll need to link to a qualifying parent or guardian account, make a monthly direct deposit or keep a minimum $5,000 average ending day balance in the account.

3) Chase Savings: The flexible Chase savings account doesnt have any monthly service fee. For students with a modest budget, it can help save for goals during and after college.


4. Discover Bank

Discover Bank, which is again, an online bank(with only one physical branch)  doesn’t offer specific products for students, but its rewarding checking and savings accounts are great for people of all ages.

The day-to-day life of a college student is demanding and short on free time. Lengthy banking activities like paying bills and transferring funds are made simple for college students through mobile banking. 

Fees: Firstly, there is no monthly pr minimum fee for checking or savings as well as no minimum deposit requirements and no overdraft transfer fees.

Interest rate:  Discover’s savings account pays a competitive rate. Its checking account doesn’t pay interest, but it does offer 1% cash back on up to $3,000 in debit spending each month.

Physical presence: Accessibility is convenient with more than 60,000 fee-free ATMs nationwide, and no charges incurable for out of network ATM use.

Virtual Presence: Although it is an online bank, its customer service agents are available by phone round the clock.


Bank Accounts available with Discover bank

If you’re looking out for high yield savings mostly by means of growing out of your own money, this is one of the best options to consider.

1) Checking account: The Discover Bank checking option is just as attractive with the opportunity to earn 1% cash back on the first $3,000 in purchases made each month with the Cashback debit account.

2) Savings account: Discover Bank is another smart option for students looking to earn interest on college savings owing to the 1.80% APY (as of Sept. 14, 2018) on its Online savings account.

Rounding out this online bank’s offerings are two Discover student credit cards that can help you build credit and practice sound borrowing habits while you’re still in college:

  • The Discover it® Student chrome card provides 2% cashback at gas stations and restaurant purchases up to $1,000 combined each quarter plus 1% cashback on all other purchases, automatically.
  • The Discover it® Student Cash Back card offers 5% cashback on rotating spending categories such as grocery stores, gas stations, restaurants etc. each quarter when you activate, up to $1,500.

Neither Discover student credit card carries an annual fee. In fact, both will double the cash-back rewards you earn in the first year and provide a $20 statement credit for each school year your GPA is 3.0 or higher for up to 5 years.


5. PNC Bank

Make banking one less thing to worry about, PNC provides tools to make student banking easier, whether on or off-campus.

Fees: No monthly maintenance fees for students, for up to six years though there is a minimum opening deposit of $25. No overdraft transfer fees.

Physical Presence: With its 2,600 branches and 9,000 fee-free ATMs across 19 states, PNC Bank is among the options for anyone, including college students. There’s a $3 fee each time you take money from a non-PNC Bank in the United States, Canada, Puerto Rico, and the U.S. Virgin Islands. And if you’re on vacation, feel free to take cash from a non-PNC Bank ATM for a $5 fee. A good thing is the reimbursement of the fee for the first two domestic or international non-PNC Bank ATM transactions made on your Spend, Reserve or Growth accounts per statement period.

Interest rates: A Virtual Wallet Student Spend account isn’t an interest-bearing checking account so interest cannot be expected however, one can earn interest from the Reserve and Growth accounts when applying for Virtual Wallet Student. (on balances of $1 or more.)

Virtual Presence and Customer Service: You get online and mobile banking, “international services” that include language interpretation and international wire transfers, plus some financial education if you're interested.


Bank accounts with PNC bank

1) Virtual Wallet Student account: PNC Bank offers an account that waives the monthly service charge for up to six years. It offers all the features of a Virtual Wallet, from their calendar to “spending zone” and something called parent alerts as well when the balance is low. What is unique about PNC Bank’s Virtual wallet is that it offers 3 different accounts all in one. When you apply for Virtual Wallet Student, you’ll receive a Spend account that functions as a primary checking account.

Along with a primary checking account, Virtual Wallet Student also comes with a Reserve account and a Growth account.

Reserve and growth account

The Reserve account is for short-term savings goals which are many to name for a college student, without a doubt.Your Growth account, however, is for long-term savings goals that can be used for investments such as a house or property after graduation.

The difference between the Reserve and Growth accounts is that the latter features a higher interest rate to maximize your earnings.

At the end of the six years, your account will be converted to Virtual Wallet and will be subject to the Virtual Wallet Features and Fees in effect at that time.

The disclaimer to keep aware of is that if you transfer this account to a different product or account type during the first six years, you will forfeit the benefits of the Virtual Wallet Student account and will not be able to transfer back to the Virtual Wallet Student account.


6. Simple

For those who prefer to do their banking on mobile devices, the banking software and app, Simple, whose no-fee checking account can be a good fit as it combines banking as well as budgeting all into one app, which is extremely good for learning how to manage money and understanding how to budget it each each.

With transparency as their main suit, Simple is a frustration-free bank with a unique yet easy approach to banking, as the name suggests.

Fees: No monthly fees nor overdraft charges. No fees for regular banking activity either. 

Interest rates: Simple’s checking account earns a nominal interest of  0.01% APY. But if you have a protected goals account, that money will earn 2.02% APY.

Physical Presence: Using one of the 40,000 ATMs in the Allpoint network (which Simple is a part of) you won’t need to pay any fees whatsoever, to the ATM or to Simple. On the other hand, if you use an ATM outside of the Allpoint network, you may be charged a fee by the ATM, but not by Simple.

Virtual Presence and customer service: Being a banking software and not a bank per-say, there are no branches you can access and there’s no way to deposit cash directly. But Simple’s mobile app has perks such as a spending tracker and budgeting tools( such as Mint or Clarity Money) that can help you develop good spending habits. Phone support is provided from 9 a.m. to 7 p.m., and from 7 a.m. to 2 p.m. on Saturdays. Representatives are not available on Sundays or holidays.


Bank accounts with Simple 

Particularly appealing to the youth thanks to its virtual features in modern money management tools.

1) Checking account: If you open a Simple checking account, you never need to worry about dropping below a minimum monthly balance as there isn’t any minimum monthly balance. Your account balance could be nil and it would still be fine.

Apart from other known benefits such as easy to use, convenient access, obtaining a physical debit card, multiple ways to transfer money, option of having a shared account, etc., the most striking feature that makes Simple stand out is how it acts as your right hand in budgeting, saving and allocating your funds.

Simple is great as a solution for college students, graduates, and practically anyone who is tired of working with big banks.


7.Bank of America

If you’re looking for a big-name bank with low fees, a wide network, and special account terms for students, this is definitely one of the best options. The bank also has a truly national footprint, with a presence in every major region in the U.S, almost 37 states.

Fees: No monthly maintenance fee for students below 24 years. $12 is the overdraft transfer fee and $35 overdraft fee with a limit of four per day.

Interest rates: Bank of America’s Interest Checking Account offers a minuscule amount of interest and a few extra perks in exchange for a higher monthly fee, whereas Bank of America’s Core checking account is a no-interest earning account.

Physical presence: With nearly 4600 retail financial centers and more than 16,000 fee free ATMs across the country, you probably have access to the bank on your campus itself, and definitely within the area. Also, if you utiize an out-of-network ATM, the bank charges a reasonable fee of $2.50. (plus whatever surcharge fees the ATM’s owner adds on)

Virtual presence and customer service: It also boasts of an excellent mobile app – complete with budgeting and savings features. The customer service is also easy to get to, either by phone, email or visiting one of their branches.

BankAmericard credit card for students: This is another great product students might want to check out. This accessible card is perfect for those looking to build credit, with monthly FICO Score updates so you can track your progress.

It’s a low-cost card, too, with no annual fee, no balance transfer fee for the first 60 days, and a 0% introductory APR for the first 15 months, then a variable 14.74% – 24.74% APR, dated as of Sept. 14, 2018.

Other added benefits include 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs and unlimited 1% cashback on all other purchases. (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter)


Bank accounts available with Bank of America

Bank of America’s  Core Checking for Students is well suited to a student's on-the-go lifestyle with Online, Mobile and Text Banking.

1) Core Checking Account: To qualify for student perks, you must be under the age of 24 and enrolled in secondary or post-secondary education. The minimum opening deposit is $25.
Moreover, it will waive its usual $12 monthly fee on its Core Checking account for students, which makes it a free and convenient way for many young people to the bank.
Bank of America doesn’t have a free savings account option for students, but you might still want to consider its Rewards Savings Account. 

2) Rewards Savings Account: Its “Keep the Change” feature rounds amounts on purchases made in a linked checking account up to the nearest dollar and transfers them into the savings account. You can open an account with an opening deposit of $100, and the $8 monthly fee is waived for the first six months and can be waived after that by maintaining a balance of at least $500.


NEWS UPDATE!

As of June 25th, 2019, Bank of America announced the launch of a digital debit card and other enhancements to its award-winning mobile banking app designed to make it easier and more convenient for clients to manage their finances on the go. These latest enhancements further advance the company’s high-tech and high-touch approach to helping clients meet their financial goals.

Digital Debt Card

This digital debit card has the same protections and benefits of a physical debit card and is immediately available to use in the mobile app. Through the mobile app, eligible clients can request a digital debit card for a new or replacement debit card and then they can instantly and securely:

  • Pay in stores, in apps and online using a mobile wallet.

  • Shop online by accessing all necessary card details in the mobile app.

  • Get cash and make deposits at Bank of America’s cardless ATMs.

Usage of Mobile Orders 

Bank of America was also rolling out Mobile Orders in weeks that followed, which would allow clients to place orders for foreign currency and more through their mobile app and track progress:

  • Clients traveling internationally can plan ahead and easily order foreign currency, choose a specific financial center for pickup or have it delivered to their home, and receive notifications every step of the way ‒ all through the mobile app.

Small business clients can take advantage of Mobile Orders to preorder bills and coins in the denomination they need to keep their business moving. Clients can select a specific financial center for pickup and track their orders with real-time alerts and updates.


8. U.S. BANK

U.S. Bank is another major bank to make it to this list since it’s a smart low-cost choice for students who want to be able to take care of their banking in-person. It has over 3,000 U.S. Bank branches and 5,000 ATMs.

Fees: There is no monthly maintenance fees. (if you want paper statements, it's $2/month) For overdraft protection transfer, there is a fee of $12.50 and a fee of $36 overdraft fee, a maximum of four per day.
A minimum deposit of $25 should be made to open an account.

Interest rates: Although you can earn interest on a U.S. Bank checking account, rates are low. Regardless of the amount you deposit, you'll earn just a 0.01% APY, below the national average of 0.04 percent

Physical presence: It has over 3,000 U.S. Bank branches and 5,000 ATMs. Student checking account holders can use any of these U.S. Bank ATMs and MoneyPass network ATMs without incurring a surcharge, and the first 4 non-network ATM use fees are waived each month.

Virtual Presence: You get full access to online and mobile banking, all the apps and tools of a non-student account (bill pay, depositing checks, sending money) with a U.S. Bank Visa Debit Card for your spending, and can utilize Zello to send money.


Bank accounts available with U.S bank

1) Checking account: The U.S bank checking account is a smart and easy way to manage money mainly targeted at college students. It’s a safe, convenient place to stash the cash you’ll need for bills and other expenses.
You can even have your financial aid deposited directly into your account. The Student Checking Account also provides access to free credit score estimates, along with tips to build credit.

2) Goal Savings account: The bank also recommends this account as a smart option to opt, for students. This account prompts you to set a savings goal and figure out how much you’ll need to save each month to reach it. The Goal Savings Account has no monthly maintenance fee, though you must transfer $25 or more from a U.S. Bank checking account into savings each month.

The U.S. Bank Secured Visa is designed for consumers who are building credit, which could make it a smart option for many college students who have this goal. 


9. B B & T (Branch banking and trust company)

As B, B and T's website claims, ‘school can be hectic but fortunately banking doesn't have to be’, it stays true to its word by providing hassle-free methods of banking which are student-friendly.

The company offers a full range of financial services including personal banking, commercial banking, investments, insurance, wealth management, and asset management and was named on the 2018 Fortune Most admired companies List.

Fees: No monthly maintenance fees, and no minimum opening deposit requirements. $12.50 overdraft transfer fee is charged limited to one per day and $36 overdraft fee per item has to be paid up to six per day, and an additional $36 fee if the account is overdrawn for seven days.

Interest Rates: The BB&T eSavings account has a 0.03% APY

Physical Presence: This bank has a large network of 3,100 BB&T ATMs for free, though the use of a non-BB&T ATM will incur you a $3 fee from the bank, this is waived for the first two transactions you make per statement cycle.

Virtual Presence: Mobile banking made more convenient than ever with more capabilities and flexible options by downloading the BB&T app. Unlimited automated account information through BB&T Phone24.Plus bills can be paid, money can be sent or received with Zelle ®; among other features - make transfers, get your credit score, locate a branch and more.

On a plus side, the extremely user-friendly interface of the website makes sure to provide each and every detail to the client, making sure he/she is well versed with the process and the minor details.


Bank accounts available with B B & T

Without the worry of fees or minimum balances, students can profit by opening a student checking account and linked eSavings account.

1) Checking account: B, B and T student checking is a free, no-frills option that’s open to college students of 23 years of age or younger. The primary benefit pertaining to a student lifestyle, designed to help stretch your budget is that there are no minimum balance requirements, no monthly maintenance fees, and no direct deposit requirement, overdraft protection, mobile banking, and a personalized debit card as well. We could call this a good starter checking account.

2) eSavings account: This is a regular saving account exclusively online with no maintenance fee as such. A feature called BB&T alerts sets alerts for the activities that matter most to you. Also available is a stellar online and mobile banking experience which is beyond everyday banking.

3) Young savers: This is a starter savings accounts recommended by the bank,  specially targeted at students below the age of 18. With no minimum deposit fee, no charge for inactivity, unlimited deposits, transfers and withdrawals at BB&T ATM’s and branches, convenient online and mobile banking through U by BB&T, this is a considerably fair option. Competitive interest is also compounded daily.


10. ALLIANT

Alliant is a credit union with inclusive membership criteria and accounts that are great even once you’ve graduated. It also provides a good teen checking account, the eligibility of which is to be between the ages of 13 to 17.

Fees: Alliant doesn’t charge a monthly fee on either of its checking accounts, and the fee is easy to avoid on its standard savings account (just select e-statements). Although, it charges an overdraft fee of $25.

Interest Rates: Alliant’s standard savings account pays a competitive interest rate such as  2.10 % APY which is one among the best rates to be found. Its free checking account doesn’t pay interest, but its High Rate Checking account does (0.65% APY), and it’s easy to qualify for the best rate by just choosing e-statements and having at least one electronic deposit per month.

Physical Presence: More than 80,000 fee-free ATMs and up to $20 per month in rebates for out-of-network ATM fees.

Virtual Presence: Alliant Credit Union gives you more for your money by offering the classic online banking with features including transfers, deposits, bill pay, and more right from your home. Their customer service is also excellent with quick response time and detailed explanations.


Bank accounts available with Alliant 

Generally, most credit unions offer better interest rates than banks do, but at the same time, they also may have narrow membership requirements and not stand-out technology. But Alliant Credit Union gives us the best of both worlds with broad membership criteria, great rates, and good tech experience.

1) Checking account: The Alliant Free Checking account can help you manage payments at no cost. Features include no monthly maintenance fees, free order of checks, visa debit card for payments, fee online bill payment for one time and recurring payments. It also rebates on fees that ATM owners charge, up to $20. (excluding international transaction fees)

2) Teen checking account: The Teen Checking account is similar to the standard Free Checking account, only it’s designed specifically for members between the ages of 13 and 17.

Some of the key perks are no monthly fees or minimum balance requirements and payment of 0.65 % APY on the balance (at least one electronic deposit per month must be set up). This account requires a parent as a joint owner who must also be an Alliant Credit union member. Parents have the choice to set limits on debit card spending.

When the child turns 18, the account converts to a standard Alliant checking account. But the joint account owners remain the same (unless you request changes), and the spending limits are removed from the account.

3) Kids Saving Account: Open to kids under 12, this account comes with a sky-high 2.1% APY on balances over $100. It is a known fact that if good saving habits are inculcated in children early on in life, they are most likely to have a stabilized financial future.

That’s where the Alliant Kids Savings Account comes in. It teaches kids how to manage money with the help of tech and educational tools such as videos.

Along with a good interest rate, the account has no fees. And Alliant takes care of the minimum opening deposit by giving an initial intro bonus of $50. Your child can set up separate savings accounts for their goals and use the ATM card to familiarize themselves with banking.

The account is co-owned by a parent, grandparent or guardian, who can access and monitor online banking. They can also deposit checks directly into the Kids Savings Account.