Teaching kids about money management is an important responsibility for parents, and one of the best ways to help them learn is by opening a bank account.
Bank accounts for kids offer a safe and secure way for them to save money, while also teaching them about budgeting, responsible spending, and the importance of saving for the future.
There are a variety of bank accounts designed specifically for children, each with their own unique features and benefits. In this guide, we’ll take a look at some of the best bank accounts for kids, including what they offer, how they work, and what to consider when choosing the right account for your child.
Here are 5 Best Bank Accounts for Kids
Capital One Kids Savings Account:
The Capital One Kids Savings Account is a popular option for parents looking for a bank account for their children. Here are some features of this account:
- No Fees: This account has no monthly maintenance fee, no minimum balance requirement, and no fees for transfers or deposits.
- Competitive Interest Rate: This account offers a competitive interest rate, which can help your child’s savings grow faster.
- Parental Controls: With this account, parents can set up automatic transfers, receive alerts for account activity, and monitor their child’s spending.
- Easy Access: This account can be managed online or through the Capital One mobile app, making it easy for both parents and children to access their account.
- Educational Resources: Capital One offers educational resources and tools to help parents teach their children about financial literacy and money management.
Overall, the Capital One Kids Savings Account is a good option for parents who want a no-fee account with a competitive interest rate and parental controls. However, it’s important to compare different accounts and their features to find the one that best fits your child’s needs and your family’s financial situation.
Alliant Credit Union Kids Savings Account:
The Alliant Credit Union Kids Savings Account is a savings account designed for children under the age of 12. This account can be opened by parents or legal guardians on behalf of their child, and it offers a competitive interest rate, no monthly maintenance fees, and no minimum balance requirement.
Here are some key features of the Alliant Credit Union Kids Savings Account:
- Competitive interest rate: The account earns a competitive interest rate, which is compounded daily and paid out monthly.
- No monthly maintenance fees: There are no monthly maintenance fees associated with this account.
- No minimum balance requirement: There is no minimum balance requirement to maintain in order to keep the account open.
- Online and mobile banking: Parents can manage their child’s account online or through the Alliant mobile app.
- Easy transfers: Parents can easily transfer money into their child’s account from their own Alliant Credit Union account or from an external account.
- Financial education resources: Alliant Credit Union provides financial education resources for kids and teens, including tips for saving and managing money.
Overall, the Alliant Credit Union Kids Savings Account is a great option for parents who want to help their children start saving and learn about personal finance. It offers competitive interest rates, no fees, and easy online management, making it a convenient and hassle-free way to teach kids about money management.
Chase First Banking:
Chase First Banking is a banking product designed for children and teens, offering parents and guardians a way to teach their children about money management while providing them with a safe and convenient way to spend and save their money.
Here are some key features of Chase First Banking:
- Account set up and control: Parents or guardians can set up and control the account, including adding money, setting spending limits, and monitoring transactions.
- Debit card for spending: The account comes with a debit card that can be used for purchases and withdrawals, allowing children to learn how to manage their money in a safe and controlled environment.
- Spending limits: Parents can set daily spending limits to help their children learn budgeting and responsible spending habits.
- Savings goals: The account includes a savings feature that allows children to set savings goals and track their progress.
- Parental alerts: Parents can set up alerts for account activity, including transactions, balance updates, and spending alerts.
- Parental controls: Parents can block or unblock the debit card in case of loss or theft, and can also limit the type of merchants where the card can be used.
- No fees: There are no monthly fees or minimum balance requirements associated with the account.
Chase First Banking can be a great way for parents to introduce their children to financial literacy and help them develop good money habits. The account comes with a variety of features that allow parents to control and monitor their child’s spending and saving habits, while giving their child a sense of financial independence and responsibility.
PNC Bank’s “S” is for Savings Account:
PNC Bank’s “S” is for Savings Account is a savings account designed for children under the age of 18. It is a great way for parents or guardians to help their children learn about saving money and to start building a strong financial foundation.
Here are some key features of PNC Bank’s “S” is for Savings Account:
- No minimum balance: There is no minimum balance required to open or maintain the account.
- Competitive interest rates: The account earns interest at a competitive rate, which is compounded daily and paid out quarterly.
- No monthly maintenance fees: There are no monthly maintenance fees associated with the account.
- Online and mobile banking: Parents or guardians can manage the account online or through the PNC Bank mobile app.
- Savings goals: Children can set savings goals and track their progress through the online banking platform.
- Educational resources: PNC Bank provides financial education resources for children and teens, including tips on saving, budgeting, and money management.
- Parental control: Parents or guardians can set up automatic transfers from their own PNC Bank account to their child’s account, and can also monitor the account activity online.
Overall, PNC Bank’s “S” is for Savings Account is a great option for parents or guardians who want to help their children start saving money and learning about personal finance.
The account offers competitive interest rates, no monthly fees, and easy online management, making it a convenient and hassle-free way to teach children about money management.
Bank of America Minor Savings Account:
Bank of America’s Minor Savings Account is designed for children and young adults under the age of 18. It’s a great way to teach your child about saving and financial responsibility, while giving them access to their own savings account.
Here are some key features of Bank of America’s Minor Savings Account:
- No minimum opening deposit: There is no minimum opening deposit required to open the account.
- No monthly maintenance fee: There is no monthly maintenance fee associated with the account.
- Competitive interest rate: The account earns a competitive interest rate that is compounded daily and paid out monthly.
- Parental control: Parents or guardians have full control of the account, including making deposits, setting up automatic transfers, and monitoring account activity.
- Online and mobile banking: Parents or guardians can manage the account online or through the Bank of America mobile app.
- ATM card: Children can be issued an ATM card, allowing them to make withdrawals or deposits at Bank of America ATMs.
- Savings goals: Children can set savings goals and track their progress through the online banking platform.
Overall, Bank of America’s Minor Savings Account is a great option for parents or guardians who want to help their child learn about saving and financial responsibility.
The account offers competitive interest rates, no monthly fees, and easy online management, making it a convenient and hassle-free way to teach children about money management.
In conclusion, opening a bank account for your child is an excellent way to teach them about financial responsibility and money management from an early age.
The best bank accounts for kids offer a variety of features, including no minimum balance requirements, competitive interest rates, online and mobile banking options, and parental controls.
It’s important to consider your child’s age, financial goals, and your own preferences when choosing the right account for your family. By selecting the best bank account for your child, you can provide them with a valuable tool for learning about money and setting them up for financial success in the future.