Best for savings roundups: Ally Bank Savings Account Best for growing with your child: Alliant Kids Savings Account Best for customer support: First Internet Bank Tomorrow’s Tycoons Best for flexibility: Prime Alliance Bank Personal Savings Account Best overall CIT Savings Connect 4.3 ★★★ ...
Opening a savings account for your young child or teenager helps get them on the right financial path. Here are the best savings accounts for kids.
The minimum balance to open an account is $25, and there is no monthly fee. A parent or guardian will need to be a joint owner of Start Up Savings, and you and your child will need to be credit union members. There is no minimum age requirement for your child; once they turn 18,...
What documents do I need to open a savings account for my child? You will need proof of identification for your child, including a Social Security number, a birth certificate, or a passport. Adults may also need to show their driver’s license. ...
How can I open a savings account for my child? Most banks enable parents or guardians to open an instant access savings account, regular saver and fixed-term bonds for their child with just £1. Some savings accounts allow children over seven years old to open an instant access account an...
Your child can withdraw up to £100 a day, and don't worry — there's no overdraft, so they can't spend more than what's in their account. They also get automatic access to MySavings, HSBC's savings account for children, which offers interest on balances up to £3,000. Teens ...
Canada’s Best Kids Bank Account for Rewards: Scotiabank Getting There Savings Account The Getting There Savings Account is Scotiabank’s account for children under 18. It features unlimited debit transactions, so if you’d rather have your kids learning how to use a debit card, it’s a good...
Capital One Kids Savings Account Why we chose it:You don’t have to wait until your child is a certain age to open this account. A parent or a legal guardian can open this account for a baby. Grandparents can open one of these accounts when the child turns 12. ...
Best credit union account for kids: Oaken Savings Account Best high-interest rate kids bank account: Tangerine Children’s Savings Account Best online application kids bank account: CIBC Smart Start Best Indigenous-led kids bank account: First Nations Bank of Canada Youth Savings Account Best youth...
6. Specialty savings accounts Specialty savings accounts are accounts pegged to a certain goal, such as saving for a down payment on a house, tuition payments, or retirement funds. Viktorin says it sometimes helps to have an account geared toward one thing instead of putting all your savings...