Are you a savings virgin? Are ready to start looking for the perfect partner for your emergency fund?  Do you have $50 in your piggy bank – and you are ready to start earning interest? We’ve looked in to some of the best banking options for new savers. Our favorites have minimal fees and benefits that depend on your needs:

  1. Best Overall: Alliant Credit Union – This bank has a high interest rate savings account (1% APY).  If you earn cash in your line of work, you can use any of the thousands of ATMs in the area to put cash on your account. You can also create a separate checking account. The downside: Most people will have to make a $10 donation to the credit union to join. You also will not start earning that great interest rate until you have $100 in the savings account.
  1. Best Interest Rate:  Ally – This bank will give you one of the most competitive interest rates on your savings (1% APY) and there is no minimum balance. They also have a very user-friendly app with customer support. The downside: Depositing cash can prove difficult and as with most savings accounts, you are only allowed 6 withdrawals per month.  You will need a separate checking account (Pen-Air is an option for PSC students) if you need to deposit and withdraw cash.
  1. Most Convenient: Bluebird – This check card has a savings component called Set Aside. It is a good option if you are looking for a checking and savings account. Loading money is easy. You can do this by direct deposit, photo deposit or at any Wal-Mart store. The downside: There is a 5$ set-up fee. Also the savings account does not accrue interest, so the savings would be better for your short-term savings goals.

The bottom line: No matter what bank you choose, if you are saving, you are doing better than most of your friends. You are getting ahead and laying the foundation for a solid financial future.