Best HYSAs for Students
13 accounts · Updated daily · Verified APYs
A first savings account should be simple: no minimum balance, no fees, fully manageable from a phone, and a competitive APY so the habit feels worth it. The accounts below check all four boxes.
We exclude any account that requires a parent co-signer or charges for inactivity, since those are the most common failure modes for first-time savers.
The ranking
- 01Varo Savings AccountFDIC · $0 min · $0.00/mo5.00%Updated 1d ago
- 02Bask Interest SavingsFDIC · $0 min · $0.00/mo4.65%Updated 1d ago
- 03UFB Secure SavingsFDIC · $0 min · $0.00/mo4.57%Updated 1d ago
- 04LendingClub LevelUp SavingsFDIC · $0 min · $0.00/mo4.50%Updated 1d ago
- 05Synchrony High Yield SavingsFDIC · $0 min · $0.00/mo4.35%Updated 1d ago
- 06Barclays Online SavingsFDIC · $0 min · $0.00/mo4.35%Updated 1d ago
- 07Fidelity Cash Management AccountFDIC · $0 min · $0.00/mo4.05%Updated 1d ago
- 08SoFi Checking and SavingsFDIC · $0 min · $0.00/mo4.00%Live
- 09Discover Online Savings AccountFDIC · $0 min · $0.00/mo4.00%Updated 1d ago
- 10Marcus Online Savings AccountFDIC · $0 min · $0.00/mo3.65%Live
- 11Ally Online Savings AccountFDIC · $0 min · $0.00/mo3.20%Live
- 12American Express High Yield SavingsFDIC · $0 min · $0.00/mo3.20%Live
- 13Capital One 360 Performance SavingsFDIC · $0 min · $0.00/mo3.20%Live
Frequently asked
Can a student under 18 open an HYSA?
Most online HYSAs require account holders to be at least 18. Some banks offer custodial accounts that a parent can open on behalf of a minor.
How much should a student save?
Even small, consistent contributions add up. A $50/month auto-transfer from a part-time job into a 4% APY HYSA grows to roughly $7,000 over 10 years.
Will a HYSA affect my financial aid?
Savings in your name are a factor in the FAFSA expected family contribution calculation, but the impact is generally modest compared to having no savings. We recommend talking to your school's financial aid office about your specific situation.