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4 Best Savings Accounts for Kids

The best savings accounts for kids have strong rates on smaller balances and no monthly fees.

Margarette Burnette
By Margarette Burnette 
Edited by Yuliya Goldshteyn

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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 may also have highly rated mobile apps and educational material to help children learn about money. 

We reviewed more than 90 financial institutions to create this list. Of those with savings accounts specifically for kids, the top four this year are at credit unions. Credit unions sometimes have limits on who can join as a member, but three of the four institutions below have fairly broad membership rules, so there's a good chance that you could be eligible to apply for an account. If you want to go with a bank instead, keep reading. We give suggestions on where to find top alternatives.

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

🤓Nerdy Tip

Today’s high rates may not last forever. Take advantage of them while you can with a federally insured high-yield savings account.

Best Savings Accounts for Kids

Discover the bank accounts that fit your financial goals
Just answer a few questions to compare bank accounts that meet your needs.
NerdWallet rating 

4.5

/5
Alliant Credit Union Kids Savings Account
APY

3.10%

With $100 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
First Tech Federal Credit Union Start Up Savings
APY

5.00%

With $0.01 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
Service Credit Union Primary Savings
APY

5.00%

With $0 min. balance for APY

Bonus

N/A

NerdWallet rating 

4.5

/5
BECU Early Saver Youth Account
APY

6.17%

With $0 min. balance for APY

Bonus

N/A

Kids savings account: Consider high-yield online savings

Many top kids savings accounts offer strong rates, but only up to a certain amount, say $500 or $1,000. This could be a great choice for kids who are just starting to save, but if their balance climbs above the limit, it may be better to look at regular account options. The best high-yield savings accounts typically earn above 4% APY or more, and with fewer balance restrictions, so they can make great long-term savings accounts.

Some strong savings accounts are not marketed to kids but can be opened by an adult who serves as a custodian until the child is old enough to control the account. Alternatively, a parent or guardian can simply open a high-yield savings account and give it a nickname to reflect that its funds are for the child, while the adult owns the account. 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.

Beyond savings, if you have a teen who would like a separate spending account, check out our list of best teen checking accounts.

High-yield account APYs compared to brick-and-mortar banks

April 2024

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December 2023

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December 2022

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May 2022

Online institutions

Ally, Member FDIC.

4.25% APY.

4.35% APY.

4.35% APY.

4.35% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.00% APY.

3.85% APY.

3.75% APY.

3.75% APY.

3.40% APY.

3.40% APY.

3.30% APY.

3.30% APY.

3.00% APY.

2.35% APY.

1.85% APY.

1.85% APY.

1.25% APY.

1.00% APY.

0.60% APY.

CIT Bank, Member FDIC.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

5.05% APY.

4.95% APY.

4.85% APY.

4.75% APY.

4.50% APY.

4.05% APY.

4.05% APY.

4.05% APY.

3.85% APY.

3.60% APY.

3.00% APY.

2.10% APY.

2.10% APY.

1.90% APY.

1.20% APY.

0.90% APY.

LendingClub, Member FDIC.

5.00% APY.

5.00% APY.

5.00% APY.

4.65% APY.

4.65% APY.

4.50% APY.

4.50% APY.

4.50% APY.

4.50% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.25% APY.

4.00% APY.

4.00% APY.

4.00% APY.

3.60% APY.

3.25% APY.

3.12% APY.

2.07% APY.

2.07% APY.

2.07% APY.

1.26% APY.

0.85% APY.

National brick-and-mortar banks

Bank of America, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

Chase Bank, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

Weigh credit union requirements

Credit unions, including the ones on this list, can be great options for kids savings accounts. But note that membership is likely restricted. Institutions with relatively easy membership requirements might let you join if you also join a qualifying organization, such as a nonprofit. But that can come with a fee. If you wouldn’t otherwise see a benefit in joining the linked organization, you may want to look into high-yield savings accounts at financial institutions that don’t have member requirements.

Use 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-interest 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 March 30, 2023

Methodology

We took a close look at over 90 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.

Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.