Bankfinancial Kids Savings account review
A kid’s savings account with no minimum age requirement.
The Bankfinancial Kids Savings account is for any child under the age of 21. This savings account has no minimum opening deposit and no monthly service fees. But you’ll only earn 0.05% APY.
Minimum deposit to open
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With no minimum age requirement, you can sign your child up for a Bankfinancial Kids Savings account whenever they’re ready. Unlike other kids’ accounts that convert to an adult account at age 18, your child can be as old as 21 to open the account.
But you’ll need to visit one of the 20 Bankfinancial branches to open this account. Also, your child will only earn a measly 0.05% APY, which is lower than other kids’ savings accounts. If you’re after a higher rate, look at Alliant Kids Savings Account, which earns 0.55%, or Capital One Kids Savings Account, which earns 0.3% APY.
How do I open a Bankfinancial Kids Savings account?
You’ll need to stop into a local branch to sign up for this kid’s savings account.
You’ll need to meet the following requirements to open a Bankfinancial Kids Savings account:
- A child under age 21
- An adult must be a custodian or joint account holder
- $10 opening deposit
Here’s what you’ll need when you head to the branch:
- Full name
- Social Security number
- Contact information
What are the benefits of a Bankfinancial Kids Savings account?
This kid’s savings account comes with these benefits:
- No monthly service charge. You won’t need to worry about paying a fee every month.
- High age limit. Unlike other kid’s accounts, which convert to another account by the time your child turns 18, this account is available to those as old as 21 and it doesn’t convert into another account.
What should I look out for?
But you might want to watch out for these pitfalls:
- Withdrawal limit. Like most savings accounts, you’re capped at six withdrawals per statement cycle. Bankfinancial charges a $10 fee for each additional transfer.
- Must open at a branch. You’ll need to visit a branch to open this account.
- Low interest. You’ll only earn 0.05% APY on the funds in your account. This is lower than the national average of 0.06%.
- Opening deposit. You’ll need $10 to open this account. While the deposit isn’t as high as we’ve seen for other accounts, there are savings accounts like Capital One Kids Savings Account that are free to open.
- Inactivity fee. If you don’t make any financial transactions after two years, you’ll pay a $5 monthly inactivity fee if the account is below $1,000.
Compare Bankfinancial Kids Savings with other savings accounts
Compare other savings accounts for kids by APY and minimum opening deposits.
How do I deposit or withdraw my money?
There are several ways you can access your cash.
- Bank-to-bank and wire transfers. Fees vary from $3 to $70.
- POP money. Transfer funds to an email or mobile number for $3 per transaction.
- Mobile check deposit. Deposit a paper check from your smartphone and Bankfinancial’s mobile app.
What other savings options does Bankfinancial offer?
Besides its kid’s savings account, Bankfinancial has several other savings accounts to choose from.
- Bankfinancial Everyday Savings. A savings account with a 0.05% APY with a $150 minimum balance to earn interest and special perks for account owners age 65 and older.
- Bankfinancial Personal money market. A money market account with a 0.1% APY and a $500 opening deposit.
- Bankfinancial Spectrum Select Savings. An accompanying savings account for Spectrum Select Checking account members that features a 0.1% APY with a $1,000 minimum balance to earn interest.
- Bankfinancial Spectrum Select Money Market A complementing money market account for Spectrum Select Checking account members that boasts a 0.15% APY and check writing capabilities, but you’ll need a higher opening deposit of $2,500.
How to contact Bankfinancial about my Kids Savings account?Bankfinancial offers a multitude of ways to contact customer service.
- Visit any of Bankfinancial’s 20 banks to get face-to-face support.
- Call 800-894-6900 on weekdays from 8 a.m. to 6 p.m. CT and Saturdays from 8 a.m. to 2 p.m. CT for general inquiries.
- Speak with a rep through the website’s live chat on weekdays from 8 a.m. to 6 p.m. CT and Saturdays from 8 a.m. to 3 p.m. CT.
- Send a secure email on Bankfinancial’s Contact us page.
- Send mail to 48 Orland Square Dr., Orland Park, IL 60462.