![]() ![]() ![]() They’ll also earn a highly competitive 2.00% APY on their balances up to $500. The earlier you open one of these for your child, the more “birthday bucks” they’ll score. By paying those under 13 a $10 birthday bonus every year, plus a generous interest rate on their first savings, USAlliance’s MyLife Savings for Kids wins our award for best youth account for young savers. USAlliance understands how much children love birthday gifts, and parlays that into a reward for kids having their own savings account. This provides earlier access to a debit card than accounts that reserve this feature for kids ages 13 and up. ![]() The app is even more robust for the Teen Checking Account, offering separate parent and teen interfaces and providing parental controls.Ĭapital One’s Teen Checking Account is slightly misnamed, as it’s available to any child age eight or older. Interacting with the account is enhanced for both kids and parents by the well-designed mobile banking app, which enables automatic transfers from parent accounts to the youth account (think automated allowance payments) and the establishment of savings goals that will motivate your child to keep saving. In addition, if your child moves into or adds a Teen Checking Account at Capital One, they’ll earn a little bit of interest on that account balance, too. Though it typically isn't the highest rate you can earn on a youth account, the absence of a minimum or maximum balance makes it versatile. No matter how much or how little your child has in their savings account, Capital One pays the same rate. Combined with no minimum balance to earn interest, no fees, and the ability to advance to a teen account with a debit card, these features make Capital One our overall pick for Best Kids Savings Account. Capital One has put more thought and effort into youth banking than a lot of its competitors, creating not only two account types for kids and teens but investing resources into developing kid- and parent-centric mobile app experiences specific to these accounts. ![]()
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