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finder.com’s rating: 4.6 / 5.0
★★★★★
The Alliant Kids Savings account teaches kids how to manage money with the help of educational tools, no fees and a hard-to-beat 0.55% APY. Plus, your child can set up separate savings accounts for their goals and use the ATM card to familiarize themselves with banking. But they need to save at least $100 to earn interest.
0.55%
APY
$0
Fee
$5
Minimum deposit to open
Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
The best way to establish good savings habits is to start early. That’s where the Alliant Kids Savings Account comes in. Of all the kids savings accounts we’ve reviewed, this one is at the top of our list. It’s a joint account with a high 0.55% interest rate and no fees. It uses savings goals and modern tech tools to teach your kids how to manage money.
But it’s only available to children 12 and younger and Alliant is a credit union, which means parents need to be a member to open it.
Our advice? Don’t let the membership requirements stop you from opening this account for your littles. Anyone can join when they make a $5 donation to Foster Care to Success. And once you become a member, Alliant pays the deposit required to open this account.
After becoming a member of the Alliant Credit Union, follow five easy steps to open an account:
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:
The child must be:
To open the account, you’ll need the following information:
The Alliant Kids Savings account comes with a complimentary debit card and has these perks:
Like all savings accounts, the Alliant Kids Savings account has its limitations that might affect your decision:
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.
You have a handful of ways to access money in the Kids Savings Account, including:
Get support by phone, email or online:
★★★★★ — 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.