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Alliant Kids Savings Account review

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Open to kids under 12, it comes with a sky-high 1.65% APY on balances over $100.’s rating: 4.6 / 5.0


The best way to establish good savings habits is to start early. That’s where the Alliant Kids Savings Account comes in. It teaches kids how to manage money with the help of tech and educational tools.

Along with a hard-to-beat interest rate, the account has no fees. And Alliant takes care of the minimum opening deposit. Your child can set up separate savings accounts for their goals and use the ATM card to familiarize themselves with banking.






Minimum deposit to open


Minimum deposit to open$5
Intro or bonus offerAlliant Credit Union will pay the $5 initial deposit
Minimum balance to earn interest$100
Interest compoundingMonthly
More Info

Expert review

Katia Iervasi

Review by

Katia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

The Alliant Kids Savings Account is best for teaching your children how to manage and establish savings goals. It’s a joint account with a high rate and no fees.

But parents will need to be an Alliant Credit Union member to open this account.

What are the benefits of a savings account with Alliant?

  • No fees. It’s free to open an account, and you’ll pay no monthly maintenance fees if you choose e-statements. Otherwise, it’s $1 a month for paper statements.
  • Educational programs. Alliant aims to teach kids how to manage their money with the help of guides, tips and instructional videos.
  • Initial deposit paid. Alliant boosts your kid’s savings by paying the $5 initial deposit.
  • Alliant Convenience Card. After opening an account, you get a complimentary debit card to use for ATM deposits.
  • Multiple accounts. Easily set up additional accounts for specific savings goals, giving them motivating names like “New Bike.”
  • Joint ownership. The account is co-owned by a parent, grandparent or guardian, who can access and monitor online banking. They can also deposit checks directly into the Kids Savings Account.

What should I look out for?

Like all savings accounts, this one has its limitations that might affect your decision:

  • Minimum balance to earn interest. To earn the 1.65% APY, you must maintain an average daily balance of $100.
  • Few branches. Alliant supports just two branches in Chicago, Illinois. Outside of Chicago, your support is limited to phone and email.
  • Exclusive to Alliant members. The Kids Savings Account must be opened by an adult credit union member and linked to an Alliant account. You can’t connect it to an account at another bank.
  • No bonus. Some savings accounts offer a bonus for reaching a specific balance. This one doesn’t.

If you prefer a child’s savings account at a bank, you’ll want to keep looking. As always compare your options when choosing a savings account for your child.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Barclays Online Savings
Earn 20x the national savings account average with no fees or minimums.
American Express® Personal Savings High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
BBVA Money Market
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
Earn a competitive rate with a balance higher than $10,000.
Radius Bank High-Yield Savings
A free high-interest savings account with a $100 minimum deposit to open

Compare up to 4 providers

How do I open an account?

After becoming a member of the Alliant Credit Union, follow five easy steps to open an account:

  1. Go to the Alliant website. Hover over the Bank tab and click Kids Saving Account.
  2. Click Open Now.
  3. Download and complete the application form.
  4. Enter your name and email, and agree to Alliant’s terms and conditions.
  5. Confirm your details, and submit your application.

You should hear from Alliant within seven business days. If you don’t, call 800-328-1935 for an update.

You can also fax your form to 773-462-2124 or mail it to:

Attn: Account Services
Alliant Credit Union
PO Box 66945
Chicago, IL 60666


The Alliant Kids Savings Account is a joint account between a parent, grandparent or guardian and a minor.

As the adult account holder, you must be:

  • An Alliant Credit Union member.
  • A US citizen or permanent resident.
  • At least 18 years old.

The child must be:

  • Under the age of 12.

Required information

To open the account, you’ll need the following information:

  • Your Alliant Credit Union membership number.
  • A valid government-issued ID, like a driver’s license or passport.
  • A Social Security number or individual taxpayer identification number.
  • Your child’s birth certificate.

How do I deposit or withdraw my money?

You have a handful of ways to access money in the Kids Savings Account, including:

  • Direct deposit. Complete the direct deposit form or give the payer your account details and Alliant’s routing number: 271081528.
  • ATMs. Withdraw money from more than 80,000 ATMs nationwide. To make a cash deposit, find a compatible ATM near you, checking Only Deposit Taking ATMs.
  • Checks. To deposit a check from your smartphone, upload a photo of it to the Alliant app. Otherwise, you can mail it in.
  • Electronic Funds Transfers. Log in your online account to transfer funds between other Alliant accounts.
  • Wires. Alliant doesn’t charge a fee to receive domestic or international wires, and the money should hit your account by the next business day.

How can I get in touch with customer service?

Get support by phone, email or online:

  • Phone. Speak with an associate at 800-328-1935 24/7. For help with a lost or stolen card, call 800-328-1938.
  • Email. Head to Alliant’s Contact page to complete a secure online form.
  • Social Media. Tweet @AlliantCU with questions.
  • Mail. Send paper checks to:
    Alliant Credit Union
    PO Box 2387
    Des Plaines, IL 60017

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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