Starting a savings account for your kids can be a key starting point for them financially. Not only can it help them get a start their banking future, but can show them the importance of money.
Below, you can find out the Best Savings Accounts for Kids
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Why Kids Need Saving Accounts
Establishing the importance of saving early on in your child’s life means they have a better financial foundation on which to stand as adults, as well as to give them the chance to start saving for significant milestones earlier than their peers.
A savings account is a way to teach your child throughout their teen years how to save, how savings compound and that they can work toward long-term goals instead of focusing on short-term validation.
Ask yourself these questions to get started:
- What is the main point of this account?
- Do I want my child to set savings goals for this account?
- How involved do I want my bank account to be (i.e., do I want to link my checking account to this savings account?)
- Do I want a physical location, or is online best for us?
Bank Saving Accounts
Below I will go over several banks that offer top saving accounts:
- Capital One:
- Capital One’s Kids Savings Account has all of the features you’d expect to see in a savings account for adults but with the additional feature of parental controls, which makes it a great overall solution for kids of all ages.
- This is an excellent option for parents who want an online bank experience and who have specific goals for their children’s savings account.
- Citizens Bank:
- If you want to be rewarded for consistent savings, the Citizens Bank CollegeSaver account has a bonus you might consider.
- If you open the account before your child is six and make a deposit of at least $25 each month until your child turns 18, Citizens Bank will give you a $1,000 bonus.
- TD Bank:
- TD Bank has a product called the “Simple Savings” account that’s designed for people under 18 or a college student under 24.
- 0.05% APY, which is relatively low
- The account comes with a $5.99 monthly fee, but it’s waived if the account holder is under 18, making this appealing as a kids’ account
- Alliant Credit Union:
- When your child turns 13, Alliant Credit Union considers them to be a young adult, offering their High-Rate Savings Account with a 1.60% APY and no monthly fees.
- For teens who want to set savings goals, the credit union allows them to set up supplemental accounts.
Author’s Verdict
Educating your child on how money works can help set them up for financial success. It’s never too early to start teaching your kids about money, and a savings account is a great tool to help accomplish this aim.
Hopefully the above information helps you understand what savings account is best for your child.
Also be sure to check out our own lists of bank promotions and CD tables!
| PROMOTIONAL LINK | OFFER | REVIEW |
| Chase Private Client | $3,000 Cash | Review |
| U.S. Bank Business Checking | $900 Cash | Review |
| Chase Business Complete Checking® | $300 or $500 Cash | Review |
| KeyBank Key Smart Checking® | $300 Cash | Review |
| Truist One Checking | $400 Cash | Review |
| Chase Total Checking® | $300 Cash | Review |
| Chase College CheckingSM | $100 Cash | Review |
| Chase High School CheckingSM | $100 Cash | Review |
| J.P. Morgan Self-Directed Investing | Up to $700 Cash | Review |
| Chase Secure BankingSM | $100 Cash | Review |
| SoFi Checking and Savings Account | $325 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $1,000 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $100 Cash | Review |
| Fifth Third Bank Checking | $400 Cash | Review |
| Axos Basic Business Checking | $400 Cash | Review |
| Axos Business Interest Checking | $400 Cash | Review |
| Axos Bank Business Premium Savings | $375 Cash | Review |
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