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Alliant Kids Savings Account review

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Open to kids under 12, it comes with a 0.55% 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 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.






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 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 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.

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 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?

The Alliant Kids Savings account comes with a complimentary debit card and has these perks:

  • 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.
  • 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, the Alliant Kids Savings account has its limitations that might affect your decision:

  • Minimum balance to earn interest. To earn the 0.55% 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.

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

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
Alliant Kids Savings Account
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
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account

2.02% on $0 to $500
0.02% on $500.01+
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers

0.20% on $20,000+
0.15% on $5 to $19,999
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
Help a child build a savings account and learn about banking.

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. 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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