In this guide

  • Our verdict
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

USAlliance MyLife Savings for Kids review

  • Avatar
USAlliance MyLife Savings for Kids
3.9
★★★★★
Finder score
APY
Up to 2.00%
Fee
$0
Minimum deposit to open
$0

Our verdict

Earn 2% APY on the first $500 in the account, but any amount over that earns next to nothing.

The USAlliance MyLife Savings for Kids account is best for children under the age of 13. The account earns an impressive 2% APY but only on balances below $500. Any amount that exceeds that limit will only earn 0.02%, which is next to nothing.

But they’ll still earn more money depending on how much they keep in their account. For instance, if they keep $600 in the account for one year, they’ll earn $10.11 in interest. Compared to Alliant Kids Savings Account, which earns 3.1% APY no matter the balance, you’ll only earn $3.31 in one year.

Depending on the amount you keep, the account may earn less in interest. For example, if you keep $2,000 in your kid’s USAlliance Financial account for one year, you’ll only earn $10.39. But if you keep $2,000 in the Alliant account, you’ll earn $11.03. Before deciding which account to go with, make sure you do the math to see if it’s worth it.

However, keep in mind that your kid will earn an extra $10 on their birthday every year until they turn 13, which might make the USAlliance Financial account worth it, depending on the balance you keep.

Pros

  • Earn up to 2% APY
  • Birthday Bucks
  • No fees

Cons

  • Membership requirements
  • No financial literacy features
  • Converts to another account at age 13

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

How do I open a USAlliance MyLife Savings for Kids account?

To open an account, you’ll need to become a USAllliance member. If you qualify for membership, you can open a USAlliance MyLife Savings for Kids account at a branch, over the phone or online by following these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Bank then MyLife Savings for Kids.
  3. Select Open now, then choose Open an account (New member).
  4. Select Minor, then choose Kid and select Continue.
  5. Choose the criterion that qualifies you for a USAlliance Financial account or select None of the above.
  6. Read and agree to the disclosure, then select Savings and MyLife Kids Savings and Continue.
  7. Fill out the minor’s information and your information, then submit the application.

Eligibility

To open this account, you and your child must be US citizens or permanent residents. Your child must be under the age of 13, and you must be at least 18. You must also qualify for membership in USAlliance Financial, which requires you to meet one of the following criteria.

  • Live or work in one of these Massachusetts counties: Barnstable, Essex, Middlesex, Norfolk, Plymouth, Suffolk or Worcester
  • Live, work, volunteer or worship in West Haven, Connecticut
  • Live, work or worship in USAlliance Financial‘s underserved areas of New York City
  • Be an employee or retiree of an eligible New York or Massachusetts company
  • Be an employee or retiree of a state or local government agency in one of the following New York counties: Columbia, Dutchess, Greene, Orange, Putnam, Rockland, Sullivan, Ulster or Westchester
  • Live with or be an immediate family member of an existing USAlliance Financial member
  • Be a member or become a member of one of these charitable organizations or associations: Council of Community Services, WARC, Rye Arts Center, AOPA, SullivanArc, Tread Lightly!, ASCAP or the New York Historical Society

Required information

You’ll need to provide the following information when applying for this account.

  • Full name
  • Date of birth
  • Physical address
  • Email address
  • Social Security number
  • Government-issued ID
  • Contact phone number

What are the benefits of a USAlliance MyLife Savings for Kids account?

This account has a few attractive features you won’t find with other kids’ savings accounts.

  • Earn up to 2% APY. Your kid will earn 2% APY on the first $500. But they’ll only earn 0.02% APY on the remaining balance. Depending on how much you plan to keep in the account, it still may be worth considering.
  • Birthday Bucks. USAlliance Financial will deposit $10 in your kid’s account every year on their birthday until they turn 13.
  • No fees. There are no service fees to open or maintain this account.

What should I look out for?

There are also some drawbacks associated with this account that you should be aware of.

  • Membership requirements. To open a USAlliance Financial account, you must meet specific requirements related to your residency or employment history or your affiliation with certain participating organizations.
  • No financial literacy features. Other savings accounts for kids, such as PNC’s ‘S’ Is For Savings, include interactive resources to help your kid learn about managing money, but this account doesn’t include these features.
  • Converts to another account at age 13. Once your kid turns 13, you can choose whether you want to convert the account to a MyLife Teen Checking account, which comes with an ATM or debit card but offers no interest, or a MyLife Savings account, which is virtually identical to the MyLife Savings Account for Kids but lacks the Birthday Bucks.

Compare USAlliance MyLife Savings for Kids with other savings accounts

Compare leading savings accounts for kids based on their fees and features.

$
Name Product Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
CIT Savings Connect
Finder Score: 4.3 / 5: ★★★★★
CIT Savings Connect
Traditional savings,Custodial account

4.65%

Up to $250,000
$0
$100
$1,046.50
Discover® Online Savings Account
Finder Score: 4.6 / 5: ★★★★★
Discover® Online Savings Account
Traditional savings,Custodial account

4.25%

Up to $250,000
$0
$0
$1,042.50
Liberty Savings Bank High-Yield Savings
Finder Score: 4.7 / 5: ★★★★★
Liberty Savings Bank High-Yield Savings
Traditional savings,Custodial account

4.60%

Up to $250,000
$0
$1
$1,046
UNest
Not rated yet
UNest
Custodial account app
APY not advertised
SIPC-insured up to $500,000
$0
$25
$1,000
Greenlight Savings
Not rated yet
Greenlight Savings
Savings app

1.00%

Up to $250,000
$0
$0
$1,010
loading

How do I deposit or withdraw my money?

You have these eight funding and withdrawal options with this account.

Funding options

  • Incoming ACH transfer. Transfer funds into this account from an external bank.
  • Branch deposit. Deposit funds into this account at any of the 14 USAlliance Financial branches in the Northeast or any of the 5,900 shared co-op branches across the country.
  • Mobile deposit. Use the USAlliance Financial smartphone app to deposit endorsed checks into this account.
  • Wire transfer. You can accept incoming wire transfers for free if you deposit the funds directly into your account.
  • Mail. Send endorsed checks to:
    411 Theodore Fremd Avenue, Suite 350
    Rye, NY 10580-1426
    Attention: Member Services

Withdraw options

  • Branch withdrawal. Withdraw funds at any USAlliance Financial or shared co-op branch.
  • Outgoing ACH transfer. Transfer funds to an external linked account.
  • Outgoing wire transfers. Send outgoing wire transfers for $35 each.

    How to contact USAlliance Financial about my savings account?

    If you have questions or need support with your MyLife Savings for Kids account, you can contact USAlliance Financial in the following ways.

    • Phone. Call 800-431-2754 weekdays from 7:30 a.m. to 8 p.m. ET or Saturdays from 9 a.m. to 3 p.m. ET.
    • Email. Contact the service team at memberservices@usalliance.org.
    • Mail. Send correspondence to 411 Theodore Fremd Avenue, Suite 350, Rye, NY 10580-1426.

    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.

    Your reviews

    No reviews yet. Write a review

    Ask a question

    Ask a question
    Avatar

    Michael Finder

    Staff writer

    Hi there, looking for more information? Ask us a question.

    Error label

    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
    Accept and continue

    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.

    This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

    Go to site