Finding a good savings account if you’re a student can help you make the most of the money you can afford to put away. Comparing account variables with Savvy gives you the best possible chance of finding an account that can make the most out of your money. These variables include:
Interest rates
The speed at which you’re able to grow your savings comes down, in large part, to the interest rate you receive on your account. The higher the rate, the faster your fund will grow. Compare rates side by side with Savvy to find the market’s most competitive offers. Likewise, you can test out various rates using our online savings calculator to simulate your savings growth over several years.
These accounts can also offer honeymoon rates for a short time after you open your account. These high rates usually last for about three to six months before reverting to your much lower base rate, so it’s important to compare these to make sure they suit your savings needs.
Fees
Student savings accounts are typically fee-free, potentially saving you hundreds of dollars a year in unnecessary monthly fees. You may be charged fees for setting up a linked everyday account, and this is an important factor to compare. Some banks waive the monthly account fee if you deposit a certain amount, are a full-time student or under 30 years old.
Account requirements
Students can earn bonus interest in exchange for meeting monthly account requirements. These conditions may include minimum deposits or limited transactions. For example, some accounts make it a requirement that you deposit $1,000 every month but allow you to make up to five transfers to your linked account. Other accounts will have minimum balance requirements as low as $1. To prevent you from missing out on crucial bonus interest, ensure you compare and find a set of conditions that suit you.
Access to your cash
When you’re studying, paying living expenses such as rent and bills plus keeping up a social life, access to cash can be important. For example, online savers are easier to tap into than term deposits, which lock your money away. Utilising Savvy’s simple comparison information will allow you to find an account which doesn’t restrict you from withdrawing, so you’ll always have money at hand to meet due dates.
Handy features
Banks offer students added extras, such as online goal trackers, personalised insights and the ability to schedule automatic deposits. Some of these accounts also offer ‘round up’ features. This rounds up purchases on your linked account to the nearest dollars and puts the extra change in your savings account. The perks of linking a transaction account also include contactless payment, Bank@Post and discounts on major brands.
