If you are headed off to college, one of the most important things you should do is open a savings account. Doing so will help you in your biggest financial requirements.

Let’s take a look at some of the benefits of savings accounts for students as listed out by the experts as well as see some of the best banks to open a savings account.

The benefits of savings accounts for students are as follows.

Keeps money safe

If you share your room with other fellow students, you might want to think of ways in which you can keep your money safe. Keeping cash in the cupboard is not an advisable option. The best thing you can do is to keep your money in a savings account. Not only is it safe from any burglary but it is also covered by the Federal Deposit Insurance Corporation (FDIC) for banks and the National Credit Union Administration (NCUA) for credit unions.

Provides links to a checking account

As a student, you would probably make your regular financial transactions from your checking account. You might also run out of funds at times. Keeping a savings account on the side allows you to always have a place to save up money safely without the temptation of spending it. Then, you can easily transfer funds to your student checking account and never fall short on your payments.

Regulates withdrawals

It is normal to feel tempted to withdraw money from an account for any frivolous or impulsive purchase such as a new pair of boots or a gaming console. With this, you might see your checking account balance dip low. The good news is that savings accounts have a regulation on the number of withdrawals that you can make with the number set at six. This means that your savings account forces you to save money and that is a good thing. When discussing the benefits of savings accounts for students, this one truly stands out.

Requires a low deposit

Most banks let you open new savings accounts with a balance that can just be a few dollars. There are even some institutions that let you open an account for just $1. This means that anyone can open an account even if they do not have any savings yet. So, this is all the more reason to not put off this financial decision until later.

According to the experts, here is a list of the best banks in the country where you can consider opening a students’ savings account:

• Barclays Online Savings Account
• Capital One 360 Performance Savings
• Discover Bank Online Savings
• Varo Savings Account
• Marcus by Goldman Sachs

These banks have very good Annual Percentage Yield (APY) which makes them a great option for students to open their very first savings account with.