High school and college education are a very important phase of a student’s life and it definitely calls for some financial arrangement. This is when a savings account is much needed for a student to organize and manage his/her finances. The benefits of savings account for student’s drills down to find the appropriate bank for students that would offer all services, additional benefits and features, access to online banking and mobile applications at a lower cost and without the hassle of paying any extra fees. There are many benefits of savings accounts provided by the following banks for students.

Capital One
The savings account or the 360 performance account lets you save a minimum without the hassle of paying any monthly fees. Also the more you save, the more you can earn in this account. You have access to online banking and mobile applications at no cost. Also, the account is FDIC insured and so you can rest assured in terms of safety and any chances of fraud. The savings account can be opened free of cost and lets you earn 5 times the national average savings rate as you started saving more.

New Federal Credit Union
The basic savings account offers competitive rates without the hassle of paying any monthly service charge. The education savings account is completely tax-free and is designed to meet educational needs and expenses. The beneficiaries are students on more than one ESA and the contributions should not exceed more than $2000. Further, there are ESA certificates that one can purchase for 3 months to a 7-year term.

USAA
Having a savings account in USAA along with a USAA checking account will give you access to savings booster. The deposits and transfers for a student savings account are very simple and hassle-free. Additionally, as a student, you get access to USAA youth spending accounts to understand the budgeting and saving part of finances. You can open this account with a meager $25 and one can earn decent interests on the same at no monthly service charges and no hassle of maintaining a minimum balance.

JPMorgan Chase & Co
For students between the age group of 17-24 years, you can choose the Chase savings account with no monthly service fee. You can also take advantage of a credit card that is created for students that helps build credit and earns cash back on purchases.

Bank of America Corp
Under the age of 24, all students can have access to a waiver of monthly maintenance fees and that they must be enrolled in a high school, college, university or a vocational program. Almost all colleges have the presence of Bank of America branches on the campuses. It offers an automatic savings program and access to mobile applications.

Wells Fargo & Co
There is a monthly fee which is a meager $5 and that can be waived off with a minimum balance of $300. You can open the account with a very nominal amount of $25 and you get the benefit of overdraft protection.