Best Savings Accounts For Kids and Teens in 2025

Who’s this for? The Capital One Kids Savings Account has no age requirement, so parents can open an account before their kid says their first word. (Grandparents and other adults must wait till the child turns 12.) Children can check the balance via the mobile app, but the adult on the account must sign in to transfer or withdraw funds.

Standout benefit: The Capital One Kids Savings Account has a competitive APY, no fees and no account minimum. Starting at age 8, your child can also open a Capital One MONEY Teen Checking account with more access. Both will automatically convert into an adult Capital One 360 Performance Savings™ when they turn 18.

Eligibility: Available to kids up to age 17.

Who’s this for? Spectra Credit Union’s Brilliant Kids Savings has the highest APY of any child’s account we’ve found. It’s available on the first $1,000, so your little saver can really see their money grow.

Standout benefits: Despite the robust yield, there’s no minimum balance or deposit required. Kids 13 and up have free ATM access.

Eligibility: Available to kids under 18. Anyone can join Spectra Credit Union with a free one-year membership to the nonprofit American Consumer Council.

Who’s this for: With a Financial MyLife Savings for Kids account, your young saver will get a free $10 deposit from USAlliance every year on their birthday through age 12. That’s in addition to no monthly fees or minimum balance requirement and a decent APY on the first $500.

Standout features: At 13, kids can transition to the MyLife Checking for Teens and the adult MyLife Savings.

Eligibility: Available to kids under 13. USAlliance is a credit union, but you can become a member by joining a partner organization for free.

Who’s this for? Alliant Credit Union’s Kids Savings is a joint account that lets parents monitor activity, set limits and schedule automated recurring deposits (like an allowance). Your kids can watch their balance grow and make deposits on the mobile app.

Once they turn 13, they can add an Alliant Credit Union Teen Checking Account and start learning how to use a debit card.

Standout features: The Alliant Kids Savings Account only requires a $5 minimum balance (and a $100 minimum to earn the APY). You can get the $5 monthly maintenance fee waived by going paperless.

Eligibility: Available to kids up to age 12. Anyone who joins the nonprofit Foster Care to Success can be a member of Alliant Credit Union. (Alliant will cover the $5 membership fee.

Who’s this for? PNC Bank S is for Savings stands out for its unique educational features, which include Sesame Street characters teaching money basics and an interactive website where kids can move money between jars representing saving, sharing and spending. There’s also a dedicated Student Hub to help older kids transition to new financial products like the Virtual Wallet Student^®.

Standout benefits: There’s no minimum deposit and the standard $5 monthly service charge is waived for account holders under 18. Interest starts accruing on balances starting at $1, with unlimited deposits and up to six free withdrawals per monthly statement period.

Eligibility: Available to kids under 18, with a minimum average monthly balance of $300 and at least one auto transfer of $25 or more each statement period from a PNC checking account.

Minors can’t open savings accounts, but a parent or guardian can set up a custodial or joint account on their behalf. A custodial account is in the child’s name but is managed solely by the parent. A joint account allows both parents and kids access, but parents can limit withdrawals and other activities. Both accounts can be converted to a traditional savings account when the child turns 18.

If you are opening an account for your child, you’ll need their legal name, date of birth, address and Social Security number. Some banks require parents to be customers before opening an account for their kids.