If you have just taken up a part-time job after college, the best place to put your earnings would be in a savings account. Your money can grow as will your knowledge of how banking works.

If this is not reason enough, here are 5 reasons why students should have savings accounts.

Give back in interest

When looking at the benefits of savings accounts for students, this one really stands out. One of the best reasons to keep your money in a savings account is that it keeps growing through the interest that accrues. Different saving accounts have different APYs so research and find the one that gives you the best returns.

Require very little initial deposit

This is another major benefit of savings accounts for students that is worth considering. Most savings accounts allow you to open them with deposits that are as low as $25. There are some that even allow you to open a savings account with just $1. This means that even if you have no savings or jobs at the moment, you can still begin your financial journey.

Facilitate bill payments

Skipping payments or missing out on bills can see you lose money in fees. The good news is that most savings accounts allow you to set up automatic bill payments at no extra cost. This ease of payment ensures you meet those dues on time and maintain a good credit score while you are at it. Always ensure that you keep sufficient funds in the account to make sure the payments go through.

Permit easy access to money

Most banks that offer savings accounts allow you to access the funds 24/7. This means that you can get access to your cash whenever you need it. All that you might need is the Internet on your cell phone or laptop. You can even link your savings account to a checking account to save on withdrawal charges. Now, you will never be stuck in an emergency with no funds at your disposal.

Keep funds secure

A savings account is definitely a better place to keep your money as compared to beneath your mattress or in your cupboard. Your funds can get stolen from these spots. Or, you may even end up making unnecessary purchases since money is accessible. On the other hand, your money is super safe in savings accounts. Not just that, it is also FDIC (Federal Deposit Insurance Corporation) insured. This means that if the bank fails, you get all your money back up to a sum of $250,000. When looking at the benefits of savings accounts for students, this one definitely stands out.

As a final word, when choosing a savings account make sure to do your research well. Read up the APYs currently running at major banks to ensure you know what to expect and so that you get the best rates you can.