![]() However, this rate only applies to balances up to $1,000. With bank interest rates as low as they currently are, it’s hard to believe Spectrum’s youth savings account rate of 7% APY. In fact, Alliant will even contribute the $5 initial deposit into your child’s savings account. Though Alliant is a credit union, joining is open to everyone and is both easy and free. What’s more, Alliant offers free ATM transactions at more than 80,000 ATMs nationwide, as well as up to $20 per month in ATM fee reimbursements. This is one of the best youth checking accounts nationally available, paying more interest on checking balances than most other accounts. Once your child turns 13, they can add an Alliant Teen Checking Account and ATM/debit card. The account can be accessed with a mobile banking app that has parents and kids in mind it lets parents set automated recurring deposits into their child’s account and allows the child to monitor their balance, deposit birthday checks, and track progress toward a savings goal. Anytime the account balance exceeds $100, Alliant will pay a respectable 3.10% APY (as of May 2023) with no maximum balance for earning that rate. ![]() Both pay competitive interest and offer well-designed mobile app experiences geared specifically toward kids and parents.Īn Alliant Kids Savings Account can be opened for children 12 and younger. Though USAlliance Financial is a credit union, it is open for anyone nationwide to join.įor younger children, learning how to bank is an evolving process, and Alliant provides an excellent Stage 1 option with its Kids Savings Account, followed by an even more impressive Stage 2 option with its Teen Checking Account. Meanwhile, they can retain their MyLife Savings account to continue earning a high interest rate on up to $500 in savings. They can open a MyLife Checking at age 13, and choose to receive an ATM or debit card at that time. USAlliance also offers a MyLife Checking for Teens, allowing your child to add the more advanced account as they mature. Very few youth accounts currently pay above 1%, so the earning potential here is significantly higher than most other options. They’ll also earn a highly competitive 2.00% APY on their balances up to $500. The earlier you open one of these for your child, the more “birthday bucks” they’ll score. By paying those under 13 a $10 birthday bonus every year, plus a generous interest rate on their first savings, USAlliance’s MyLife Savings for Kids wins our award for best youth account for young savers. USAlliance understands how much children love birthday gifts, and parlays that into a reward for kids having their own savings account. This provides earlier access to a debit card than accounts that reserve this feature for kids ages 13 and up. The app is even more robust for the Teen Checking Account, offering separate parent and teen interfaces and providing parental controls.Ĭapital One’s Teen Checking Account is slightly misnamed, as it’s available to any child age eight or older. Interacting with the account is enhanced for both kids and parents by the well-designed mobile banking app, which enables automatic transfers from parent accounts to the youth account (think automated allowance payments) and the establishment of savings goals that will motivate your child to keep saving. In addition, if your child moves into or adds a Teen Checking Account at Capital One, they’ll earn a little bit of interest on that account balance, too, to the tune of 0.10% APY. Though it’s far from the highest rate you can earn on a youth account, the absence of a minimum or maximum balance makes it versatile. No matter how much or how little your child has in their savings account, As of June 2023, Capital One pays 0.30% APY. ![]() Combined with no minimum balance to earn interest, no fees, and the ability to advance to a teen account with a debit card, these features make Capital One our overall pick for Best Kids Savings Account. Capital One has put more thought and effort into youth banking than a lot of its competitors, creating not only two account types for kids and teens but investing resources into developing kid- and parent-centric mobile app experiences specific to these accounts. ![]()
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