Help your children develop good financial habits early with the best bank accounts for kids. You can give your children an opportunity to learn about budgeting, saving, and money management with the right bank account for them. It is never too early to think about your child’s financial future. Ensuring that your kids are prepared for whatever life throws at them can be done by investing in their financial future.
Research shows that young people can understand saving by the time they are 5 or 6. Parents can help their children develop the skills necessary to make smart financial decisions in the future by teaching them about saving from an early age. Good and bad habits can start early. Good habits from an early age can have a lasting impact on a person’s life.
Setting up your kids with their own bank accounts is one of the best ways to get them on the right path. You can teach them how to save, spend and invest, which will set them up for financial success later in life. Early access to banking can help kids get the hang of budgeting. It can help them build a positive credit score and give them the skills they need to manage their finances.
Young people are exposed to financial principles that will serve them down the road into adulthood by opening a kids bank account. It gives parents an opportunity to talk to their children about budgeting and saving money.
13 Best Bank Accounts for Kids
From big-name traditional banks to online options and kid-only platforms, keep reading for a look at the best options to help your kids get off to the best financial start possible. A good savings plan will help your kids develop healthy habits that will serve them well into the future.
- Chase Bank : Best Overall
- Axos Bank : Best Online Bank
- Alliant Credit Union : Best Credit Union
- Capital One : Best Checking Account
- Greenlight : Best Prepaid Debit Card
- FamZoo : Best Educational Resources
- GoHenry : Best For Young Kids
- PNC Bank : Best Savings Account
- Wells Fargo : Best for Young Adults
- Copper : Best for Teens
- Bank of America : Best for Students
- TD Bank : Best Customer Service
- Jassby : Best for Financial Literacy
1. Chase Bank: Best Overall
One of the best kids banking platforms is Chase First Banking. It is a way for parents to manage their children’s finances. First Banking sets your child up with a hybrid bank account to spend, save, and earn, and is only available to current Chase customers. First Banking has educational tools to teach your child how to manage their money.
Kids can get cash from Chase’s 16,000 ATMs for free, and there are no monthly fees. Chase gives parents control over their children’s spending habits. Through the Chase mobile app, parents can set custom spending and withdrawal limits.
You can join with some of the best sign-up bonuses in the industry if you aren’t a current Chase customer. Chase can help you manage your money.
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2. Axos Bank: Best Online Bank
If you want to get your child involved with online banking, Axos has the best online-only teen account. It’s a great way to teach responsibility and financial literacy.
3. Alliant Credit Union: Best Credit Union
Alliant Credit Union’s One of the highest-earning accounts for young people is the Kids Savings Account. Children can learn how to save and manage their money. If your child keeps at least $100 in the account, they can earn more than most adult options pay. This is a great way for young people to learn about saving money and financial responsibility.
Current Alliant members don’t have to pay monthly fees or have minimum deposit requirements for the account. As a joint owner, you will have full access to your Alliant account, and you can easily transfer funds from your own account for allowance or birthday gifts. Your funds are safe and secure with Alliant’s online banking services.
Kids Savings is only available to children under the age of 12. It is a great way for parents to teach their children good money habits. But if you’re looking for an option for your teenager, Alliant also offers a Teen Checking account.
There is an interest-bearing account called Teen Checking. It helps teens learn the basics of budgeting and financial management. Teens get access to 80,000 fee-free ATMs, and there is no monthly fee or minimum balance requirement. With real-time notifications, a parent or guardian can easily keep tabs on spending.
4. Capital One: Best Checking Account
Teens can get a sense of online and traditional banking at Capital One. It is a great option for teens looking to start their financial journey with banking, savings accounts, and credit cards. Kids don’t have to worry about monthly fees or balance minimums with the MONEY Teen Checking account.
The account is designed for teens, but it is also available for older people. The account comes with free access to a network of more than 70,000 ATMs, as well as a separate log-in for parents to monitor spending and look for teachable moments. This makes it easy for parents to keep track of their child’s spending.
Plus, you don’t need a A Capital One account is needed to sign your child up. You can easily manage the Capital One account from a mobile device, making it even easier to keep track of your child’s spending. Parents can transfer funds to a Money account is free from any account.
Kids Savings from Capital One comes with a 0.30% APY on all balances and no monthly fees. Parents can monitor and manage their children’s savings goals with the built-in features of Kids Savings. When your child turns 18 you can easily link your own accounts until then. A secure environment will allow your child to save and manage their money.
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5. Greenlight: Best Prepaid Debit Card
One of the best-known kids-only banking platforms is Greenlight, which offers debit cards for kids through its partner bank, Community Federal Savings Bank. Greenlight’s cards are designed to teach kids money management and financial literacy.
Greenlight is an app that helps you raise finance savvy kids. Helping children develop practical skills will benefit them in the long run. Kids can check off chores, set savings goals, and even try out fractional share investing in the app. The app has an interactive dashboard for parents and caregivers to keep track of their child’s progress.
You can manage up to five kids within the same app with Greenlight. You will get the first month free when you sign up for a plan for the whole family.
6. FamZoo: Best Educational Resources
A money management platform for the whole family. A secure and easy-to-use way for families to manage their finances together is provided by FamZoo. Good money habits are encouraged by the tools in the app.
Mastercard is available through a partnership with CenterState Bank. You can use your Mastercard to pay for things in stores, online, or through mobile applications. Funds can be loaded via direct deposit, bank transfer, or cash deposit. The funds can be used to pay for goods and services. You can use the funds between the kids cards you have for free.
With a shared dashboard, parents can easily track spending, chores, and child requests for funds. Kids can check their account balances with the mobile app.
There are four options for pricing. Here’s the breakdown of how much FamZoo costs:
- Monthly: $5.99 per month
- 6-month prepaid: $25.99
- 12-month prepaid: $39.99
- 24-month prepaid: $69.99
7. GoHenry: Best For Young Kids
GoHenry is a kid-centric option for children between the ages of 6 and 18. Financial education is what the app is all about. It is designed to give users the knowledge and tools they need to take control of their finances.
Wherever Mastercard is accepted, kids can use their own personalized debit card. They can control their finances with a mobile app on their personalized debit card.
When the chores get done, parents can set an automated allowance or issue funds. You can help your kids build up their savings by making gift deposits or setting their own APY. If you match any contributions your kids make to their savings goals, you will be INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals INRDeals
Deposits up to $250,000 are protected by the FDIC. Gohenry has an array of additional safety measures, such as parental controls and spending limits, to ensure your child’s financial security.
8. PNC Bank: Best Savings Account
If you are looking for the best savings account for kids, check out ‘S’ is for Savings. You can store your children’s savings in this account and watch it grow.
Sesame Street characters are used to teach finance basics in the account. The account encourages parents and children to learn together. You can help your child along the way to good money habits by doing some activities with them. The activities can be as simple as discussing the importance of budgeting or comparing shopping.
You can easily set up recurring transfers from your own PNC account if you deposit as little as $1. You can transfer funds from an external account to your savings account. A goal-setting tool is built into ‘S’ is for Savings, so your kids can learn to work toward a target over time. The goal-setting tool is easy to use and allows your kids to track their progress towards financial goals they set for themselves.
If you make recurring transfers of at least $25 into the account per month or keep a monthly balance of at least $300, you can avoid the $5 monthly fee. The $5 fee is not charged if you use a linked external account to make deposits or withdrawals. The account is only available in parts of the service area that have a $25 starting deposit requirement. This account is great for people who want to start managing their money in a more responsible way.
9. Wells Fargo: Best for Young Adults
If you are looking for an account for your teens that is close to an adult bank account, Wells Fargo has some attractive options. Mobile deposits and an easy-to-use app are some of the features that Wells Fargo has.
Clear Access Banking has some added benefits for young people. Anyone between the ages of 13 and 24 will not pay a monthly service fee.
The account has access to mobile check deposits and quick transfers. It’s even easier to manage your finances with the account’s online bill pay services. Wells Fargo has a wide network of branches and ATMs that kids can use to get help with their accounts. It’s easy for kids to access their accounts no matter where they are.
The Way2Save kids savings account is offered by Wells Fargo. Children learn the importance of saving money through the Way2Save account. There is no monthly fee for anyone under the age of 24 and you can open an account with as little as $25 to start. You can earn interest on the funds in your account.
Parents have the option to open a You can request an ATM card with the Way2Save account. Whenever you need to, you and your partner can easily access the funds in the Way2Save account. Like most big bank savings accounts, the APY is next-to-nothing. Even with regular contributions, it is difficult to grow savings quickly.
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10. Copper: Best for Teens
Copper is an online-only banking option for teens. A safe and secure way for teens to manage their money is provided by copper. The partnership with Evolve Bank and Trust protects copper accounts. Customers of Evolve Bank and Trust will receive the highest levels of security and protection for their money.
The platform has more than 300,000 users. It has become a powerful tool for small businesses. You can open an account for your teen online in a few minutes, and you can put an allowance on autopilot with recurring transfers from your external account. It’s a great way to teach your teen financial responsibility while also giving them some independence.
Teens can use the Apple Pay-compatible debit card wherever Mastercard is accepted. Controls for parents to manage their teen’s spending are included on the debit card. Teens can use the financial literacy quiz to understand what they know so far and where they need to improve.
11. Bank of America: Best for Students
Bank of America offers Advantage Banking for students who are looking for checking and savings that will grow with them as they move through school. BoA Advantage Banking has a number of benefits for college students, including no monthly maintenance fees, free online banking, and access to thousands of ATMs.
BoA has one of the largest branch and ATM networks in the U.S., so no matter where you go to school, you will be covered. BoA has the tools and resources you need to stay on top of your finances, whether you’re a freshman or about to graduate. You can transfer money between the two accounts with the BoA app, if you are a student under the age of 24. It’s easy to manage your finances with this.
Advantage Banking is compatible with Zelle for easy external transfers, and with Keep the Change, you can build up your savings balance over time. All of this makes Advantage Banking the perfect choice for anyone looking to take control of their financial future.
BoA offers student credit cards so young people can get ahead with their credit scores before entering the real world. Students can benefit from features like low interest rates and no annual fees. The card gives 3% back in a category of your choice, 2% back on groceries and 1% back on everything else. You can maximize your rewards potential with the Customized Cash rewards card.
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12. TD Bank: Best Customer Service
The Simple Savings account is a basic, easy-to-use free savings account that is a great fit for young people. This account is perfect for kids and teens who are just starting to save.
If you are a young adult or student, Simple Savings has no minimum deposit requirement. The lowest-earning option is 0.05%. It might not be the best option for those looking to maximize their returns. As far as hassle-free savings go, it’s a solid bet. The digital banking options make it easy to access your funds whenever you need them, and the customer service is top-notch. You must live in one of the coverage areas to be eligible. Customers of the bank can choose from a wide range of banking services and products.
The bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, and Washington, D.C. Quality services are what the bank’s goal is to provide to its customers.
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13. Jassby: Best for Financial Literacy
Jassby is an online platform that helps families grow their financial literacy together.
A Jassby has no monthly or transaction fees, and parents can quickly fund a card online and set up their own spending limits. The Jassby card gives parents peace of mind because they can monitor their child’s spending habits in real-time.
Jassby has a Financial Literacy (FL) Score. The FL Score can be used to keep track of your budget and manage your finances more effectively. Each kid using the platform gets a score, which grows over time when they make good financial decisions and use Jassby’s tools along the way. The more kids learn about finances and use Jassby’s tools, the higher their score will become.
Good decisions can hook young people up with exciting rewards. Kids earn points for using their Jassby card and the higher your FL Score, the more multipliers you will get. You can use your points to get discounts on exclusive rewards or give back to the community.
There is no need to worry about monthly fees because Jassby is completely free.
What Is a Kids’ Bank Account?
People under the age of 18 can open a kids bank account. It usually comes with an ATM card, a debit card and access to online banking.
Usually, these accounts are either:
- custodial, where a parent or guardian owns the account on a child’s behalf; or
- Both parent and child have an account. The joint account is a great way to teach children about money management, while also giving them the chance to manage their own money.
The bank accounts are more than just a place to store money. They teach children about budgeting, saving, and investing. Educational tools, low fee schedules, and overdraft protection are some of the things they have. Many of the packages are designed to help users better manage their finances.
Kids accounts give young people a glimpse into the adult banking world. Money management and financial planning can be learned from an early age. Similar to adult accounts, they aim to create an environment for financial learning. Low minimum balance requirements and no-fee banking are some of the features of children’s bank accounts.
Frequently Asked Questions
What kind of bank account should I open for my child?
It depends on their age and what goals you have for the account. It is important to consider the type of account you choose for your children. If you want your child or teen to have a sense of independence, a debit card with parental controls is a smart way to ease into it. Financial responsibility can be taught in a safe and secure way with the help of a debit card with parental controls. Learning to manage a checking account is one of the most important aspects of personal finance to learn early. A good understanding of how to properly manage your checking account can help you save money in the long run and prepare you for future financial success.
A savings account is the best way to build up a balance over time. They learn how to invest their money in the right places when they earn interest. It is possible to create wealth and financial freedom by investing wisely. It helps them build positive financial habits when they achieve short- and long-term savings goals. This is a great way for them to learn about budgeting and saving.
Exposure to banking at a young age is positive. Young people can build a foundation for making smart financial decisions by learning about banking early. You will be putting your kids ahead of the curve no matter what account you use. It’s important to choose an account that works for you and your family.
Are kids’ accounts FDIC-Insured?
The accounts covered in this post are insured by the FDIC. Deposits are protected up to $250,000 per institution. A bank account is a good way to teach kids about storing money in a secure location. The opportunity to earn interest on savings is a valuable lesson in financial literacy.
If you are considering an account for yourself or a child, make sure that the FDIC backs it.
At what age should a kid get a bank account?
There isn’t a sure answer here. Everyone’s situation is different, so what works for one may not work for another. It depends on your family. It is important to consider the opinions of family members when making a decision. The earlier you expose kids to personal finance, the better. Learning about personal finance at an early age can help instill important lessons that will serve them well for the rest of their lives.
Pre-teens shouldn’t be stressing about money. They will be better prepared for financial success when they are older if they focus on learning how to budget and save. Learning to budget, save, and spend wisely are easy things to encourage. Anyone can learn to become financially savvy with the right guidance. When you open a bank account for your child, you are giving them an opportunity to learn about money.
Start slow if you think your child is young. Gradually introduce your child to more complex tasks as they become better adjusted, and consider involving your child in age-appropriate activities. Once you think they are ready for the responsibility of a debit card, you can set them up with a checking account. It is possible for you to teach them about budgeting and money management.
Go with the strategy that is best for you and your family. You can be confident in your choice if you take the time to research and understand all of your options. Don’t wait too long. Time is precious and it won’t wait for you to take advantage of the opportunity.
Should You Open a Bank Account for Your Child?
It has never been easier for kids to learn about banking. Developing good financial habits early on can help set them up for success in the future. Between accounts designed for children and modern platforms geared toward teens, the banking world has made space for young people to get involved. A new generation of financially literate young people have been created by it.
There are a few things that can be accomplished by a kids bank account. It gives kids a sense of responsibility and helps teach them the basics of budgeting. It gives your kids a sense of independence. They learn important life lessons about budgeting and being responsible with money from it. They are taught to manage money even if they don’t realize it. By allowing children to help make decisions about how their allowance is spent, it encourages them to think critically and develop financial skills that can be beneficial in the future.
If you want your kids to have the best chance at managing money as adults, a kids bank account is a great gift. It is possible to teach them the importance of saving, budgeting and preparing for their future.
Which account are you going to get them? It’s important to choose an account that offers the best value for your money.
You can make smart financial decisions on behalf of your kids. By being responsible stewards of our family’s financial resources, we can ensure their future is bright and secure.
