Best Savings Accounts for Kids in 2026
Opening a savings account for your child is one of the best financial moves you can make. It teaches kids about money. It builds a habit of saving. And it grows over time with interest.
This guide covers the best savings accounts for kids in 2026 — including accounts for minors, high-yield options, and custodial accounts for longer-term savings goals.
Types of Savings Accounts for Kids
Joint or Custodial Savings Account
Most kids’ savings accounts are custodial accounts — a parent or guardian is listed as the custodian. The child is a co-owner. The parent controls the account until the child reaches 18 or 21, depending on the state.
Youth Savings Account
Many banks offer accounts specifically designed for minors — often with no fees, no minimums, and educational features. These are standard deposit accounts, not investment accounts.
529 College Savings Plan
A 529 is a tax-advantaged account for education expenses. Contributions grow tax-free, and withdrawals for qualified education expenses are also tax-free. This is a good supplement to a regular savings account if you want to earmark money for college.
Our Top Picks
1. Alliant Credit Union Kids Savings Account — Best Overall
Alliant offers one of the highest rates for a dedicated kids account. It earns 3.10% APY. There is no monthly fee. The minimum opening deposit is $5. Kids aged 12 and younger can open the account with a parent as a joint owner.
Best for: Families who want a high-yield savings account built specifically for kids.
2. Capital One Kids Savings Account — Best for Ease of Use
Capital One offers a kids savings account with no fees and no minimum balance. Parents can open it online in minutes. The current APY is competitive. Capital One’s app and online tools make it easy to set savings goals with your child.
Best for: Families who want a simple, no-fuss account from a major bank.
3. Chase First Banking (with Chase Savings) — Best for Teen Debit Access
Chase First Banking is a checking account for kids aged 6–17. It pairs with a parent’s Chase account. You can add a Chase savings account alongside it. Parents set spending limits and get alerts. The savings rate is low, but the combination of debit access and savings in one ecosystem is convenient.
Best for: Teens who need spending money access along with a savings component.
4. Spectrum Credit Union MyLife Savings for Students
Spectrum Credit Union offers up to 7.00% APY on balances up to $1,000 in its youth savings account. Balances above $1,000 earn a lower rate. Membership is required but easy to obtain.
Best for: Parents who want the highest possible rate on smaller balances and are willing to join a credit union.
5. BECU Early Saver Account — Best Credit Union Option
Boeing Employees Credit Union (BECU) offers an Early Saver account that earns 6.17% APY on balances up to $500. After that, the rate drops to the standard savings rate. Membership is open to Washington state residents and Boeing employees.
Best for: Washington state families who want a high rate on a starter balance.
6. Fidelity Youth Account — Best for Teen Investors
The Fidelity Youth Account is a brokerage and savings account for teens aged 13–17. It comes with a debit card, a spending account, and the ability to buy stocks and ETFs. Parents have visibility into all activity.
Best for: Teens old enough to learn about investing alongside saving.
What to Look for in a Kids Savings Account
Interest Rate (APY)
Look for the highest APY you can find. Even a difference of 1%–2% compounds into hundreds of dollars over a decade. Some credit unions offer bonus rates on the first few hundred dollars specifically to encourage kids to save.
No Fees
Monthly fees will eat into your child’s savings. Only consider accounts with zero monthly maintenance fees.
No or Low Minimum Balance
Kids do not start with much. Look for accounts that let you open with $0–$25.
Parental Controls
Good kids accounts give parents visibility and controls — spending limits, transfer approvals, and account alerts.
Educational Tools
Some accounts come with savings goal trackers and financial literacy resources that help kids learn as they save.
How to Teach Kids About Saving
Opening the account is just the start. Here are a few ways to make saving a real habit:
- Match their deposits. For every dollar they save, put in 50 cents or $1. This mimics a 401(k) match and makes saving feel rewarding.
- Set savings goals together. Whether it is a toy, a game, or a trip — a concrete goal makes saving feel meaningful.
- Show them the interest. When interest posts, point it out. Explain that the bank is paying them for keeping money there.
- Make it regular. Birthday money, holiday gifts, allowances — a portion goes straight to savings every time.
Bottom Line
The best savings account for kids depends on your priorities. For the highest rate, look at Alliant, Spectrum, or BECU. For ease of use at a major bank, Capital One is a strong option. For teens who are ready to start investing, the Fidelity Youth Account is hard to beat.
The account matters less than the habit. Open one today and help your child understand that saving is not a one-time thing — it is something you do every time money comes in.