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NerdWallet’s Best Savings Accounts for Kids

Margarette BurnetteNovember 21, 2018

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of NerdWallet’s Best Savings Accounts for Kids

BankAPYLearn More
Capital One Kids Savings Account

Capital One Kids Savings Account

1.00%

With $0 minimum balance

Alliant Credit Union Kids Savings Account

Alliant Credit Union Kids Savings Account

1.90%

With $5 minimum balance

Bank of America Minor Savings Account

Bank of America Minor Savings Account

0.03%

With $25 minimum balance

Golden 1 Credit Union Youth Savings Account

Golden 1 Credit Union Youth Savings Account

at Golden 1 Credit Union,

Federally insured by the NCUA

0.15%

With $0 minimum balance

at Golden 1 Credit Union,

Federally insured by the NCUA

BECU Early Savers Account

BECU Early Savers Account

6.17%

With $0 minimum balance

BankAPYLearn More
Capital One Kids Savings Account

Capital One Kids Savings Account

1.00%

With $0 minimum balance

Alliant Credit Union Kids Savings Account

Alliant Credit Union Kids Savings Account

1.90%

With $5 minimum balance

Bank of America Minor Savings Account

Bank of America Minor Savings Account

0.03%

With $25 minimum balance

Golden 1 Credit Union Youth Savings Account

Golden 1 Credit Union Youth Savings Account

at Golden 1 Credit Union,

Federally insured by the NCUA

0.15%

With $0 minimum balance

at Golden 1 Credit Union,

Federally insured by the NCUA

BECU Early Savers Account

BECU Early Savers Account

6.17%

With $0 minimum balance

APY

1.00%

With $0 minimum balance

APY

1.90%

With $5 minimum balance

APY

0.03%

With $25 minimum balance

Golden 1 Credit Union Youth Savings Account

at Golden 1 Credit Union,

Federally insured by the NCUA

at Golden 1 Credit Union,

Federally insured by the NCUA

APY

0.15%

With $0 minimum balance

APY

6.17%

With $0 minimum balance

Summary of NerdWallet’s Best Savings Accounts for Kids

BankAPYLearn More
Capital One Kids Savings Account

Capital One Kids Savings Account

1.00%

With $0 minimum balance

Alliant Credit Union Kids Savings Account

Alliant Credit Union Kids Savings Account

1.90%

With $5 minimum balance

Bank of America Minor Savings Account

Bank of America Minor Savings Account

0.03%

With $25 minimum balance

Golden 1 Credit Union Youth Savings Account

Golden 1 Credit Union Youth Savings Account

at Golden 1 Credit Union,

Federally insured by the NCUA

0.15%

With $0 minimum balance

at Golden 1 Credit Union,

Federally insured by the NCUA

BECU Early Savers Account

BECU Early Savers Account

6.17%

With $0 minimum balance

BankAPYLearn More
Capital One Kids Savings Account

Capital One Kids Savings Account

1.00%

With $0 minimum balance

Alliant Credit Union Kids Savings Account

Alliant Credit Union Kids Savings Account

1.90%

With $5 minimum balance

Bank of America Minor Savings Account

Bank of America Minor Savings Account

0.03%

With $25 minimum balance

Golden 1 Credit Union Youth Savings Account

Golden 1 Credit Union Youth Savings Account

at Golden 1 Credit Union,

Federally insured by the NCUA

0.15%

With $0 minimum balance

at Golden 1 Credit Union,

Federally insured by the NCUA

BECU Early Savers Account

BECU Early Savers Account

6.17%

With $0 minimum balance

Using a kids savings account as a learning tool

Once you’ve opened an account, help your child to learn the best practices for managing money, like setting aside a portion of his or her allowance and understanding the difference between short- and long-term savings. Start early enough, and your children will be seasoned pros by the time they turn 18. (Read tips on when to pay your child’s allowance in cash and when to go for prepaid debit cards or bank transfers.)

Last updated on November 21, 2018

Methodology

To determine the best accounts, we took a close look at 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation's largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry.

Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit Union, American Express, AspirationAssociated BankBank5 Connect, BankDirect, Bank of AmericaBank of InternetBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO Harris, Capital One 360Charles Schwab BankChaseChimeCITCitibankCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover BankTIAA BankFidelityFifth Third Bank, First Citizens Bank, First National Bank, First Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS Bank, HSBC Bank USA, Huntington BankKeyBankM&T BankNavy Federal Credit UnionPentagon Federal Credit UnionPNC, PurePoint Financial, Qapital, Radius BankRegions BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Simple, Star One Credit Union, State Employees' Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankUnion Bank, UFB Direct, USAAU.S. Bank, Varo, Wells Fargo, Woodforest National Bank, and Zions Bank.

How we rate banks and credit unions