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Myaccount mweb login10/28/2023 ![]() The Forbes Advisor editorial team is independent and objective. Consider factors like ATM access and ATM fees if you think you’ll need to withdraw cash from savings as well as options for depositing cash into your account, especially if you work a tip-based job or odd jobs and know you’ll have bills to save.īefore you sign up for a student savings account, check restrictions around age or current enrollment in school to make sure you can qualify. Look into budgeting and educational tools if you could use some help on that front. ![]() For students getting started with personal finance and managing their own money, being able to access funds easily via a user-friendly digital banking platform is important. Keep in mind that some accounts offer tiered interest rates based on your balance, so you’ll want to ensure you can earn a competitive rate with the amount you have to deposit. Many big banks offer just 0.01% in interest on savings, but the best high-yield savings accounts offer rates as high as 4.00% to 5.00% APY. Your interest rate is the rate you will earn on your savings and your annual percentage yield (APY) factors in compounding. Look for accounts with low or no minimums. Additionally, some savings accounts require you to keep a minimum balance in the account in order to avoid fees, earn interest or even prevent your account from being closed. When you open a savings account, there is typically a minimum deposit requirement you have to meet.
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