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Best Savings Account For College

Looking for the best savings account to prepare for the cost of college? It’s never too early to begin saving. With college expenses rising an average of 3.5% every year — and the average tuition for four-year institutions costing around $40,000 annually — it is crucial to find a savings account to plan ahead. Keep reading to learn about some of the best savings options.

The 529 College Savings Account

college savings account for women

When considering the best accounts, one of the most popular ways that people save for college is the 529 college savings accounts.

This account allows you to make after-tax contributions that grow tax-free until you withdraw the funds to cover approved college costs. Anyone can contribute to this type of savings account.

You can change the beneficiary if the intended recipient decides not to pursue post-secondary education or training.

But is this account the best way for you to save for college? Consider the following:

Other Savings Options For College

Certificate of deposit

When considering your savings options, there are several other strategies that offer flexibility and easy access to your money. 

Let Synchrony Bank Help You Save for College

Synchrony Bank offers several award-winning savings products to help you save for college. With easy access online or by phone and great customer perks, you can feel confident that Synchrony Bank is working as hard as you do. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category.

To find the best savings account for your college plans, call Synchrony Bank at 1-844-345-5789 or find us online today.

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Sources:

College Board: Trends in College Education

National Center for Education Statistics: Tuition Costs of Colleges and Universities

Bankrate: College Savings Plans and Other Good Accounts for Saving for Your Kids

Time: How to Choose the Best College Savings Plan

RothIRA: 5 Roth IRA Withdrawal Rules You Need to Know


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