Students: Is Your Savings Account Making You Money? IT Should Be!

Looking for a savings account, it might seem that most accounts are pretty much the same. However, we've listed a few things for you to consider so that you can find a savings account to match your needs.

college savings student savings tips

Your Savings Account

We all have questions about financial decisions. One decision that should be simple is finding a savings account that allows you to make money. While some high yield interest accounts are given to preferred customers, there are some other basics you should be aware of. Don't let the banks take hostage of your money, make banks pay you for your patronage.

No Minimum Deposit

Banks should be happy to have you as a customer. That's why, when opening a savings account, make sure that there isn't a minimum deposit requirement. With no minimum deposit, you can put money into the account at your own pace and start with as little as one dollar. This guarantees that anyone, even a broke college student, can have a savings account.

No Fees

When choosing a savings account, make sure there are no fees tacked on monthly. Banks should value your patronage and shouldn't charge you for having an account with them. Make sure that there is no minimum balance required for your account to avoid added fees. Also, there are times when everyone needs to draw some money out of their account. You should not be penalized for depleting your account. Keep in mind, though, the U.S. government has set a limitation of six withdrawal transactions per month from your savings. This is not a bank rule - it's meant to keep you from treating your savings account like a checking account (which you shouldn't be doing anyway).

High Yield Account

If you want to earn money with your savings account, the best option is to find a bank that provides a high yield interest rate. Online banks, such as Ally, provide high rates (as much as 1%) just for doing business with them. Remember, you need to have a good amount of money in the bank to really make a profit. Also, some of these banks require no minimum deposit and have no monthly fees. In fact, if you also have a checking account with an online bank, they allow you to take money out at any ATM across the country without a fee. No brick and mortar banks offer that flexibility!

Catches

Many banks try to hook your business with a catch. Sometimes, these programs are worth it. Sometimes, you'll find yourself spending money to make money. Be sure to research these too-good-to-be-true programs before signing on.

UPromise

Sallie Mae offers a bank account that connects to your UPromise savings account. Every time you make a purchase on your debit (or credit) card, you can receive a percentage of that money back for your UPromise account. They may have a requirement to keep this account, such as a certain amount of money in the bank or a direct deposit each month. Check to see what they're offering now.

Keep the Change

Bank of America has a program called Keep the Change. This connects your checking account to your savings account. With every debit card purchase, Bank of America rounds up to the next dollar, and places the additional change into your savings account. This allows you to accumulate pennies that you may not have cared about, anyway. For the first three months, Bank of America will match all Keep the Change savings. It may not be much, but at least you're still saving.

GoalTrack Savings

Some banks want to encourage saving and simultaneously stimulate the economy. Citizens Bank is one of those banks. They offer the GoalTrack Savings plan. When you enroll in this program, you select how much you want to save by a certain date. Citizens Bank will track your progress and if you succeed, they will reward you with up to $250 (either on a gift card or put into your savings account).

Now that you've got a savings account, find out how to stay healthy and not drain that account.

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