BEST OF

4 Best Savings Accounts for Kids

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Opening a savings account for your kids is a great way to teach money management skills and start them on the way to financial success. The best savings accounts for kids earn interest and have no or low monthly fees — like the best savings accounts for adults. They also have convenient tools, such as automatic savings transfer, for parents to help their kids set goals and watch their money grow.

Here’s a look at NerdWallet’s favorite savings accounts for kids.

🤓Nerdy Tip

The Federal Reserve raised rates seven times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.

Best Savings Accounts for Kids

Our pick for

Credit unions

APY

6.17%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

5.0

/5
Alliant Credit Union Kids Savings Account

APY

1.70%

With $100 min. balance for APY

Bonus

N/A

Our pick for

Minimum deposit

NerdWallet rating 

4.5

/5
Capital One Kids Savings Account

APY

0.30%

With $0 min. balance for APY

Bonus

N/A

Our pick for

Branch access

NerdWallet rating 

3.5

/5
Regions Savings for Minors account

APY

0.01%

With $0 min. balance for APY

Bonus

N/A

There are also some strong savings accounts that aren't marketed to kids but can be opened as custodial accounts. This type of account is opened by an adult on behalf of a minor until the minor reaches adulthood and takes control.

Not every bank offers this option, however. You can take a look at NerdWallet’s best savings accounts — they generally have no monthly fees and offer strong rates — and then inquire with the financial institution about its policies for opening a savings account for your child. Or, you can choose one from this list.

Using a kids savings account as a learning tool

Once you’ve opened an account, help your children learn the best practices for managing money, like setting aside a portion of their 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 how to pay your child’s allowance with kid-focused banking apps). You may also want to take a look at the best high-yield online savings accounts for top online options for building your own savings balance.

» Saving for a short-term goal? Check out NerdWallet's best one-year CD rates.

Last updated on February 3, 2022

Methodology

We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.

To recap our selections...

NerdWallet's Best Savings Accounts for Kids