Alliant Kids Savings Account review

Open to kids under 12, it comes with a 1.7% APY on balances over $100.’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 1.7% APY. Plus, your child can set up separate savings accounts for their goals. But they need to save at least $100 to earn interest.



$1 per month



Minimum deposit to open


Annual percentage yield (APY)1.70%
Fee$1 per month
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 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).

Expert review

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 1.7% interest rate and no fees. It uses savings goals and feature-rich mobile app 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 take? Don’t let the membership requirements stop you from opening this account for your littles. Anyone can join by becoming a member of Foster Care to Success (FC2S), 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. All you need to do is agree to share your contact information with the organization.

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.

Learn more about requirements at Alliant’s website.

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.

What are the 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.

  • 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.
  • Debit card. When your kid turns 13, they can continue using the account but they’ll have the option of opening Alliant’s Teen Checking Account and linking it to their savings account. The checking account comes with a debit card that allows them to access money in both accounts.
  • 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. 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.”

What should I look out for?

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 1.7% 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. 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 connect it to an account at another bank.

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 Alliant Kids Savings with other accounts

Compare popular kids’ savings accounts based on fees, interest and minimum deposits.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
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This gifting app lets you open a custodial account for your child.
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
$1 per month
(can be waived)
Alliant Credit Union will pay the $5 initial deposit
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Capital One Kids Savings Account
Finder Rating: 4.7 / 5: ★★★★★
Capital One Kids Savings Account
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account
Finder Rating: 4.7 / 5: ★★★★★
BECU Early Saver Youth Account
Up to 4.07%
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers
Finder Rating: 4 / 5: ★★★★★
Justice Federal Credit Union Young Savers
Up to 0.10%
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.

Compare up to 4 providers

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. If you choose to open Alliant’s Teen Checking Account when your kid turns 13, your child can use a debit card to withdraw 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

★★★★★ — 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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