1. Get a 12 month 0% APR credit card and make all your purchases with that so you can collect interest on your cash.
2. Get a student checking account at BoA and sign up for the following savings account through BoA:
http://www.fatwallet.com/t/52/655717/
It's a no-fee savings account offered through AAA but you don't even need to be a AAA member to qualify
The interest rates are MUCH better than the [censored] rates they offer for normal savings accounts
Balance index Rate APY
$0-$2,500 MFR - .25 4.48 4.58
$2,500 - $9,999 MFR 4.73 4.84
$10,000 - $49,999 MFR + .25 4.98 5.11
$50,000 and over MFR + .50 5.23 5.37
3. Get a 5%+ savings account at ETrade or some other online bank and keep almost all of your money in that or the BoA savings except for a little in the BoA checking account for cash withdrawals. By law you get a minimum of 6 transfers per month from the savings account so you'll have no problem transferring money to a checking account if necessary.
B&M banks are for fish. They give like .7% interest on savings accounts. Even if you don't have a lot of money to collect interest on, there's no reason to pass up higher interest.