Selected from 350+ savings accounts for August 2024
Updated Aug 16, 2024
Fact checked
Written by John Kiernan
Managing Editor
Reviewed by Alina Comoreanu
Senior Researcher
Establishing a savings account for a child or adolescent serves as an excellent method to initiate them into the fundamentals of saving money and establishing financial objectives. While initially considering your current bank is advisable, broadening your search is beneficial. Optimal savings accounts for young individuals encompass selections from online banks and credit unions, presenting competitive interest rates and minimal fees.
To help people get the most for their money, WalletHub compared over 350 savings accounts from all types of financial institutions, both online-only and branch-based. You can find our favorites below, followed by 7 tips for finding the best savings account for your needs.
If you’re also interested in exploring the best savings accounts from credit unions that allow only eligible members to apply for, you can check them out further down.
2024’s Best Kids Savings Accounts – Editors’ Picks
Best | Savings Account | APY |
Overall | Apple Bank SmartStart Savings Account | 6.00% |
High Yield | First Central Savings Bank Young Savers Account | 5.00% |
For Young Children | PNC S is for Savings® | 0.01% |
Teen and Students | First PREMIER Bank Kids Club Savings Account | 2.26% |
Credit Union | Spectra CU Brilliant Kids Savings | 10.38% |
WalletHub tracks 1,400+ bank accounts (other sites consider a much smaller number of accounts, so they naturally miss a lot of great options)
WalletHub picks the best accounts overall (other sites pick the best offers from their advertising partners)
WalletHub uses a sophisticated rating system to objectively find the best bank accounts (other sites’ picks are influenced by their own biases)
WalletHub has 100% editorial independence(other sites just provide a billboard for advertisers)
WalletHub does not have a conflict of interest (other sites are biased due to promoting their own lending and banking offers)
WalletHub has 15+ years of experience (other sites simply don’t have the same expertise)
WalletHub's best savings accounts picksare completelyindependentand not provided, commissioned, or endorsed by any financial institution. In addition, our editors follow a strict editorial policy.Some offers may come from WalletHub's advertising partners.
My Wallet OffersCardsloans
Best Overall
Best Overall
Apple Bank SmartStart Savings Account
Apple Bank SmartStart Savings Account
4.8WalletHub Rating
WalletHub Rating
4.8
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
4.8
Fees: 5.0
Interest Rates: 5.0
savings: 5.0
Other Features: 3.5
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
3.38% - 6.00% | None | None |
APY
3.38% - 6.00%
Monthly Fee
None
Editors’ Thoughts
The Apple Bank SmartStart Savings account distinguishes itself with no monthly fees, a straightforward user interface, and a competitive 6.00% APY for balances up to $10,000. These characteristics differentiate it from similar savings accounts offered by banks and credit unions targeting individuals under the age of 26.
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Best Overall
Spectrum Credit Union MySavings Youth Account
Spectrum Credit Union MySavings Youth Account
1.6WalletHub Rating
WalletHub Rating
1.6
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
1.6
Fees: 5.0
Interest Rates: 0.8
savings: 1.1
Other Features: 3.5
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
0.75% - 7.00% | None | None |
APY
0.75% - 7.00%
Monthly Fee
None
Editors’ Thoughts
With no monthly fees, a great 7.00% APY for balances up to $1,000 and an ATM for anyone over the age of 13, Spectrum Credit Union’s offer for kids is a terrific tool to get them started on savings with as little as $25 dollars.
Keep in mind that this account is reserved for those aged 21 and under. Also, while being a credit union, Spectrum allows you to join and apply simply through a Financial Fitness Association membership.
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Best High-Yield Kids Savings Account
Best High-Yield Kids Savings Account
First Central Savings Bank Young Savers Account
First Central Savings Bank Young Savers Account
5.0WalletHub Rating
WalletHub Rating
5.0
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
5.0
Fees: 5.0
Interest Rates: 5.0
savings: 5.0
Other Features: 5.0
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
0.25% - 5.00% | None | None |
APY
0.25% - 5.00%
Monthly Fee
None
Editors’ Thoughts
With no minimum deposit requirements, no monthly fees, and a 5.00% APY, First Central Savings Bank’s savings offer is one of the best offers around when it comes to interest rates and benefits.
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Best High-Yield Kids Savings Account
Spectra CU Brilliant Kids Savings
Spectra CU Brilliant Kids Savings
0.6WalletHub Rating
WalletHub Rating
0.6
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
Market Comparison
0.6
Fees: 5.0
Interest Rates: 0.0
savings: 0.0
Other Features: 2.5
APY | Monthly Fee | Signup Bonus |
---|---|---|
0.00% - 10.38% | None | None |
APY
0.00% - 10.38%
Monthly Fee
None
Editors’ Thoughts
Spectra Credit Union’s Young Savers account can be opened with as little as $5 and offers an APY of 0.00% - 10.38% for balances up to $1,000. That’s one of the highest interest rates of any savings product out there. If you’re worried about membership requirements, Spectra allows you to join if you’re a member of the American Consumer Council, which charges no fees for admission.
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Best for Young Children
Best for Young Children
PNC S is for Savings®
PNC S is for Savings®
1.0WalletHub Rating
WalletHub Rating
1.0
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving a large amount."
User Reviews
2.8
Market Comparison
0.8
Fees: 5.0
Interest Rates: 0.0
savings: 0.0
Other Features: 4.0
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
0.01% | None | None |
APY
0.01%
Monthly Fee
None
Editors’ Thoughts
Aimed at kids 18 and under, PNC Bank’s “S is for Savings” account offers a 0.01% APY. While that is quite low compared to other products on this page, the aim of this account is to help children learn about savings and banking in general. With a virtual piggy bank, a learning center with Sesame Street characters and ample parental controls, this account also boasts no minimum deposit requirements and no monthly fees.
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Best for Teens and Students
Best for Teens and Students
First PREMIER Bank Kids Club Savings Account
First PREMIER Bank Kids Club Savings Account
2.5WalletHub Rating
WalletHub Rating
2.5
This product has been scored using WalletHub’s proprietary rating system for banking products. We evaluated this account for various consumer needs and picked the rating for the need with the highest score, which is "Saving an above-average amount."
Market Comparison
2.5
Fees: 5.0
Interest Rates: 2.0
savings: 2.2
Other Features: 3.9
Apply Now
APY | Monthly Fee | Signup Bonus |
---|---|---|
2.26% | $2 | None |
APY
2.26%
Monthly Fee
$2
Editors’ Thoughts
The First PREMIER Bank Kids Club Savings Account offers a 2.26% APY, has no monthly fees, $50 minimum to open and the option to graduate to a regular savings account. The competitive rate, alongside the myriad of online and app resources available to all kids up to 18 years old makes First Premier’s offer the best around for teenagers.
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Were the editor’s picks helpful?
2024’s Best Credit Union Savings Accounts for Kids – Editor’s Picks
How to Find the Best Savings Account – 7 Tips
Unlike choosing a mortgage or even applying for a credit card, finding the best savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.
But you still need a way to choose between 2024’s Best Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.
- Prioritize a High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So, focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.
- Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.
- Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.
- Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.
- Take Advantage of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.
- Stick to the Plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.
- Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.
Questions & Answers
Finding the best savings account can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.
Expert Opinions
To help parents find the right starter bank account for their kids, we posed the following questions to a panel of experts. You can see who they are and read their responses below. Just click “Read More” under an expert’s name.
- What advice do you have for parents who want to open a bank account for their child?
- What do you think are the biggest mistakes that people make when picking out bank accounts for their kids?
- What would you say are the biggest mistakes that people make when teaching their kids about banking?
Thomas Hall
Associate Professor of Finance and Economics, Joseph W. Luter, III School of Business and Associate Director, Public History Center – Christopher Newport University
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Mohammad Mostafavi-Dehzooei
Ph.D., Assistant Professor, College of Business and Computing –Georgia Southwestern State University
Read More
Evan W. Osborne
Ph.D., Professor of Economics, Department of Economics, Wright State University
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Vondra Armstrong
Ed.D., MOS, CS, Associate Teaching Professor, University of Arkansas - Pulaski Technical College
Read More
Som Bhattacharya
Ph.D., Dean & Professor of Accounting, College of Business & Management – University of Illinois Springfield
Read More
Robert Haywood Scott III
Ph.D., Professor & Greenbaum/Ferguson/NJAR Endowed Chair in Real Estate Policy – Department of Economics, Finance & Real Estate – Leon Hess Business School, Monmouth University
Read More
More Experts
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