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Capital One Kids Savings Account
4.4
★★★★★
Finder score
APY
0.30%
Fee
$0
Minimum deposit to open
$0

Our verdict

A free savings account for kids, but you’ll earn more interest somewhere else.

Capital One Kids Savings Account is designed to help kids get into the habit of saving with savvy tools that allow them to set goals, receive automatic payments from parents, deposit cash and checks and watch their savings stack up. But even with all those modern banking features, the account’s 0.30% APY just isn’t up to par with the competition. Overall, it’s best suited for parents who already bank with Capital One and want to manage their kids’ account alongside their own.

Best for: Existing Capital One customers who need a savings account for their kids.

Pros

  • No monthly fees
  • No opening deposit or minimum balance required
  • Automated transfers through app

Cons

  • Low 0.3% APY

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Who is Capital One Kids Savings Account best for?

This account makes the most sense for parents who are already Capital One customers. This kids’ savings account is free to open and maintain, and while it doesn’t have the best interest rate we’ve seen, it offers major convenience if you already bank with Capital One.

What we like about Capital One Kids Savings Account

While the 0.3% APY isn’t very high, there are no balance requirements or tiers to worry about, so all balances in the account earn the same rate. There are also no monthly fees or opening deposit requirements.

This account is modern and seamless if you already bank with Capital One. Parents can perform mobile check deposits and manage the account through the Capital One banking app.

On top of that, you’ll have an account with a well-known and reputable bank with over 70,000 ATMs and many branch locations nationwide.

Auto transfers and savings goals

Parents can easily link their kids’ savings account to their own Capital One account and set up automatic transfers, which the bank calls “allowances.”

Parents and kids can also set up savings plans together in the app, such as a goal of saving $5 every week with automatic transfers to make those goals happen.

Where it falls short

Capital One’s Kids Savings account is a straightforward account without many downsides. But as a savings account, its low 0.3% APY just isn’t cutting it. That rate is also lower than the current national average, which sits at 0.47%(1).

Lacks kid-centered features

The account simply can’t compete with the best kids’ accounts in the market when it comes to kid-friendly features. If you’re looking for an all-in-one account with chores, financial literacy games or educational videos, look at kids’ debit cards and apps.

These accounts are best for parents who want their kids to learn how to save and manage their money. But if you’re after an account that offers the most bang for your buck, look at the best savings accounts for kids with APYs well over 4%.

Compare Capital One Kids Savings Account to other kids savings

Narrow down top kids savings accounts by APY, opening deposits and monthly fees. For an even closer comparison, tick the Compare box on up to four options to see features side by side.

$
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

4.65%

Up to $250,000
$0
$100
$1,046.50
Discover® Online Savings Account
Finder Score: 4.6 / 5: ★★★★★
Discover® Online Savings Account
Traditional savings,Custodial account

4.25%

Up to $250,000
$0
$0
$1,042.50
Liberty Savings Bank High-Yield Savings
Finder Score: 4.7 / 5: ★★★★★
Liberty Savings Bank High-Yield Savings
Traditional savings,Custodial account

4.60%

Up to $250,000
$0
$1
$1,046
UNest
Not rated yet
UNest
Custodial account app
APY not advertised
SIPC-insured up to $500,000
$0
$25
$1,000
Greenlight Savings
Not rated yet
Greenlight Savings
Savings app

1.00%

Up to $250,000
$0
$0
$1,010
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Customer experience

Capital One is one of the largest banks in the US, so it makes sense that it’s garnered a lot of customer feedback. On the Better Business Bureau (BBB), it holds a stellar A+ rating, despite having over 11,000 customer complaints in the last three years.

Of the few positive reviews, long-time customers state they’ve been with the bank for years with no issues and praise helpful and professional customer representatives. But the happy testimonials are buried under the thousands of bleak reviews.

The majority of BBB complaints are typical grievances we see of banks of its size, mostly revolving around specific issues around a product, problems resolving fraudulent charges, frozen accounts, unwanted marketing materials and the runaround with customer support. On Trustpilot, the story is similar, with a poor 1.3-star rating and thousands of negative reviews.

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

Writer, Banking and Loans

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