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Alliant Kids Savings Account review

Kids age 12 and under can boost savings with one of the highest APYs for a kids’ savings account.’s rating: 4.6 / 5.0


The Alliant Kids Savings account helps kids save money with its highly rated banking app, waivable monthly fee and hard-to-beat 3.1% APY. Plus, your child can set up separate savings accounts for their goals. But they need to save at least $100 to earn interest.

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$1 per month
(can be waived)



Minimum deposit to open


Annual percentage yield (APY)3.10%
Fee$1 per month
(can be waived)
To waive the feeno monthly fees if you opt into e-statements
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

Review by

Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.

Expert review

The Alliant Kids Savings Account stands at the top of our list for kids’ savings accounts because of its high 3.1% APY and waivable monthly fee when you opt in to paperless statements. This account features savings goals, budgeting tools and a highly rated mobile app for kids to use.

Your child can also deposit checks through the app or make deposits and withdrawals from one of 80,000 ATMs. ATM access isn’t always available with online banks, and it’s rare for a savings account to come with an ATM card.

However, this savings account is only available to children 12 and younger, and it doesn’t include many kid-friendly features like financial games or quizzes that we’ve seen with other kids’ debit card accounts.

Alliant is also a credit union, which means that parents need to be a member with their own Alliant account to open this kids’ account. Anyone can join by becoming a member of Foster Care to Success, a nonprofit organization that awards scholarships and grants to foster teens across the U.S. Alliant will even pay the one-time membership fee of $5 after joining the foster care organization.

Our take? This savings account works well if you don’t want to pay monthly fees and plan to open the Alliant Teen Checking account when your kid turns 13 years old. At age 13, your teen can keep the Alliant Kids Savings Account and link it with the teen checking account for convenient banking.

How do I become a member of Alliant Credit Union?

Membership requirements for a savings account with the credit union are flexible. If you meet even one of the requirements, you’re eligible to join:

  • You’re a current or retired employee of one of Alliant’s partner businesses and organizations.
  • You’re a relative or domestic partner of a current Alliant member.
  • You live or work in communities near Alliant’s corporate headquarters in Chicago.
  • You become a member of Foster Care to Success, a nonprofit that helps foster teens transition to adulthood. Alliant will even pay the one-time $5 membership fee; you simply need to agree to share your contact details with the organization.

How do I open an Alliant Kids Savings Account?

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

  1. Go to the provider’s site and follow the steps to apply.
  2. From Alliant’s website, hover over the Bank tab and click Kids Saving Account.
  3. Click Open Now.
  4. Download and complete the application form.
  5. Enter your name and email, and agree to Alliant’s terms and conditions.
  6. Confirm your details, and submit your application via secure email.

You should hear from Alliant within seven to 14 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.

7 benefits of an Alliant Kids Savings Account

Like most checking and savings accounts for kids, this account requires an adult co-owner. This allows parents, grandparents and guardians to monitor their kid’s money and make deposits into the account. And aside from joint ownership, there are several other compelling reasons to sign up for an Alliant Kids Savings account.

  • Waivable 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.
  • ATM card for cash deposits. Your kid can deposit or withdraw money from their account via Alliant’s network of ATMs, though ATM fees may apply. When your kid turns 13, they’ll have the option to keep their savings account and link it with the Alliant Teen Checking Account, which offers $20 in ATM rebates per month.
  • Initial deposit paid. Alliant boosts your kid’s savings by paying the $5 initial deposit. You read that right: Alliant will pay the $5 fee to open the account, and there’s no catch.
  • Multiple accounts. Easily set up additional accounts for specific savings goals, giving them motivating names like “New Bike.”
  • Same-day Alliant account transfers. Your kids can access their allowance on the same day you transfer it from your personal Alliant account.
  • Highly rated mobile app. Your kid gets access to Alliant’s standard banking app to track their account balance, find ATMs and deposit checks. The app receives high ratings above 4 out of 5 stars on the Google Play and Apple stores, unusual for a banking app.
  • No monthly withdrawal limits. We verified with a customer rep that Alliant doesn’t limit the number of times that you can pull from savings per month, although you can’t withdraw more than $500 per day from an ATM.

5 potential drawbacks

Like all savings accounts, the Alliant Kids Savings account has its limitations that might affect your decision.

  • Minimum balance to earn interest. To earn the 3.1% APY, you must maintain an average daily balance of $100.
  • No in-person branches. Alliant is a digital bank, meaning that it doesn’t offer physical branches that you can visit. If you need assistance with your account, you can call 800-328-1935 or send a secure message through the credit union’s website.
  • 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 open the account on its own or connect it to an account with another bank.
  • Email application. You’ll have to fill out an application and submit it through a secure email to apply, whereas competitors let you sign up for kids’ accounts directly through their website or app.
  • Minimal financial education for kids. Alliant points to The Money Guide from Visa for kids to read, but other kids’ accounts offer videos, quizzes and courses tailored to kids of different ages.

Compare Alliant Kids Savings with other accounts

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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. Fill out the credit union’s direct deposit form or give the payer your account details and Alliant’s routing number: 271081528.
  • ATMs. Your child can use the ATM card to withdraw or deposit money from more than 80,000 ATMs nationwide. To make a cash deposit, find a compatible ATM near you.
  • 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. Note that Alliant doesn’t use SWIFT or IBAN codes for international wire transfers. Instead, it uses the credit union’s ABA routing number, which is 271081528.

How can I access my kid’s online banking?

As a joint owner of an Alliant’s Kids Savings Account, you can access your child’s online banking, but your kid must first grant you access by following these steps.

  1. Log in to Alliant’s online banking and select Settings.
  2. Click Joint Owner Management.
  3. Click Manage Online Access.
  4. Select your account.
  5. Click Update.

After that, whenever you log in to your own online banking account, you’re able to view activity in the Kids Savings Account too.

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

Savings account ratings

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★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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Read the full methodology of how we rate savings accounts.

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