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Best Kids Savings Accounts 2023

Faith Boluwatife
Faith Boluwatife
Faith is an enthusiastic freelancer and regular contributor for a number of finance and insurance blogs where she writes valuable pieces to educate individuals on finance and other options. As a skilled writer, Faith has created content for diverse industries – if it exists, she’s likely written about it.

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A child putting money in a piggy bank and smiling
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Saving for the future is a valuable habit to imbibe in children from a young age. With the right savings account, kids can learn the importance of setting financial goals and watching their money grow.

Takeaway Points

  • The best savings accounts for kids are those with little or no monthly fees and reasonable interest rates.
  • When considering opening a kids’ savings account, it is important to consider features like interest rates, monthly fees, convenience tools, and online banking options.
  • It is important to carry children along through the savings process, so they can better understand the importance of maintaining a savings culture.
  • You should remember that no account provider may be able to offer it all, and you may only have to opt for an account with the highest favorable features.

What are the Different Types of Savings Accounts Available for Kids?

Various savings account options are available for children, including traditional accounts with low interest rates and minimal deposit requirements, as well as online and high-yield savings accounts with more substantial interest rates but with additional requirements. With these different choices, you’re bound to find an account that suits your child’s needs.

Other specific account types may be available, such as Education Savings Accounts that let you save specially for your child’s education while charging a low maintenance fee in some cases.

Matthew Levy, Personal Finance Expert

“Children’s savings accounts may have age restrictions, but typically they permit kids to start saving from a young age up to 12 years old. Once a child turns 13, some providers may require them to switch to a teen account with additional features, while others may maintain the same features until the child reaches 18 years old.”

Best Savings Accounts for Kids

Account Provider APY Minimum Balance for APY Minimum Deposit Requirement Monthly Fee
Alliant Credit Union Kids Savings Account 2.70% $100 $5 $0
BECU Early Saver Youth Account 6.17% $0 $0 $0
Capital One Kids Savings Account 0.30% $0 $0 $0
Northpointe Bank’s Kids Savings Account 1.5% $100 $10 $0
USAlliance Federal Credit Union MyLife Savings for Kids 2.00% $10 $0 $10

Alliant Credit Union Kids Savings Account


  • Competitive interest rate
  • Child-friendly mobile app
  • Progressive banking structure that favors children of all ages
  • Zero monthly and ATM fees
  • Contributes the $5 initial deposit when you open an account


  • Interest is only available with a minimum balance of $100
  • No debit card provided before age 13
  • A lower APY of 0.25% once your child clocks 13 with the Teen Checking Account
  • Requires adult co-owner to own an account with or be a member of the credit union

BECU Early Saver Youth Account


  • One of the best APY for kids’ savings account
  • No minimum balance is required to earn APY
  • No monthly maintenance fee or minimum deposit requirement
  • Children can convert their account into a Member Advantage Account at age 18 and begin to earn 3.04% APY


  • The huge APY offered only applies to the first $500 deposit, the rest gets 0.50%
  • Requires you to be a credit union member to open an account for your child

Capital One Kids Savings Account


  • No minimum balance is required to earn interest
  • APY applies to whatever amount in the account
  • No minimum deposit and monthly charge requirements
  • Quality mobile app with parental controls
  • Offers a teen checking account for children from age eight with debit card provided


  • Very low interest rate compared to other account providers
  • You cannot have multiple savings goals on one account unless you open another account

Northpointe Bank’s Kids Savings Account


  • Competitive interest rate
  • APY applies to a higher amount of $10,000 compared to other accounts with relatively higher APY of 1.2% to 1.50% on balance between $1,001 and $9,999.99
  • Suitable for stashing large amounts away
  • No monthly charges
  • No membership requirements


  • A basic account with fewer saving features and budgeting tools
  • A minimum balance of $100 is required to earn APY
  • No teen checking account available

USAlliance Federal Credit Union MyLife Savings for Kids


  • Competitive interest rate
  • $10 annual birthday bonus for kids through age 12
  • No minimum deposit and monthly fee requirements
  • Checking account available at age 13
  • Free and easy means of joining the credit union


  • 2% APY only applies to the first $500 with 0.02% interest on the remaining balance
  • Requires both parent and child to become the credit union’s member
  • No ATM card provision until age 13

Features to Consider When Choosing a Savings Account for a Child

With numerous options available to help your child save money, selecting the best fit can be challenging. And obviously, you want the best for your children! However, by evaluating specific features such as interest rates, minimum requirements, fees and charges, and accessibility and account management features, you can narrow down your choices and make your decision-making process less daunting. Here are some essential factors to consider when choosing a savings account for your child.

Interest Rates

The interest rate, also referred to as the APY, is a critical aspect to consider when selecting a savings account. Choosing an account with competitive interest rates that align with your and your child’s saving goals is essential.

If, for instance, you anticipate significant deposits from your child, you should watch for APY limits on those deposits and consider accounts with higher APY, even for large deposits.

Minimum Requirements

Some banks have certain minimum requirements like minimum deposits and minimum balances needed for higher APY to apply. You should consider how much your child has to save at the moment, especially if they are just beginning their savings journey, and if that low amount will not hinder earning interest.

Fee and Charges

Generally, it is best to avoid kids’ savings accounts with high bank charges or any charges at all. Nevertheless, you must juxtapose features and always remember that an account may not have it all but can still be a great fit for you.

Accessibility and Account Management Features

It is typical for kids’ accounts to have transaction limits for children. However, you must ensure that the account provides ease of management and accessibility for both you and your child. This can include the maximum transaction limit granted to the child and banking features like the mobile app and online banking.

Asides from this, you may also want to consider what special features the account provides such as special savings features, account planning, and goal-setting mechanisms.

How to Open a Savings Account for a Child

A parent guiding a child to open an account on a mobile device

There are no special requirements required for opening a savings account for your child other than what is typically required to open any other type of account. Some of the documents required to open a child’s savings account are:

  • Parent’s signatory and means of identification such as driver’s license
  • Parent and child’s proof of address
  • Child and signatory’s biometrics
  • Credit union membership, if the provider is a credit union that has such a requirement
  • Other special requirements demanded by the provider

Most kids’ savings account providers will let you open the account online, and many may not have a physical branch in your location or own a physical branch at all.

The online application process makes it easy for you and your child to open an account at home conveniently, and you can also help your child through the process as they open the account themselves.

If the provider requires credit union membership, you should also be able to do this online. If the account requires a minimum deposit to become active, you may need to link one of your accounts to the new account or make a transfer.

Generally, most children’s accounts become active within a couple of hours to 5 days of opening them.

Saving for the future is a valuable habit to imbibe in children from a young age. With the right savings account, kids can learn the importance of setting financial goals and watch their money grow.

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