Capital One Kids Savings Account review
- APY
- 2.50%
- 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. The account’s 2.5% APY is rather comparable to other banks of its size. It’s best suited for parents who already bank with Capital One and want to manage their kids’ account alongside their own. But it does lack some of the top features we see with other kids' bank accounts, such as chore and allowance tracking or educational content.
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
-
Lacks typical kid-friendly banking features
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 has a decent interest rate that’s well above the national average of for savings accounts of 0.46%(1).
What we like about Capital One Kids Savings Account
There are no balance requirements to earn the 2.5% APY. There are also no monthly fees or opening deposit requirements.
The Capital One Kids Savings 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
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.
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.
Capital One Kids Savings Account is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- Up to 4.60% APY on savings by meeting deposit requirements
- $0 monthly or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
Your reviews
Bethany Finder
Writer, Banking and Loans
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