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All Contents © 2020The Kiplinger Washington Editors
By Miriam Cross, Associate Editor
| July 1, 2019
These banks include accounts tailored to kids and teens that give them the freedom to manage their own money.
Here’s a look at our top bank picks for families with children.
Informa Financial Intelligence compiled the data as reported by the financial institutions that it tracks; the information is subject to change. All rates as of June 20, 2019.
Why it won: Family members of all ages will find easy-to-manage, no-fee accounts.
Standout accounts: Money Teen Checking yields 0.25% on all balances. Kids savings yields 1% on all balances.
Where it is: About 500 branches in eight eastern and southern states and Washington, D.C.
Teenagers between ages 13 and 17 can get a handle on their finances with a dedicated checking account that allows them to submit checks, make direct deposits and more. As joint owner, a parent can keep tabs on the account. Once a child turns 18, he or she can roll his or her balance into a regular 360 checking account. Kids under age 18 can tuck birthday checks and other earnings into a special savings account that returns the same rate as the adult version.
Both parent and teen holders of the Money account are privy to additional features on the mobile app. Both can track activity, automatically transfer allowance money, and set up a simple budget.
Why it won: Kids and teens earn the same high rates as adults with accounts created specifically for them.
Standout accounts: Teen Checking pays 0.65% on any balance. Kids Savings yields 2.1% on $100 or more.
Where it is: One branch in Chicago; otherwise online only.
Teens between the ages of 13 and 17 can get free checking and earn interest with two simple conditions: opt into e-statements and collect at least one electronic deposit per month (a parent transferring funds from an external bank qualifies). Parent joint owners get to view the account, authorize any outgoing transfers and set up alerts. At age 18, a teen can transition into the free High-Rate Checking account. Members can access more than 80,000 ATMs nationwide and get back up to $20 in out-of-network ATM costs each month with either checking account. The savings account for children younger than 13 pays the same high rate as the adult savings account, and Alliant will cover the $5 needed to open either one. (To join Alliant, the credit union will make a $5 donation to its partner charity Foster Care to Success on your behalf.)
These stellar banks and credit unions are making all the right moves to win satisfied customers:
Best National Banks
Best Banks for High-Net-Worth Families
Best Internet Banks
Best Banks for Families With Students
Best Banks for No-Fee, No-Fuss
Best Credit Unions
Best Banks for Frequent Travelers
Best Regional Banks
Best Banks for Retirees