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Alliant Kids Savings Account
Finder score
$1 per month
(can be waived)
Minimum deposit to open

Our verdict

This credit union’s savings account is for younger kids and comes with an easy-to-skip $1 monthly fee.

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The Alliant Kids Savings Account is among one of the best kids’ savings accounts thanks to its competitive 3.1% APY and waivable $1 monthly fee when you opt in to paperless statements. This account features savings goals, budgeting tools, an ATM card and a highly rated mobile app for kids to use. Your child can also deposit checks through the app or make deposits and withdrawals from one of 80,000 ATMs. ATM access isn’t always available with online banks, and it’s rare for a savings account to come with an ATM card. But the account is only available to children 12 years old and younger, and you must be a member of the credit union to join.

Best for: Kids who are 12 years old and younger.


  • Competitive APY
  • Avoidable $1 monthly fee with e-statements
  • Optional ATM card
  • Unlimited withdrawals


  • Requires $100 to earn interest
  • No financial education features
  • Requires Alliant membership

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Who is Alliant Kids Savings Account best for?

This account is best suited for parents looking to open a savings account for their kids who are 12 years old and younger. With its easy-to-waive monthly fee, ability to create multiple accounts, competitive 3.10% APY and no withdrawal limits, it can be a great place to start stowing away cash for your little ones.

Once your child turns 13, the Alliant Kids Savings Account stays a savings account and their funds will remain, but they’ll be given the option to apply to Alliant’s Teen Checking account.

If your child is already over the age of 12, Alliant suggests opening the Alliant Teen Checking account, which comes with a paired savings account. If that’s not a good fit, there are plenty of other top kids’ savings accounts to check out.

How to open the Alliant Kids Savings Account

Alliant is a credit union, so it requires a membership. Luckily, Alliant offers a way for anyone to join through the nonprofit Foster Care to Success (FCTS). Follow these steps to open an Alliant Kids Savings Account:

  1. Go to the Foster Care to Success site.
  2. Select the button Donate now!
  3. Follow the prompts to make a one-time donation and pay the $5 membership fee.
  4. Go to Alliant’s site and apply for a membership. Alliant will pay the $5 membership fee from FCTS.
  5. Apply for the Kids Savings Account.

Aside from joining FCTS, you may be eligible for an Alliant membership if you:

  • Are a current or retired employee from one of Alliant’s affiliates.
  • Are a partner or family member of a current Alliant member.
  • Live or work near Alliant’s headquarters in Chicago.

What we like about Alliant Kids Savings Account

The Alliant Kids Savings account helps kids save money with its highly rated banking app, waivable monthly fee and decent 3.1% APY. That APY is leagues higher than the national average for savings accounts, which is currently 0.45%(1). But you’ll need at least $100 to start earning interest.

This account comes with a monthly fee, but it’s only $1 per month, and you can avoid it by opting in to e-statements. Parents can also set up recurring transfers from their own Alliant account and check the account’s status on Alliant’s bank app. The kids’ account will also have its own unique username and password.

No withdrawal limits

Alliant’s Kids Savings account has no withdrawal limits, so you and your kid are free to withdraw as many times as you need. With Regulation D from the Federal Reserve suspended, banks and credit unions have the option to allow unlimited withdrawals and transactions on their accounts. Most other savings accounts only allow for six monthly withdrawals and extra fees if you go over that limit.

ATM access

Most savings accounts simply offer ATM cards, but this offers a complimentary Alliant Savings ATM card. Pair the card with unlimited withdrawals, and you and your child have easy access to the account’s funds.

Where it falls short

While not so much a downside as it is an extra step, Alliant is a credit union, so parents need to be a member and create an account to open their kids’ account.

But unlike most traditional credit unions that require you to work somewhere or live in a specific area, anyone can join Alliant by becoming a member of Foster Care to Success. It’s a nonprofit organization that awards scholarships and grants to foster teens across the US, and Alliant even pays the one-time $5 membership fee after joining the foster care organization.

Lacking educational features

While most kids’ savings accounts don’t include educational features, some popular digital accounts offer kids a way to manage their savings and spending money and get access to quizzes, games and interactive learning opportunities.

For example, GoHenry has gamified quizzes called Money Missions, and Greenlight has Level-Up, and both are educational features that can teach money confidence and encourage financial literacy.

Compare Alliant Kids Savings Account to other kids’ savings accounts

Narrow down top kids’ savings accounts by opening deposits, APYs and features. For closer comparison, you can also tick the Compare box on up to four accounts to see benefits side by side.

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1 - 4 of 4
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
CIT Savings Connect
Finder Score: 4.3 / 5: ★★★★★
CIT Savings Connect
Traditional savings,Custodial account


Up to $250,000
Discover® Online Savings Account
Finder Score: 4.6 / 5: ★★★★★
Discover® Online Savings Account
Traditional savings,Custodial account


Up to $250,000
Liberty Savings Bank High-Yield Savings
Finder Score: 4.7 / 5: ★★★★★
Liberty Savings Bank High-Yield Savings
Traditional savings,Custodial account


Up to $250,000
Not rated yet
Custodial account app
APY not advertised
SIPC-insured up to $500,000

Customer experience

Alliant has mixed customer feedback and holds a stellar A+ rating with the Better Business Bureau (BBB). We saw common complaints on its BBB profile that we typically see with other financial institutions, and it’s worth noting that Alliant has hundreds fewer complaints than other large banks and credit unions.

On Trustpilot, reviews and ratings aren’t great, with Alliant receiving a poor 1.6-star rating out of a few dozen reviews. Many of the reviews have to do with Alliant’s mortgages and loans, with some customers citing mistakes during loan application processes, long deposit hold times and long waits for customer support over the phone.

Of the few positive reviews, customers cite they’ve been a customer for many years with no issues. Happy customers state customer service is apt, responsive and helpful, and others praise the lack of overdraft fees and high rates on savings products.

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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Bethany Finder

Editor, Banking

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