Best Bank Accounts for Kids in 2025: Savings Options

Having a savings account for your child can help them learn about money in many ways. It can teach them the art of discipline when it comes to saving their money.

It can also teach them the power of compound interest as they watch their balance increase effortlessly. Here are some of the best savings accounts for kids. 

If you are looking for checking accounts, here’s our list of best checking accounts for teens.

Bank	Best for	Learn more
	Convenience	Learn more
	High interest rate	Learn more
	ATM access	Learn more
	Educational materials	Learn more

Capital One Kid’s Savings Account

Best for: Convenience

• APY: 2.50% APY
• Monthly fee: $0
• Age requirements: Under 18
• Parent account: Can be at any bank

This account has no minimum deposit requirement, no monthly fee, and earns 2.50% APY on all balances. You can link the savings account to a checking account from any bank; it doesn’t have to be a Capital One checking, which makes this account especially convenient.

The account is available for children of any age. Anyone under 18 must have an adult as a co-owner; for those under 12, that adult must be a legal guardian. Kids will have an online login to check their account at any time. Parents will see the account on their online banking, and transfers must be made by the parent.

When the child turns 18, they can open a new savings account in their name and transfer the funds to the new account. The Kid’s Savings Account will remain as is until it is closed.

Here’s our full Capital One 360 review for more info.

Go to Capital One

First Tech Credit Union Start-Up Savings

Best for: High interest rate

• APY: up to 4.00% APY
• Monthly fee: $0
• Age requirements: Under 18
• Parent account: Must be at First Tech

This account makes the list due to its high interest rate. It earns 4.00% APY on balances up to $1,000, after that it earns 0.05% APY. There is no minimum balance requirements and no monthly fee.

To be eligible for membership, you must work at one of the 900 tech partner companies, which include Amazon, Microsoft and Intel. If you don’t happen to work there, you can purchase a membership to the Computer History Museum for a one-time $15 fee or the Financial Fitness Association for $8 per year.

When the child turns 18, the account will automatically convert to a standard account.

Go to First Tech Credit Union

Alliant Kids Savings Account

Best for: ATM access

• APY: up to 3.10% APY
• Monthly fee: $0, if e-statements are selected
• Age requirements: Under 13
• Parent account: Must be at Alliant

This account earns 3.10% APY as long as the account has an average daily balance of $100. There is a minimum deposit of $5 to open the account, but Alliant actually gifts this $5 to the child, so they don’t actually need anything to start. There is no monthly fee if you receive electronic statements, otherwise it’s $1 per month.

The account also comes with an ATM card. There is a $500 daily withdrawal limit and a $10,000 daily deposit limit.

You and your child will both be able to see the account online as joint owners. When the child turns 13, the account will remain as is, but they will have the option to add the teen checking account to their profile.

Go to Alliant Credit Union

PNC S is for Savings Account

Best for: Educational materials

• APY: 0.01% APY
• Monthly fee: $0
• Age requirements: Under 18
• Parent account: Must be at PNC

This account doesn’t earn much interest, but it comes with top-of-the-line educational material for kids. PNC partnered with Sesame Street to create its financial curriculum, so your child can learn the basics from Grover and Elmo.

To further the experience, when a deposit is made to the account, it appears in the app where the child can place the money into three jars: spending, sharing, or saving.

There is no minimum deposit to open the account, and the $5 monthly fee is waived until the child turns 18.

Go to PNC Bank

Should You Open a Joint Account or a Custodial Account?

When you open a savings account for your minor children, you have the choice of opening a joint account or a custodial account (called UGMA or UTMA accounts).

But what are the differences between the options? And which should you choose for your child? 

Opening a joint savings account with your child will give your child equal access/ownership to the funds, equal ability to withdraw funds independently, and so on.

This might not bother you if your child is aged ten or under. However, once your child gets older and more independent or reaches driving age, this poses the risk of them withdrawing money without your permission. 

On the other hand, a custodial account is inaccessible by the child until they reach the age of 18. 

While this protection benefit might sound appealing, be aware that there may be tax implications for holding a custodial account for your child. 

Talk to your tax professional for more information. For most families, a joint account is sufficient. 

What to Look for in a Bank Account for Kids

Kids have different needs for their savings accounts than adults. Chances are their balances will be low, activity may be high, and access to education could be important.

No fees: There is no reason for a child to pay a fee to have their bank account. Since money is pretty hard for kids to come by, it would be a shame to give some of it to the bank.

No minimum balance requirements: Kids will likely have pretty low balances and even occasionally take their account to zero. The account should be able to accommodate that without charging a fee.

Educational material: Several banks have financial literacy videos and games to help teach kids about money. Getting them a bank account is a great way for them to start learning about how money works.

Easy access: Since you’ll likely be involved in every transaction, especially while the kids are young, it’s important that the account will be easy for you to access.

Decent interest rate: Getting a good interest rate on your savings is always a good idea, but this is the final item to look for since the balance will likely be low. Therefore, the difference in earnings between a high and a low rate is likely minimal. But it’s nice to earn something so kids can see how interest works.

What Do You Need to Open a Child’s Bank  Account? 

When you go to open your child’s bank account, you should expect to have several items of documentation on hand:

• Your driver’s license or other state-issued ID
• Your Social Security number
• The child’s Social Security number
• The child’s birth certificate

Note that each bank has different rules about what is needed to open an account. However, the above list is standard for most banks, whether you open the account online or in person. 

If you haven’t yet requested a Social Security number for your child, you can do so by following the instructions given by the Social Security Administration. 

What Happens to a Child’s Bank Account When the Child Turns 18?

The bank accounts listed here are created for minor-age children. They have special rules and features that differ from bank accounts designed for adults. 

At most banks, accounts designed for teens will automatically convert to the closest bank account product for adults that the bank offers.

However, although the bank regulations say automatic conversion will happen, it often doesn’t. 

For that reason, if your child turns 18 and you want the account you’ve opened to be converted to a different type of account, it’s probably best to call the bank and request the conversion. 

If your name remains on a bank account with your over-18 child, you could be subject to fees or other penalties associated with the account should your child overdraw the account or have other issues with the account. 

Summary

The best bank accounts for kids offer features and benefits that align with a parent’s goals of teaching their kids about personal finance and money management. 

You’ll do your kids a solid if you prepare them for leaving the nest armed with a full understanding of how to earn, budget, spend, and save their money.