A free savings account with a competitive APY and tools to help your kid master banking basics.
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.
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.
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.
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.
How do I open a Capital One Kids Savings Account?
Follow these steps to apply for the Capital One Kids Savings Account:
Go to the provider’s site and follow the steps to apply.
From Capital One’s homepage, hover over the Checking & Savings tab and click Kids Saving Account.
Click Open Account.
This will take you to the online form. You’ll be asked if you have an existing Capital One account. Click No.
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.
Review and consent to the Terms & Conditions.
Click Now, Let’s Add Money.
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.
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.
What are the benefits of the Capital One Kids Savings account?
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:
Automatic Savings Plan. Set up scheduled transfers from your linked checking account to the Kids Saving Account. Many parents do this with their kids’ allowances.
My Savings Goals. Open up to 25 accounts for free and give them motivating names like “New Tablet” and “First Car.” Track your kid’s progress and celebrate when they reach their goal by filing the account 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.
Earns interest. The account rewards growing balances with a 0.3% APY. But you’ll still find higher rates elsewhere.
Converts to adult account. Like most kid’s savings accounts, once your child turns 18, the account will automatically transition into a 360 Savings account, which has no fee and no minimum required deposit.
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.
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.
Compare Capital One Kids Savings with other savings accounts for kids
Take a look at a few other kids savings accounts and compare interest rates, fees and opening deposit requirements.
How do I deposit and withdraw money?
There are a few ways to access money in your Capital One Kids Savings Account — 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 39,000 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.
How to contact Capital One?
Get support for your Capital One Kids Savings account by:
Calling 888-810-4013 any day of the week from 8 a.m. to 11 p.m. EST.
Stopping by a local Capital One branch or café.
Tweeting @AskCapitalOne for general questions.
Frequently asked questions
It’s up to you. You can open the Kids Saving Account in your name, or jointly in your name and your child’s name.
Yes. You can link the Kids Saving Account to an existing Capital One account or a personal checking account at any bank in the US.
It depends on the way the money was deposited. Cash deposits, ACH direct deposits and incoming wire transfers are typically available on the same business day, while Capital One checks appear the next business day. Checks from other banks tend to take around four business days.
The routing number for this account is 031176110.
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.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.