"Compound interest does best with a very long runway. If you... If you're not sold on opening a savings account for your newborn, consider these alternatives. Baby savings accounts and...
The best savings accounts for kids and teens offer high APYs, ease of access and financial literacy tools. Here are the best accounts for your kid.
How do you start saving for your grandchildren? ; How much money should I save? ; How to save money for a house ; How does a savings account work? ; Which savings account is best for a lump sum of money? ; Tax free savings allowance - what is yours and where to find it ; What is a regular savings account? ; How much does it cost to have a baby? ; How to save money as a student
Benefits include: ; With the right annual percentage yield (APY), your child can save for their future and potentially grow their savings. ; By teaching your kid financial literacy, you’re helping ensure they grow into a financially responsible adult. ; Parental controls let you view transactions and limit how much money your young one can spend.
Written by Karen Bennett , Edited by Marc Wojno ; Published on September 30, 2024 | 7 min read
Nerdy takeaways ; A child can generally have a savings account at any age. ; The best savings accounts for kids earn interest and have no monthly fees. ; A parent or guardian will likely need to open the account.
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Have your baby’s social security number handy. ; Visit Ally Bank’s program page beginning on Jan. 15, 2021 to enroll. ; After enrolling, you’ll get a prompt to open a custodial Ally Online Savings Account (where Ally will deposit your baby’s money).
Key takeaways ; When selecting the best bank account for kids, prioritize accounts with no monthly maintenance fees or minimum balance requirements. ; Choose accounts that offer parental controls and educational tools. These features help parents and guardians guide their children's spending and saving habits. ; Consider the age requirements and geographic and membership limitations that might restrict access to certain accounts.