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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
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, 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 0.55% 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.
You must visit a local branch to open the Bank of America Minor Savings Account because both the parent and the child must be present. 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.
Here are all the ways you can access money in your Bank of America Minor Savings Account:
Bank of America has a suite of other savings accounts:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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