First Internet Bank Tomorrow’s Tycoons review

A savings account and digital piggy bank for kids — but you’ll need at least $100 to open.

finder.com’s rating: 4.3 / 5.0

★★★★★

The First Internet Bank Tomorrow’s Tycoons account helps kids and teens grow their piggy bank with a 0.25% interest rate and no fees. But you’ll need at least $100 to open an account, which is higher than what you’ll find with other savings accounts for kids.

No reviews yet. Write a review

0.25%

APY

$0

Fee

$100

Minimum deposit to open

Details

Annual percentage yield (APY)0.25%
Fee$0
Minimum deposit to open$100
Interest compoundingDaily
Monthly transaction limit6
More info

More Info

Avatar

Review by


Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

The First Internet Bank Tomorrow’s Tycoons account is best for kids age 17 and under who are ready to watch their piggy banks grow with real interest. There are no monthly fees, and they’ll earn 0.25% on their total balance. The account turns into a Free Savings account when they turn 18, where they’ll continue to enjoy no monthly fees and a competitive interest rate.

But the account requires a minimum $100 balance to open, which is higher than most online savings accounts that let you get started with just $0. If you’re looking for a savings account with a lower opening deposit and higher rate, look at Alliant Kids Savings Account, which requires a $5 opening deposit and earns 0.55% APY. Although there’s a low $1 monthly fee, you can avoid it when you sign up for e-statements.

How do I open a Tomorrow’s Tycoons savings account?

Open a First Internet Bank Tomorrow’s Tycoons account using these seven steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. Hover over the Bank tab and select Accounts For Kids.
  3. Select Open An Account.
  4. Review the eligibility requirements and select Get Started.
  5. Select Next.
  6. Enter your email address and phone number and review the account disclosures.
  7. Scan your driver’s license and follow the prompts to complete your application.

Eligibility

You’ll need to meet these requirements to apply for an account.

  • Legal US resident
  • At least 18 years old
  • Your child is at least 17 or younger
  • Social Security number
  • Government-issued ID
  • $100 opening deposit

Required information

Have this information ready when you open your First Internet Bank Tomorrow’s Tycoons account.

  • Full name
  • Email address
  • Social Security number
  • Driver’s license
  • Personal information for your kid

What are the benefits of a Tomorrow’s Tycoons savings account?

The First Internet Bank Tomorrow’s Tycoons account helps your kid grow their savings with these perks.

  • No monthly fees. You won’t have to worry about avoiding monthly fees or meeting a minimum balance to earn interest.
  • Earns interest. Your kid can watch their savings grow with a competitive 0.25% APY on their total balance.
  • Converts to a free account at age 18. The Tomorrow’s Tycoons account automatically converts to a free First Internet Bank account when your teen turns 18.

What should I look out for?

As with most savings accounts, the First Internet Bank Tomorrow’s Tycoons account doesn’t come with an ATM card and you can’t make more than six withdrawals a month. It also has these drawbacks.

  • $100 opening deposit. This opening deposit may not be a dealbreaker for most, but it’s more than most savings accounts that let you get started with as little as $0.
  • Miscellaneous fees. You’ll pay $30 for nonsufficient funds and overdrafts, plus $20 for returned items and $3 for paper statements.

If you’re looking for a lower opening deposit, compare these kids savings accounts to see if another one is a better fit for your needs.

Compare Tomorrow’s Tycoons with other savings accounts

Compare savings accounts by APY, minimum deposit to open and more to see how Tomorrow’s Tycoons account stacks up against the competition.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
0.55%
$1 per month
(can be waived)
$5
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Capital One Kids Savings Account
Finder Rating: 4.7 / 5: ★★★★★
Capital One Kids Savings Account
0.30%
$0
$0
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account
Finder Rating: 4.7 / 5: ★★★★★
BECU Early Saver Youth Account
2.02%
0.02%
$0
$0
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers
Finder Rating: 4 / 5: ★★★★★
Justice Federal Credit Union Young Savers
0.20%
0.15%
$0
$5
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
0.01%
$0
$25
Help a child build a savings account and learn about banking.
loading

Compare up to 4 providers

How do I deposit or withdraw my money?

There are eight ways to access money in your child’s First Internet Bank Tomorrow’s Tycoons account.

Funding options

  • Direct deposit
  • Debit card
  • Transfer from another First Internet Bank account
  • ACH transfer from an external account
  • Wire transfer

Withdraw options

Have this information ready when you open your First Internet Bank Tomorrow’s Tycoons account.

  • Transfer to another First Internet Bank account
  • ACH transfer to an external account
  • Wire transfer

What other savings options does First Internet Bank offer?

First Internet Bank has three other savings accounts in addition to the Tomorrow’s Tycoons account.
  • Free Savings. Open this account with as little as $25 and enjoy 0.25% APY on your total balance. Plus, get up to $10 in ATM rebates a month.
  • First Internet Bank Money Market Savings. Has a $100 minimum opening deposit and earns 0.5% APY. You can avoid its $5 monthly fee when you keep a minimum daily balance of $4,000.
  • CDs. Interest rates start at 0.25% for a three-month CD and go up to 0.95% for a five-year CD.

How to contact First Internet Bank about my savings account?

There are three ways to talk to a First Internet Bank customer service representative about the Tomorrow’s Tycoons account:

  • Phone. Call 888-873-3424 on weekdays from 7 a.m. to 9 p.m. ET or Saturdays from 9 a.m. to 3 p.m. ET.
  • Live chat. Reach out through the chat feature on its website.
  • Email. Send a message to bank@firstib.com.

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.

Read the full methodology of how we rate savings accounts.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site