Best Savings Accounts For Kids And Teens In 2025

We’ve compared savings accounts across banks and credit unions to find some of the best savings accounts for kids. Here’s why we picked each account—including pros and cons—and important details to know about our picks.

Annual percentage yields (APYs) and account details are accurate as of 10/15/2025.

Kids’ savings accounts are designed to teach children and teenagers financial skills, such as saving and budgeting. Parents have joint ownership of these accounts, which allows them to monitor their child’s account activity and make deposits or withdrawals as needed. Most accounts enable parents to set up automatic transfers and impose limits on withdrawals, helping to establish boundaries for their child’s finances. Additionally, kids’ savings accounts typically have low fees and minimal deposit requirements.

When choosing a savings account for your kid or teenager, it’s important to consider the following factors:

• APY: Opting for a kids savings account with a high APY can help you grow your child’s savings over time. Plus, the longer they save, the more they’ll earn over time in compound interest.
• Fees: Hefty fees can eat into your kid’s savings. Many of the best savings accounts have no monthly fees or minimum deposit requirements.
• Features: Look for a savings account that offers financial literacy tools for children, as well as parental controls.

Opening a savings account for your child or teenager offers many benefits. These accounts help children understand the value of money and teach them about the importance of savings. They’re a great way to introduce your kids to budgeting and educate them on how to set and achieve financial goals. Plus, the earlier your kids start saving, the more they can benefit from compound interest over time.

Kids’ savings accounts offer the following benefits:

• Teaches kids how to save and spend responsibly
• Interest has more time to grow
• Allows children to set and meet financial goals
• Usually convert to standard accounts at age 18

You can open a savings account for your child at any age—whether they’re a toddler or a teenager. However, the earlier you introduce them to the concept of saving money, the better off they’ll be in the long run.

When opening a savings account for your child, you’ll usually need to provide the following information:

• Full legal name
• Email address
• Phone number
• Date of birth
• Social Security numbers
• Residential address
• Child’s birth certificate

You may also need to link an external bank account to fund the newly opened account.

Not all banks allow individuals to open kids’ savings accounts online. You may need to go into a branch with your child to open an account.

You may also want to consider opening a kids’ checking account and accompanying debit card as an alternative to a kids’ savings account. These accounts come with features that let parents set up chores and allowances and allow kids to make ATM withdrawals.

To create this list, Forbes Advisor analyzed 73 savings accounts at 53 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on dozens of data points, including fees, accessibility, customer experience, digital experience, minimums and APY.

We assigned the following weights to each category:

• Fees: 50%
• Branch and ATM access: 15%
• Customer experience: 10%
• Digital experience: 10%
• Minimums: 10%
• APY: 5%

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

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