As a college student, you may be wondering how you open up a student savings account.  If you’re one of the few students on this planet that actually wants to save your money during college, I’m going to show you some tips you can use in order to open up your very first college student savings account.

Start your research – With thousands of banks out there, it’s no wonder why people have a hard time finding the right bank.  From online only banks to banks down the road from you, there’s a bank for everyone.  The first thing you’ll want to check out the banks in your area.  Ask yourself if you want to bank online or with a brick and mortar type bank.  They both have their own advantages.

Look at the options – Depending on what bank you bank with will determine on the what they offer.  Big banks like Bank of America will offer many types of college based savings accounts.  From savings to checking, many banks tend to offer these but some banks offer more types of accounts than others.  I find it easier to all my banking with one bank but you may find that it’s different for you.

Look at the fees – When you find a bank that you want to bank with, you’ll want to check out the fees.  You’ll want to look at the monthly fees, the overdraft fees, etc.  Most of the times, a good bank will not charge many fees to college students since they are already selling their soul to the college.  I would make sure you find a bank that offers no minimum fees at least.  This alone will save you money.

Look at the rates – If you’re going to use a savings account, you’ll probably want a good rate.  If you’re just setting it aside for a rainy day, you’ll want a high APY.  A high APY is usually found with an online bank and not at your local brick and mortar bank.  Make sure that you compare the APY on your accounts to other banks to ensure that you get the best rate for your money.

When you’re looking for a bank and your first college student savings account, I will tell you that you should make sure that the bank is FDIC insured, has little or no fees and has a great APY.   If your bank can meet all of these standards, you’ll be on the right path.  Take your time and watch your money grow and you’ll be one of the few students that are actually saving today!