It links to your investment and high-yield savings accounts with one login, and you get all of the perks of an online-only bank with the added benefit of support at local Schwab branches when needed. There are banks willing to hand out free money to new customers, which could be a plus after an expensive holiday season. When you can retire with Social Security. What Is a Savings Account? Students and young adults ages 17 through 23 qualify for additional perks, such as no monthly maintenance fee and no minimum balance requirements.