Top 10 Children’s Savings Accounts Of 2018
The top ten children’s savings accounts of 2018 are Capital One’s 360 Kids Savings Account, Alliant Credit Union Kids Savings Account, BECU Early Saver Account, Bank of America Minor Savings Account, Justice Federal Credit Union Youth Account, PNC Bank Kids Account, TD Bank Simple Savings, Fifth Third Bank Goal Setter Savings, Chase Bank kids Savings Account, and Ally Bank Kids Savings Account. Review additional savings account interest rates in your area:
Some of the best gifts and lessons a parent can give to their children are money management skills, financial responsibility, and the importance of a savings culture. Teaching and demonstrating this value at a young age to your kid is one of the best ways to impart this knowledge. As the saying goes, “train up a child in the way he should go: and when he is old, he will not depart from it.” Opening a children’s savings account is one way to do that. But how do you determine the best among the bunch? We have scoured through dozens of children savings account on offer from reputable banking institutions and selected the top ten based on their bonuses, annual percentage yield (APY), financial education tools on offer, monthly fees, and minimum deposit requirements.
The Top Ten Children’s Savings Account:
CAPITAL ONE’S 360 KIDS SAVINGS ACCOUNT
Capital One’s 360 Kids Savings account is one of the best because it comes with an above-average annual percentage yield (APY) of 1.00% on any savings balance. In addition, the online bank doesn’t charge a monthly service fee or require a minimum opening deposit. It also comes with an app that makes it easy for the kid and parent to manage the account.
ALLIANT CREDIT UNION KIDS SAVINGS ACCOUNT
Alliant’s savings account is one of the best because it has an APY of 1.9% that is greater than that of most banks, making it easier to teach your kid the power of compound interest. Kids can easily see their money grow faster than it would in a piggy bank. There is also no monthly fee if you opt to receive e-statement instead of a paper statement.
BECU EARLY SAVER ACCOUNT
BECU’s children’s savings accounts have all the hallmarks of a good account, including no monthly maintenance fee and a low minimum deposit requirement. In addition, they offer a whopping 6.17 APY on the first $500 deposit.
BANK OF AMERICA MINOR SAVINGS ACCOUNT
The account can be opened for children younger than 18 at a branch with a $25 minimum deposit. There is no monthly fee and no minimum daily balance required. However, the bank’s APY of 0.03% – 0.06% isn’t very attractive.
JUSTICE FEDERAL CREDIT UNION YOUTH ACCOUNT
This children’s savings accounts is one of the best because it has a very high introductory APY of 2.78%. There are three types of Savings account for kids which includes Young Savers account available for 18-year old and below, Grow with Me account, a unique high-yield savings account that grows with the child, and the Coverdell Education savings account that helps parents pay for a child’s education at any level.
To ensure your kid is getting the best yield, use this tool to compare the various savings account.
PNC BANK KIDS ACCOUNT
PNC’s children’s savings account is one of the best because it has a high APY of 2.2%. They also have features that allow kids to learn how to divide their savings towards customized goals through a drag-and-drop feature. In addition, the engaging use of Sesame Street characters is an additional fun feature most other banks don’t have.
TD BANK SIMPLE SAVINGS
TD Bank’s children’s savings accounts are among some of the best because they have zero monthly fees and no minimum balance. In addition, it has all the regular features and convenience of a normal savings account, allowing parents to automatically transfer to the account for free.
FIFTH THIRD BANK GOAL SETTER SAVINGS
These children savings accounts are exception because they allows for a zero opening balance and there is no monthly maintenance fee for the first six months. It allows the child and the parent to save at their own pace and track their progress online.
CHASE BANK KIDS SAVINGS ACCOUNT
Chase savings account for people younger than 18 comes with no monthly fee and a small minimum deposit requirement of $25. It offers all the regular benefits and features of a savings account, allowing children to understand banking transactions while establishing their financial history.
ALLY BANK KIDS SAVINGS ACCOUNT
Ally Bank children’s savings account is one of the best because it offers an APY of 1.50%. They also offer other features such as online banking and free transfers to your child account.
Choosing to open a children’s savings account from any of these banks is a great idea, however, some of the above-listed banks do no operate in every state, so you may need to check to see if they offer the service in your state before proceeding.
To maximize the yield on your child’s savings account, you can use this tool to compare the yield on various savings accounts.