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Article updated on Feb 9, 2024

Best High-Yield Savings Accounts for College Students in 2024

Saving money as a college student can be challenging, but a high-yield savings account can help you reach your goals faster.

Our Experts
Liliana HallCourtney JohnstonBernadette Joy
Written by 

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio , 
Liliana Hall

Liliana Hall

Associate Writer

Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.

See full bio
Edited by 
Courtney Johnston

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio
Reviewed by 
Bernadette Joy

Bernadette Joy

Money coach and founder of Crush Your Money Goals

Bernadette Joy is a money expert that offers relatable  advice on achieving financial freedom. She paid off $300,000 of debt in three years and invested enough to retire by 40. Bernadette has shared her expertise on TEDx, South By Southwest, and Nasdaq. Bernadette's upcoming book, CRUSH Your Money Goals, will be released in December 2024.

See full bio
Liliana Hall
Written by

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio
Liliana Hall
Liliana Hall

Liliana Hall

Associate Writer

Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.

See full bio
Edited by
Courtney Johnston
Courtney Johnston

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio
Reviewed by:
Bernadette Joy
Bernadette Joy

Bernadette Joy

Money coach and founder of Crush Your Money Goals

Bernadette Joy is a money expert that offers relatable  advice on achieving financial freedom. She paid off $300,000 of debt in three years and invested enough to retire by 40. Bernadette has shared her expertise on TEDx, South By Southwest, and Nasdaq. Bernadette's upcoming book, CRUSH Your Money Goals, will be released in December 2024.

See full bio
Article updated on Feb 9, 2024

A high-yield savings account is a federally insured account to store your cash that will earn an annual percentage yield several times higher than the average savings account. Oftentimes, high-yield savings accounts are available at online-only banks or credit unions such as Ally, Alliant Credit Union or Panacea Financial that don’t maintain physical branches. 

As with traditional savings accounts, high-yield savings accounts earn a variable interest rate that can change at any time, and you can deposit or withdraw money as needed. It’s always a good idea to choose a high-yield savings account that doesn’t charge a monthly service fee or require a minimum balance.

Table of Contents
Best High-Yield Savings Accounts for College Students
Helpful Definitions
Savings account

A deposit account issued by banks, credit unions and neobanks used to store money and earn a small amount of interest. Typically, these accounts are insured for up to $250,000 per account owner, per institution.

High-yield savings account

An interest-bearing account similar to a traditional savings account that pays a much higher annual percentage yield, or APY, than the average savings account. They are also typically insured for up to $250,000 per account owner, per institution.

Certificate of deposit (CD)

A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.

Money Market Account (MMA)

Similar to a savings account but with the added feature of check-writing privileges and a debit card to access cash, often with limitations on the number of monthly withdrawals.

Annual percentage yield (APY)

An interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.

Our Experts
Liliana HallCourtney JohnstonBernadette Joy
Written by 

David McMillin

David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.

See full bio , 
Liliana Hall

Liliana Hall

Associate Writer

Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.

See full bio
Edited by 
Courtney Johnston

Courtney Johnston

Senior Editor

Courtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.

See full bio
Reviewed by 
Bernadette Joy

Bernadette Joy

Money coach and founder of Crush Your Money Goals

Bernadette Joy is a money expert that offers relatable  advice on achieving financial freedom. She paid off $300,000 of debt in three years and invested enough to retire by 40. Bernadette has shared her expertise on TEDx, South By Southwest, and Nasdaq. Bernadette's upcoming book, CRUSH Your Money Goals, will be released in December 2024.

See full bio
Table of Contents
Written by
David McMillin
Read more from David
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one objective in mind: Help readers figure out how to save more and stress less. He is also a musician, which means he has spent a lot of time worrying about money. He applies the lessons he's learned from that financial balancing act to offer practical advice for personal spending decisions.
Liliana Hall
Written by
Liliana Hall
Associate Writer
Read more from Liliana
Liliana Hall is a writer for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.
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