Capital One Kids Savings Account review
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 it doesn’t come with an ATM card, so your kid can’t access money on their own.
Minimum deposit to open
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Capital One’s 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 earns an APY of 0.3%. Although this rate is higher than the national average — and most kids’ savings accounts — you’ll find better rates with Alliant Kids’ Savings.
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 be able to access their money via an ATM, you’ll want to explore other options.
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. While this is higher than the national average and most kids’ savings accounts, you’ll still find higher rates elsewhere.
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.
- No ATM card. The only way your kid can access funds is if a parent helps them transfer it to another account first.
- 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.
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 with other savings accounts for kids
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.
Frequently asked questions
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