Compare kids bank accounts to build strong finances | finder.com

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Compare kids bank accounts

Teach your kids good money habits with this kids banking guide.

Updated . What changed?

Fact checked

Our pick for a kids debit card: Greenlight

$4.99

Monthly Fee

  • Allowance payouts
  • Usage notifications
  • Parent-paid interest
Go to site

A kids bank account helps build savings and teach your child healthy money habits. But not all accounts will give your child the freedom of managing their money alone. Most bank accounts for kids, like checking and savings accounts, require parents to open it as a joint account.

Savings accounts are a good option if you want to start saving for your baby or if your child isn’t ready to start learning how to manage their own account. But if you want your child to learn the value of saving, spending and giving, consider opening a prepaid debit card for kids. These accounts let you monitor and control your kids’ progress as they develop healthy money habits.

Compare kids’ bank accounts and prepaid cards

Compare top-rated prepaid cards for kids by fees and features. Or, click to the savings account tab and enter your deposit amounts into the table to see how much interest you could rack up with each savings account for your child.

Name Product Annual or monthly fee ATM withdrawal Features
Greenlight
$4.99 per month
$0
  • Allowance payouts
  • Usage notifications
  • Flexible parental control
  • Parent-paid interest
  • Educational investment option
Greenlight is the prepaid debit card for kids that parents manage from their phones with flexible parental controls.
BusyKid
$1.67 per month ($19.99 annually) includes free card; $0.67 per month ($7.99 annually) for additional cards
  • Competitive fee
  • Flexible paydays
  • Savings match feature
The BusyKid Visa® Prepaid Spend Card gives your kids the freedom to spend anywhere Visa® is accepted, and parents see every transaction made.
FamZoo
$5.99 per month
$0
  • Free trial
  • Real-time requests
  • Parent-paid interest
Teach your children good money habits with this comprehensive prepaid card and account.
Gohenry
$3.99 per month
$1.50
  • Free trial
  • Custom tasks
  • Spending limits
Teach your kids to save with a reloadable card you control, but you pay $3.99 a month.
Akimbo
$0 per month
$1.98
  • Automatic reloads
  • Send money instantly
  • Create up to five subcards
Get up to five debit cards that you control from your main account — but it will come at a cost
loading

Compare up to 4 providers

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
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% on $0 to $500
0.02% on $500.01+
$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% on $20,000+
0.15% on $5 to $19,999
$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.
Golden 1 Youth Savings Account
Finder Rating: 4 / 5: ★★★★★
Golden 1 Youth Savings Account
0.10%
$0
$1
This account allows members under the age of 18 the ability to make withdrawals and deposits and experience managing their own money, all while earning dividends.
PNC 'S' Is For Savings
Finder Rating: 3.6 / 5: ★★★★★
PNC 'S' Is For Savings
0.01%
$5 per month
(can be waived)
$25
PNC's 'S' is for Savings account helps young children learn financial basics through an interactive, online experience with tips from Sesame Street
Citizens Bank College Saver
Citizens Bank College Saver
0.05%
$0
$25
A rewarding college savings plan that can make higher education more affordable.
loading

Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Copper
Finder Rating: 4.6 / 5: ★★★★★
Copper
0.00%
$0
$0
Copper is a digital checking account that teaches your teen healthy money habits through interactive quizzes and an intuitive mobile app.
Axos Bank First Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank First Checking
0.25%
$50
Made for teens ages 13 to 17, this account earns 0.25% APY and has no monthly fees.
Alliant Credit Union Free Teen Checking
Finder Rating: 4.2 / 5: ★★★★★
Alliant Credit Union Free Teen Checking
0.25%
$0
80,000 ATMs for free
$0
No minimum or maximum balance and no monthly service fee.
Capital One MONEY
Finder Rating: 4.8 / 5: ★★★★★
Capital One MONEY
0.10%
$0
39,000+ Capital One and Allpoint ATMs nationwide
A teen checking account with zero fees.
Wells Fargo Teen Checking
Finder Rating: 4 / 5: ★★★★★
Wells Fargo Teen Checking
N/A
$25
$2.50
Everyday checking made easy. Open with $25.
loading

Compare up to 4 providers

How to choose a kids bank account?

There are six different types of kids bank accounts you could open for your little one. But the right one for you depends on your child’s age, their financial maturity level and how you want them to use the funds. This table can help you decide which kids bank account you should go with:

Type of accountBest forEarns interestCommon featuresPopular accounts
Education savings accountParents who want to start saving for their child’s education.
  • Can be used to cover elementary or secondary school expenses or college tuition
  • Interest and withdrawals are tax free
Custodial or UGMA/UTMA accountAdults who want to gift their child money that can’t be touched until they turn 18.Usually
  • Custodian manages account while child is a minor
  • Converts to regular savings account when they turn 18
Trust fundsParents who want to leave a financial legacy behind for their kids. Contrary to popular belief, trust funds aren’t just for the ultra-wealthy.Depends on the account
  • Can hold stocks, bonds, cash and property
  • Grantor decides how the child can use the trust once they die
  • N/A
Joint checking accountsKids who are ready to start spending money with a debit card.Depends on the account
  • Comes with debit card
  • Jointly owned between the adult and the child
  • Child can spend wisely with parent’s supervision
  • Converts to regular checking account when the child turns 18
Savings accountsKids who are ready to have joint access to their savings.
  • Low fees & minimum opening deposit requirements
  • Child has joint access with a parent
  • Converts to regular savings account when child turns 18
Prepaid debit cardsParents who want an interactive way for their kids to learn healthy financial habits.No, but some allow you to set up parent-paid interest.Parents can:
  • Digitally assign chores and pay allowances
  • Control how your child uses their prepaid debit card

Kids can:

  • Set savings goals and track their progress
  • Use the prepaid card for online and in-store spending
    Kids virtual bank accountsKids who want to learn healthy financial habits but aren’t ready to graduate to an actual bank account.No
    • Set financial goals
    • Simulates real bank accounts without handling real money
    • Manual way of tracking spending

    When should I open a kids bank account for my child?

    You should open a kids bank account for your child when it’s right for you and your family. If you decide to open a bank account for your child, you might want to start with a savings account. Depending on your child’s age, they might not need a checking account. But once your child grows older, you might want to consider graduating them into a kids prepaid debit card. These cards are created to teach kids how to manage their money.

    What is a kids bank account?

    A kids bank account is designed to help kids build their savings, learn about money and encourage them to save. One major perk of a kids bank account is that it typically has low to no monthly maintenance fees and no opening deposit minimums.

    Learn more about kids bank accounts

    From opening an account for your newborn baby to saving for college, explore various kids banking topics below.

    Compare bank accounts for your baby

    Opening a bank account in your child’s name can be a great way to save for future educational expenses and teach your child good money habits. But not all banks and credit unions allow you to open an account for a baby. Find out which ones you qualify for here.

    529 savings plans

    Education savings accounts, also known as 529 plans, are set up to save for your child’s future education. The funds from these accounts are used to cover educational expenses, such as elementary or secondary school expenses or college tuition. The number one perk of these savings accounts is that the earnings from the investment as well as any withdrawals from the account are not taxable for federal income tax purposes.

    Teen debit cards and bank accounts

    Teens can open savings accounts at most banks and credit unions, which can come in handy when they get their first job. Compare top-rated accounts for teens and find out how they compare to prepaid cards and traditional bank accounts.

    How to save for college

    College gets more expensive every year. The earlier you save, the greater the chance you have to combat student debt in the future. Uncover the average cost of tuition, fees and room and board. Then learn how to create a savings plan that helps your money go further.

    Financial literacy programs for kids in the US

    There are a host of financial literacy programs available for children in the United States. These programs are designed to educate and engage your child in money-related topics such as saving and budgeting. In addition, each bank offers different rewards and incentives that may be worth considering when looking for a bank account to open for your child.

    Program nameBest forFeatures
    Hands on Banking programK–12This program provides free resources for teachers who are looking to add financial lessons in their curriculum. Lesson plans include topics on:
    • Spending
    • Saving
    • Giving
    School Savings programK–12This program, approved by the US Department of Education, allows kids to make savings deposits at school through Websaver and features:
    • An online savings register
    • An animated budgeting app
    • Prizes for kids who save money throughout the year
    Fifth Third Bank Young Bankers ClubFifth gradersThis is a 5- or 10-week program taught inside the classroom. Kids learn how to:
    • Make basic money calculations
    • Create and use a budget
    • Manage a bank account
    • Navigate the stock market
    TD Bank WOW!ZoneK–12This program provides financial literacy lesson plans to teachers:
    • Kids 12 and under learn about about the value of money by watching videos, taking quizzes and playing games.
    • Kids 13 and up learn how to create a budget and develop lifelong saving habits.
    • Young investors learn about the stock market through a virtual stock market game.
    Teach Children to Save DayK–8This annual event is put on every April by bank volunteers who teach kids how to:
    • Make basic money calculations
    • Create and manage a budget
    • Develop good money saving habits

    kids wide

    More guides on Finder

    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.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

    By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

    Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
    Go to site