bank rates

Savings Account Aids College Students

Beneficial Bank pays up to 2% APY on its Campus Savings account.We occasionally write about youth savings accounts, but we can’t recall a good deal directed exclusively at college students.

And these young adults, ever more saddled with student-loan debt, can use all the help they can get.

That’s why we found the Campus Savings account at Philadelphia-based Beneficial Bank intriguing.

It pays up to 2.00% APY, a full three-quarters of a percentage point better than the best nationally available savings account.

That rate event tops the best 60-month CD deal on our CD Rates Leaderboard.

The Campus Savings account from Beneficial (www.thebeneficial.com) is available for college students between the ages of 18 and 25, and has no fees.

There’s no minimum deposit required to open an account, but your rate increases as you increase your balance.

That’s a sharp contrast to many youth savings accounts, which pay a high rate for the first $500 or $1,000, and then the rate drops precipitously for higher balances.

With the Campus Savings account, you’ll earn 0.50% APY for balances to $499; 0.75% APY for balances from $500 to $999; 1.00% APY for balances from $1,000 to $1,499; 1.50% APY for balances from $1,500 and $2,499; and 2.00% APY if your balance is $2,500 or more.

To open an account, you must stop in to one of the more than 60 Beneficial Bank locations in Pennsylvania and New Jersey.

The bank also offers a similar account for youth.

The Student Savers account is available for anyone up to age 17. That account requires just a $5 minimum deposit to open and pays 2.00% APY on balances of at least $1,000.

Like the Campus Savings account, it offers tiered rates, starting at 0.50% APY for balances below $250.

If you don’t meet Beneficial Bank’s age limits, your best choice is the High-Yield Savings account from TIAA Direct (www.tiaadirect.com), which pays 1.25% APY on all balances.

A minimum $25 deposit is required to open an account with TIAA Direct, which is a division of TIAA-CREF Trust Co.

You can compare these rates to the best savings and money market account rates from our extensive database of banks.

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