The 5 best savings accounts for kids and teens in 2026

Research shows that kids' financial habits are largely developed by age 7, so it's critical to teach them to be smart about money early on.

A savings account can help your young one understand the value of a dollar, learn about interest and APRs and develop good budgeting habits. Many banks, credit unions and financial services companies have launched savings accounts designed especially for kids.

We reviewed dozens and picked the best ones, based on educational tools, kid-friendly features, fees, rates and other criteria.

Who's this for? If you want to start saving for your child from day one, the Capital One Kids Savings Account has no age requirement, meaning parents can open an account before their child even comes home from the hospital. Children can check their balance through the mobile app, while adults stay in control of transfers and withdrawals.

Standout benefits: The account has no fees, no minimum balance and a competitive APY. Starting at age 8, kids can add a Capital One MONEY Teen Checking account with debit card access, and both accounts automatically convert into an adult Capital One 360 Performance Savings™ account when they turn 18.

Eligibility: Available to kids up to age 17.

Who's this for? If financial education is your priority, PNC Bank S is for Savings stands out with features like Sesame Street characters teaching money basics and an interactive website where kids can practice moving money between jars representing saving, sharing, and spending. As kids get older, a dedicated Student Hub helps them transition to products like the Virtual Wallet Student^®.

Standout benefits: There's no minimum deposit when you apply online, and the $5 monthly service fee is waived for account holders under 18 who meet qualifying criteria. Interest starts accruing on balances as low as $1, with unlimited deposits and up to six free withdrawals per statement period.

Eligibility: Available to kids under 18, with a minimum average monthly balance of $300 and at least one auto transfer of $25 or more each statement period from a PNC checking account.

Who's this for? If you want your child's savings to grow as fast as possible, Spectra Credit Union's Brilliant Kids Savings offers the highest APY of any kids' savings account we've found. It earns it on the first $1,000, so even small balances can see real growth.

Standout benefits: Despite the standout rate, there's no minimum balance or deposit required to open. Kids 13 and up also get free ATM access.

Eligibility: Available to kids under 18. Anyone can join Spectra Credit Union with a free one-year membership to the nonprofit American Consumer Council.

Who's this for? If you want a savings account that actually celebrates your child, Financial MyLife Savings for Kids deposits $10 into your child's account every birthday through age 12, on top of no monthly fees, no minimum balance, and a solid APY on the first $500.

Standout benefits: At 13, kids can seamlessly transition to the MyLife Checking for Teens and the adult MyLife Savings, making it a natural account to grow with your child over time.

Eligibility: Available to kids under 13. USAlliance is a credit union but you can become a member by joining a partner organization for free.

Who's this for? If staying in control of your child's spending and saving is the priority, Alliant Credit Union's Kids Savings lets parents monitor activity, set limits and schedule recurring deposits (like an allowance). Kids can still make deposits through the mobile app.

Standout benefits: Once your child turns 13, they can add an Alliant Teen Checking Account with debit card access. The $5 monthly maintenance fee can be waived by going paperless, and credit union membership is free and easy to obtain.

Eligibility: Available to kids up to age 12. Parents can become members of Alliant Credit Union by joining Alliant Credit Union Foundation, and Alliant will even cover the $5 membership fee.

Minors can't open savings accounts, but a parent or guardian can set up a custodial or joint account on their behalf. A custodial account is in the child's name but is managed solely by the parent. A joint account allows both parents and kids access, but parents can limit withdrawals and other activities. Both accounts can be converted to a traditional savings account when the child turns 18.

If you are opening an account for your child, you'll need their legal name, date of birth, address and Social Security number. Some banks require parents to be customers before opening an account for their kids.

To prevent parents from hiding income in their children's names, the IRS instituted the Kiddie Tax, which applies to dependent children under 18 at the end of the tax year or to full-time students under 24.

For 2026, the first $1,350 of unearned income (interest, capital gains distributions, dividends, etc.) is not taxed, while the next $1,350 is taxed at the child's marginal tax rate.

Anything above $2,700 is taxed at either the child's or the parents' marginal rate, whichever is higher.

When choosing a savings account, there are several key factors to consider:

• Low or no fees: Look for accounts that don't charge monthly fees or require a high minimum balance.
• High interest rates: Find accounts that offer competitive interest rates to help your child's money grow.
• Accessibility: Make sure the account allows easy access for parents to monitor and manage but also encourages your child to save.
• Educational tools: Some banks offer apps or programs that teach kids about saving money.
• Minimum deposit requirements: Check how much money you need to open the account and if it fits your budget.

Having a savings account teaches your child important money skills early on, such as saving regularly and watching their money grow. It helps build financial responsibility, encourages goal-setting and gives them a sense of independence. Plus, saving young can set the foundation for good financial habits.

If you're not sold on using a traditional savings account for your child, there are other practical ways to help them manage money and learn financial responsibility.

Kids' checking account

A kids' checking account is designed specifically for children and often comes with features that help them learn how to manage money responsibly. Unlike a traditional savings account, a kids' checking account usually includes a debit card and online banking access. Some of our favorites include the Capital One MONEY Teen Checking and the Chase High School Checking℠.

Kids' investment account

A kids' investment account lets you invest on a child's behalf and build long-term growth, and they come in different forms — like 529 plans, custodial accounts or teen-owned brokerage accounts. The Fidelity Youth Account is great for teaching kids how to invest because it gives teens hands-on experience buying stocks and managing their own portfolio with parental oversight. The my529 plan (Utah) is a strong choice for families focused on saving for college, thanks to its low fees and tax benefits. Meanwhile, custodial UGMA/UTMA accounts work well for broader long-term goals, which allow a guardian to manage the investments until the child reaches adulthood, when the funds can be used for almost anything.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To determine the best savings accounts for kids, we analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar institutions. We compared each savings account on various features, including APYs, fees, minimum deposit requirements, education tools for kids and customer service.

We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.

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