Student Credit Cards
College Savings Accounts
Savings accounts are an excellent idea for students both as an emergency money supply and personal financial rule. One of the most important tenets of responsible personal finance is being able to save at least a small portion of your earnings. It is widely recommended by financial professionals to keep between three to six months worth of expenses tucked away just in case -- you never know when you might need a backup fund.
Online Savings Accounts
Online savings accounts are a great student banking solution. There are multiple options for students to save with, including CD's, IRA's, traditional savings accounts, and more.
The best benefit of online savings accounts is that they tend to haver higher interest rates and therefore accrue interest much faster. In some cases, you can have over 3-4x the interest earning potential than with traditional brick & mortar bank accounts. Here are the best online savings accounts:
- ING Direct Orange Savings Accounts - Excellent interest rates from a trusted and established brand.
- WT Direct - Known for their student-friendly banking products.
- HSBC Advance Savings - A very successful and well-known global brand with attractive interest rates.
Certificate of Deposit (CD)
If you've never heard of CDs, they are a prime way to earn interest on money that you are tucking away. They can come in lengths anywhere from 3 months to several years and usually bear much higher interest rates than traditional savings accounts. If you are putting money away for college or saving money for a vacation, a CD might be just the banking solution you are looking for.
We at Student Platinum recommend EverBank CDs if you are interested in this type of account. They come from a reputable bank that is FDIC insured, so up to $250,000 of your money per account is automatically protected.
Coming from Scholarship Points?
We're glad to have you! Savings is a vital element of your personal finance picture and we are committed to making sure you are well educated on the topic.
Go ahead and redeem this code for 10 points! SAVEUPSP - Expires May 2011
Other Useful Resources
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