Capital One Kids Savings Account review September 2019 | finder.com

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Capital One Kids Savings Account review

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Help your kid master the banking basics with this savings account.

Savings accounts encourage you to stash your cash and earn interest as your balance grows. But the Capital One Kids Savings Account goes one step further by also offering an education.

1.00%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY1.00%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingMonthly
Monthly transaction limit6
Fee per transaction over the limit$10

What are the benefits of a kids savings account with Capital One?

The Kids Savings Account promises to be “all fun, no fees.” There’s no minimum balance required, online access, savings tools and several other benefits:

  • High interest rate. The account rewards growing balances with a 1% APY. This applies to all balances.
  • Sophisticated tech tools. Check balances, transfer money, deposit checks and manage multiple accounts online or through the top-rated app.
  • Linked accounts. Easily move money around by linking the Kids Saving Account to your checking account at any US bank.
  • Automatic Savings Plan. Set up scheduled transfers from your checking account to the Kids Saving Account. Many parents do this with their kids’ allowances.
  • Multiple accounts. Open up to 25 accounts for free and give them motivating names like “New Tablet” and “First Car.”
  • My Savings Goals. This tool allows you to set a savings goal for each account and track their progress. Celebrate reaching it by filing the goal under “Great Saves.”
  • Parental controls. As the adult and primary account holder, you’re the only one who can send and receive transfers, set up an Automatic Savings Plan and manage the account details.

What should I look out for?

Like all bank accounts, the Capital One Kids Savings Account has its limitations. These include:

  • Online-only account. This account is online-only, which means you can’t open it at a Capital One branch. While you can pop into a branch to ask questions, you’ll need to be comfortable managing your money online.
  • Short support window. As an account holder, you can access live chat during business hours or speak to someone on the phone from 8 a.m. to 8 p.m., seven days a week. Outside of those hours, customer service support is limited.

How do I open an account?

  1. Go to the Capital One website.
  2. On the homepage, hover over the Checking & Savings tab and click Kids Saving Account.
  3. Press Open Account.
  4. This will take you to the online form. You’ll be asked if you have an existing Capital One account. Click No.
  5. A page with two columns will pop up: Adult’s Account Info and Kid’s Account Info. Fill out the personal and contact details in both columns, leaving out anything that doesn’t apply to your child including SSN and employment info.
  6. Review and consent to the Terms & Conditions.
  7. Click Now, Let’s Add Money.

Eligibility

This is a joint account between an adult and a minor. The adult opens the account and links it to their personal checking account at a US bank — it doesn’t have to be with Capital One.

As the primary account holder, you must be:

  • A US citizen or permanent resident with a physical address and a valid Social Security number or Taxpayer Identification Number.
  • Age 18 or older.

The child must be:

  • Younger than 18.

Required information

To apply, you’ll need:

    • The account details for your linked account.
    • A SSN or Individual Taxpayer Identification Number.
    • Valid driver’s license of state ID.

How do I deposit and withdraw money?

There are a few ways to access your money — and the online methods are almost always the easiest:

  • Direct deposit. Set up direct deposit by filling out a form or give the payer your account details and Capital One’s routing number: 031176110.
  • Electronic Funds Transfers. Log into your online account or the app to send person-to-person payments using Zelle. You can transfer funds from eligible Capital One and linked accounts.
  • ATMs. Withdraw money at any of the 39,00`0 free Capital One and AllPoint ATMs across the country. To find one, use the site’s search function and check the Make A Deposit box.
  • Checks. Deposit a check by mailing it in or uploading a photo of it to the Capital One app.
  • Wires. Transfer funds via domestic wires. It’s free to receive them, but the cost for each outgoing domestic wire is $30 and you’ll need to submit a request form.

Bottom line

The sooner kids can learn about saving, the better. This no-fee account is designed to help kids get into the habit of saving with savvy savings tools and an above-average APY of 1%. Kids can set goals, deposit cash and checks and watch their savings stack up — but they can’t move money around. The account has parental controls for protection.

There are several savings accounts that aim to teach kids about money management. Compare your options with our guide to savings accounts for children.

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