finder.com’s rating: 3.6 / 5.0
★★★★★
The Bank of America Minor Savings Account is a joint savings account between parents and kids under age 18. The minimum deposit is $25 and there’s no fee until the child turns 18 years old. But the interest rate is almost nonexistent at 0.01% and you must visit a local branch to get started.
0.01%
APY
$0
Fee
$25
Minimum deposit to open
| Annual percentage yield (APY) | 0.01% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $25 |
| Minimum balance to earn interest | $0 |
| Interest compounding | Daily |
| Monthly transaction limit | 6 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
The Bank of America Minor Savings Account is a basic kids’ savings account with no monthly fee and a low opening deposit. But the benefits stop there. The APY is a measly 0.01% and you can’t open this account online.
Unless you already bank at BoA and want to keep your accounts under one roof, we recommend going with a kids’ bank account that earns more interest — that way your child can watch their savings grow.
For example, the Alliant Kids Savings Account earns 2.7% APY and the Capital One Kids Savings Account earns 0.3%. If your child has a $500 account balance, they’d earn $0.05 with BoA compared to $4.50 from Alliant and $2.50 from Capital One.
Plus, both Alliant and Capital One allow you to open a savings account for your kid online, so you don’t have to visit a branch.
You must visit a local branch to open the Bank of America Minor Savings Account. You can’t take care of it online or over the phone because the bank won’t open accounts for minor unless they are physically present at a branch with one of their parents. You can visit BoA’s website to schedule your appointment.
You’ll need to meet a few requirements to open a Bank of America Minor Savings Account:
Have this information on hand when you open your account:
The Bank of America Minor Savings Account comes with standard features such as FDIC insurance, online and mobile banking and account alerts. But it also has these extra perks:
As with all savings accounts, you can’t make more than six outgoing transactions a month without paying a penalty. But the Bank of America Minor Savings Account also has these drawbacks:
You may want to explore other accounts with higher interest rates, so your kid can watch their savings stack up.
Compare other savings accounts for kids based on rates, fees and minimum deposits.
Here are all the ways you can access money in your Bank of America Minor Savings Account:
If you have any questions about your account or want to close it, you can contact customer support in two ways.
Bank of America has a suite of other savings accounts:
★★★★★ — 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.
Bank of America Minor Savings Account is not currently available on Finder
Have you considered Barclays Online Savings?
Earn 3.4% APY, 5X higher than the national average with no minimum balance requirements. Get unlimited transactions and tools that help you save. Pay $0 monthly fees.
