finder.com’s rating: 4.7 / 5.0
★★★★★
The Capital One Kids Savings Account gives your kid partial access to their money and teaches them how to manage it with the help of savings tools and parental controls. It’s easy to use with no fees, no balance requirements and a competitive 0.3% APY. But parental controls don’t go beyond transfers, setting up automatic savings and managing account details.
0.30%
APY
$0
Fee
$0
Minimum deposit to open
| Annual percentage yield (APY) | 0.30% |
|---|---|
| Fee | $0 |
| Minimum deposit to open | $0 |
| Minimum balance to earn interest | $0 |
| Interest compounding | Monthly |
| Monthly transaction limit | 6 |
| Fee per transaction over the limit | $10 |
Review by
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University.
The account earns an APY of 0.3%. But it doesn’t compete with Alliant Kids Savings Account, which boasts an APY of 3.1%.
If you’re looking for a free kids’ savings account that’s available nationwide, Capital One may be a no-brainer. But if you want your child to get a more hands-on financial literacy experience, check top debit cards for kids where they can manage their spending, saving and donating all in one place.
Follow these steps to apply for the Capital One Kids Savings Account:
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:
The child must be:
To apply, you’ll need:
The Capital One Kids Savings Account promises to be “all fun, no fees.” There’s no minimum balance required, online access, savings tools and several other benefits:
Like all bank accounts, the Capital One Kids Savings Account has its limitations. These include:
If you prefer a higher yield savings account for your child, you’ll want to keep looking. As always, compare your options when choosing a savings account.
Take a look at a few other kids savings accounts and compare interest rates, fees and opening deposit requirements.
There are a few ways to access money in your Capital One Kids Savings Account — and the online methods are almost always the easiest:
Get support for your Capital One Kids Savings account by:
★★★★★ — 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 UFB High Yield Savings?
Score an impressive 5.25% APY, and pay $0 in monthly fees. No minimum deposit requirement. FDIC insured.
