![]() However, the account comes with money management tools and financial education resources you can use to teach your child about money, which may make it appealing to some families.īethpage Federal Credit Union Student Savings Accountīethpage Federal Credit Union offers a Student Savings Account for teenagers. There are no monthly fees, but you need to deposit at least $25 to open the account.Ī major downside of the savings account is that it offers relatively little interest. The Level Up Savings Account targets children from birth through 18 years old. PenAir Federal Credit Union offers two dedicated accounts geared toward children. PenAir Federal Credit Union Level Up Savings Account Offers both savings and checking accounts.There’s no minimum initial deposit and a monthly service fee of $5, which can be waived for account holders under 18. PNC makes it easy for your child to access their funds with 60,000 fee-free ATMs, and you’ll also get $20 in out-of-network ATM fee reimbursements per month. What sets this account apart is its educational resources, including a Sesame Street money workshop and an online experience that allows kids to allocate their money into saving, sharing, and spending jars. You can then add a savings account, which also has no fee and only requires a $1 balance to earn interest. You can start by working with your child to open a checking account with no minimum balance or monthly fee to worry about. PNC offers an interactive savings account that helps your child learn how to save and spend. Credit union comes with a wide variety of services.Once your child turns 13, they can open a teen checking account with Alliant and start using a debit card. Parents can set up automatic deposits, while children can track their balance and make their deposits. This joint bank account allows both parents and children to be owners, with parental approval required for any account activity. You will need to make a $5 initial deposit to open an account and maintain a balance of $100 to earn interest. Plus, you won’t have to worry about any monthly fees as long as you elect to receive digital statements. With this savings account, you can earn up to 3.10% on your money. To become a member, you need to either be a current or former employee at an Alliant partner business, be a related to (or a domestic partner of) a current or former employee of an Alliant partner business, live in work in a community near Alliant’s headquarters, or be a member of Foster Care to Success. ![]() If you want to show your child the benefits of working with a credit union, Alliant is a solid choice.Īlliant is an online credit union, so anyone can open an account. Upon turning 18, the Kids Savings Account becomes an adult Capital One 360 Performance Savings account.Īlliant Credit Union Kids Savings Account They can also establish multiple accounts, letting them track multiple savings goals simultaneously. Your child can set up an automatic savings plan to move money to their savings account on a set schedule. Children can view their account balance, but an adult co-owner must sign in to transfer funds. Parents can schedule allowances, make deposits, link their accounts, and deposit checks in their child's name via the mobile app. You can earn 2.50% on your money, and there’s no minimum deposit required to open or maintain the account. It’s available to children under 18 and adults who co-sign onto it. Capital One Kids Savings AccountĬapital One offers a high-yield savings account with no fees or minimum balance requirement, making it an excellent choice for kids who want to see their balance grow over time. We’ve compiled a list of some of the top savings accounts for kids to help you make the right choice. With so many savings accounts on the market, choosing the right one can take time and effort. Kid-focused savings accounts offer a chance for youngsters to learn about money and build financial habits. Luckily, there are financial tools available to help parents teach their kids about money management. Parents play a crucial role in shaping their children's money behaviors, as these habits are often established at an early age. This content does not include all available financial offers, and compensation may impact how and where links appear in the content. Fox Business and its content partners earn compensation from the affiliate companies that appear below. Advertiser Disclosure: Content provided by.
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