Best Savings Accounts for Kids 2026
Teaching kids to save starts with the right account — one that combines a competitive rate with parental controls and educational tools designed for young savers.
What to Look For in a Kids Savings Account
- No minimum balance or monthly fees — kids' accounts should never penalize a low balance
- Parental controls — the ability to monitor transactions and set savings goals together
- Competitive APY — some banks offer bonus rates specifically on youth accounts to encourage saving habits
- Educational tools — apps with goal-tracking, chores/allowance integration, or financial literacy content
Custodial vs. Joint Accounts
Most kids' savings accounts are either custodial (the parent legally controls the account until the child reaches adulthood) or joint (both parent and child are named account holders with shared access). Custodial accounts offer more parental control, while joint accounts can help teach independence as the child gets older. Which structure fits depends on your child's age and how much autonomy you want them to have over withdrawals.
Frequently Asked Questions
Most banks require a parent or guardian as a joint or custodial owner until age 18, though some banks offer teen-specific accounts starting around age 13 with reduced parental oversight as the child demonstrates responsibility.
It varies by bank — some offer the same competitive rate as their standard savings account, while others provide special bonus rates specifically for youth accounts to encourage early saving habits. Compare rates directly rather than assuming.