This article offers a professional guide on 5+ Top-Rated Savings Accounts for Children Under 18. If you’re seeking an in-depth overview with practical insights, continue reading for detailed information and expert recommendations.
Starting a savings account for your child is more than just putting money aside — it’s an investment in their financial future. A well-chosen savings account can help them develop money management skills, understand the value of interest, and build the habit of saving early in life.
But with so many banks and credit unions offering children’s accounts, how do you choose the right one? Whether you’re a parent, guardian, or financial mentor.
This guide covers 5+ top-rated savings accounts for children under 18, focusing on their benefits, features, and why they stand out in the market.
Let’s explore it together!
Table of Contents
What to Look for in a Children’s Savings Account
When choosing a savings account for a child, several key factors should guide your decision. First, consider the interest rate or annual percentage yield (APY), as higher yields typically result in more growth over time. Custodial accounts are often necessary for kids under 13, giving parents or guardians control until they reach the age of majority.
Watch for minimum deposit requirements, monthly fees, and digital accessibility — especially important if your child wants to check balances or make deposits independently. Some accounts include educational tools or parental controls, which can be valuable in teaching money management early on.
Top-Rated Savings Accounts for Children Under 18
There’s no shortage of options when it comes to savings accounts for kids, but they’re not all created equal. The accounts below were selected based on factors like accessibility, parental controls, fees, digital tools and APY, all with young savers in mind. Whether you’re looking for a simple way to start or a more feature-rich option to support long-term saving habits, these are the best savings accounts that can help build a strong financial foundation for your child.
1. PSECU — Youth Savings Share
PSECU offers a Youth Savings Share designed specifically for savers under 18. As a not-for-profit credit union, PSECU focuses on providing value, with a competitive APY of 1.00% on youth shares.
Accounts for children under 13 must be opened as custodial shares, ensuring an adult manages the account responsibly. The Youth Savings Share has no monthly fees or minimum balance requirements, so it’s accessible for all families.
Digital banking features empower both parents and kids to monitor savings activity easily, helping them build financial habits with guidance. When the youth reaches adulthood, control transfers seamlessly without changing the account type.
Key Features:
- Offers up to 1.00% APY on youth savings shares
- Custodial accounts are required for youth under 13
- No monthly fees and digital access for both youths and guardians
2. Capital One Kids Savings Account
Capital One’s Kids Savings Account offers a simple and accessible way for parents to start saving with their children. There are no monthly fees or minimum balances, and the account features a competitive interest rate, though not the highest in the market.
The account includes an easy-to-use mobile app, allowing kids to track their savings goals and monitor progress with parental oversight. While it’s not a custodial account, parents maintain joint control to ensure responsible management. This option suits families looking for a straightforward, digital-friendly savings account with no hidden costs.
The APY is modest but consistent, and the account’s user-friendly dashboard makes it easier for parents to start teaching financial literacy early on. There’s also automatic savings transfer functionality, encouraging regular contributions.
Key Features:
- No fees or minimum balance required
- Parental controls through joint ownership
- Access to mobile app with goal-tracking features
3. Alliant Credit Union Kids Savings Account
Alliant Credit Union’s Kids Savings account blends competitive interest rates with a member-first philosophy typical of credit unions. The account requires a low minimum opening deposit and offers no monthly fees, making it affordable for young savers.
Custodial ownership is mandatory for kids under 18, with adults managing the account until they reach the legal age. Alliant provides online and mobile banking tools designed to help parents and children stay engaged with their savings goals. The account encourages early savings habits through easy access and transparent terms.
With an interest rate consistently higher than national averages, this account supports long-term savings. Parents can set up automatic deposits and encourage their young savers to watch their balance grow steadily over time.
Key Features:
- Above-average APY on all balances
- Custodial structure for children under 18
- Includes online banking tools for kids and parents
4. Bank of America Minor Savings Account
Bank of America’s Minor Savings Account offers a flexible option for families who want a trusted, national bank to manage their child’s savings. While the interest rate may not be as high as some credit unions, this account provides easy access and a strong digital platform, including parental controls.
The account requires a custodian for minors, and there are no monthly maintenance fees if the minimum balance is met. It’s a solid choice for parents who want the convenience of a large bank combined with tools to help kids learn responsible savings habits.
In-person branch access makes it a convenient choice for families who prefer hands-on banking support. While the account earns lower interest than some competitors, the comprehensive mobile app offers real-time access for both the custodian and the child.
Key Features:
- Branch access for in-person banking
- Waivable monthly fee with minimum balance
- Joint account setup with parent or guardian
5. Chase First Banking
Chase First Banking is a modern, app-driven savings option designed to engage children and teens in money management. Parents control the account, but kids can track balances, set savings goals, and learn spending habits with educational prompts built into the mobile app.
While it isn’t technically a savings account in the traditional sense, it offers FDIC insurance and works well as a family-friendly financial tool. It requires no monthly fees and no minimum deposit, making it a user-friendly choice for families new to financial products.
Although primarily marketed as a spending tool, it can support early saving behaviors with the built-in budgeting and goal-setting features. It’s a great complement to a separate high-yield savings account option.
Key Features:
- Designed to teach spending and saving habits
- App-based controls for parents and real-time alerts
- No fees or minimum deposit required
6. Navy Federal Credit Union Minor Savings Account
The Navy Federal Credit Union Minor Savings Account is tailored to military families and offers a secure start for children under 18. With a low $5 minimum to open and no monthly service fees, it’s easy to begin saving early. Parents or guardians maintain control of the account, and minors gain experience watching their savings grow through online access.
The APY is modest but stable, and Navy Federal’s reputation for strong member support adds peace of mind. It’s especially useful for families stationed in multiple locations thanks to broad digital access and nationwide compatibility.
Key Features:
- Low $5 minimum opening deposit
- No monthly service fees
- Strong digital tools for mobile and online banking
7. Spectrum Credit Union Youth Savings
Spectrum Credit Union’s Youth Savings account stands out with a competitive APY and a strong educational focus. Aimed at kids and teens under 18, the account must be opened by a parent or legal guardian as a joint or custodial share.
There are no monthly service fees, and dividends are paid monthly to help children learn how interest works in real-time. Spectrum also offers financial literacy resources for parents to use alongside the account. For credit union members looking to introduce money habits early, it’s a reliable, well-rounded choice.
Key Features:
- Competitive APY with monthly dividend payouts
- Custodial or joint ownership allowed
- Includes financial literacy resources for families
Final Tips for Choosing the Right Account
- Match the Account to Your Child’s Age: Younger children may benefit more from custodial accounts, while teens can manage joint accounts with guidance.
- Prioritize Digital Access: Most kids are tech-savvy, so choose an account with a simple, mobile-friendly app.
- Look for Growth Potential: Even a small difference in APY can make a big impact over the years.
Conclusion:)
Opening a savings account for your child is more than a financial step — it’s an opportunity to teach lifelong money skills. Whether you choose a credit union with a high APY, a tech-driven account for goal setting, or a traditional bank with branch access, the important thing is to start early.
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Have you opened a savings account for your child yet? Share your experience or ask your questions in the comments below — we’d love to hear from you!