Teaching kids and teens the importance of saving money is a valuable lesson that can set them up for financial success in the future. And one of the best ways to encourage kids to save is to open a savings account in their name.
In this post, we’ll take a look at some of the top savings accounts for kids and teens. We’ll compare the interest rates, fees, and other features of these accounts to help you choose the best one for your child.
1. Capital One Kids Savings Account
The Capital One Kids Savings Account is a great option for kids and teens. It has no minimum deposit or monthly maintenance fees, and it offers a competitive interest rate of 0.50% APY.
One of the standout features of the Capital One Kids Savings Account is that it comes with a free piggy bank and stickers to help kids visualize their savings goals. It also offers free online and mobile banking, so kids and parents can track their savings progress on the go.
Another notable feature of the Capital One Kids Savings Account is that it offers parental controls. Parents can set limits on transactions, such as the amount of money that can be withdrawn or transferred, to help teach kids responsible money management.
2. Citi Accelerate Savings
The Citi Accelerate Savings account is another excellent option for kids and teens. It has no minimum deposit or monthly maintenance fees, and it offers a competitive interest rate of 0.50% APY.
One of the standout features of the Citi Accelerate Savings account is that it offers a bonus interest rate of 0.15% APY for kids and teens who meet certain requirements, such as maintaining a minimum balance and making regular deposits. This can help kids earn more on their savings and reach their goals faster.
The Citi Accelerate Savings account also offers free online and mobile banking, so kids and parents can easily track their savings progress. Additionally, the account comes with a Citi debit card, which kids can use to make purchases and access their savings.
3. Wells Fargo Way2Save
The Wells Fargo Way2Save account is another great option for kids and teens. It has no minimum deposit or monthly maintenance fees, and it offers a competitive interest rate of 0.01% APY.
One of the standout features of the Wells Fargo Way2Save account is that it offers a Savings Transfer feature. This allows kids to automatically transfer a portion of their savings from their checking account to their savings account, helping them save without having to think about it.
The Wells Fargo Way2Save account also offers free online and mobile banking, so kids and parents can track their savings progress. Additionally, the account comes with a Wells Fargo debit card, which kids can use to make purchases and access their savings.
4. Chase Savings
The Chase Savings account is another excellent option for kids and teens. It has no minimum deposit or monthly maintenance fees, and it offers a competitive interest rate of 0.01% APY.
One of the standout features of the Chase Savings account is that it offers a Savings Goal feature. This allows kids to set savings goals and track their progress towards reaching them, providing a fun and engaging way to encourage savings.
The Chase Savings account also offers free online and mobile banking, so kids and parents can easily track their savings progress. Additionally, the account comes with a Chase debit card, which kids can use to make purchases and access their savings.
Conclusion
Opening a savings account for your child is a great way to encourage them to save money and learn valuable financial skills. The accounts described above are some of the top options for kids and teens, and they offer competitive interest rates, low fees, and convenient features to help kids and parents manage their savings.