Student savings accounts

Savings accounts are an easily accessible way of storing your cash while also letting it grow from interest. If you’re looking to open a student savings account, then scroll down below and start comparing now. 

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Last updated 24 July 2024 Important disclosures
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Why open a student savings account?

When you're a student, your budget is generally pretty tight, which is why getting the best return on your money is important. Rather than keeping it in an everyday account (which earns little to no interest) a high interest savings account will help your account balance to instead grow faster. Most savings accounts are online and you can transfer money almost instantly if you need access fast, which can make them very useful as both a way to save money but also as an emergency fund

What kinds of savings accounts are there?

While savings accounts can be straightforward, they do come in a few different forms that can affect the interest rates you receive. This can be as simple as a deposit and forget system or one that requires particular criteria to be met in order to gain access to the higher interest rates. 

Bonus Rates

Savings accounts with a bonus rate will usually require some kind of criteria to be met such as regular monthly deposits. Keep in mind that the criteria may vary depending on the provider and account type, so always be sure to read the fine print.

Base Rates

The base rate of a savings account is the standard interest rate that is offered for keeping your money in the provided account. The base rate will generally be lower than the bonus rate and will usually be the rate the account reverts to if bonus conditions aren’t met. 

Introductory Rates

When you first open up a bank account, you can be given an introductory rate by some providers. Basically, this means for a set period of time you will be given a higher interest rate on your savings before switching over to the base rate. 

Features you should look for in a student savings account

So, maybe you’re considering a student savings account, but you’re not sure what to look for. Generally, there are specifically advantageous features that a lot of the best savings accounts have that you should keep an eye out for: 

No account fees: Student accounts generally can have no fees which, over the long run, can add up to a lot of money saved. 

Bonus rate: Student savings accounts with a good bonus rate that you know you can meet the criteria for, are a must if you want to earn the highest interest on your savings that you can. 

Competitive high interest rate: Comparing between student savings accounts to get the highest interest rate on the market is a wise way to get the best deal possible. Use the table above to compare between providers. 

Things to keep in mind

While savings accounts have a lot of good features, there are things to keep in mind when you’re thinking about what account you want to open: 

Minimum deposits: Some accounts require that you have a minimum balance. 

Bonus rate conditions: As mentioned above, while a bonus rate may be higher than other providers, it may not have a condition that you can successfully meet to maintain the better rate. 

Other restrictions: Some accounts may require you to meet some other criteria such as having an already established transactional account alongside the savings account.

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