Best Savings Accounts for Kids and Teens 2026

Q: What is the difference between a custodial account and a teen checking account?

A custodial account (like an UGMA/UTMA) is legally owned by the minor but controlled by an adult custodian. The assets in the account are irrevocably the child's, and they gain full control upon reaching the age of majority (18 or 21, depending on the state). A teen checking account , on the other hand, is typically a joint account with a parent or guardian, designed to teach responsible spending and saving with a debit card and parental controls. The parent usually retains more direct control and can close the account at any time.

📋 Reviewed by WiseIQ Editorial Team · Updated April 2026 · Editorially independent

Teaching kids and teens about money management is crucial for their financial future. Our comprehensive guide reviews the best savings accounts designed specifically for young savers, offering competitive rates, low fees, and robust parental controls to help them learn and grow.

Quick Comparison: Best Savings Accounts for Kids and Teens at a Glance

Bank/Product Name	Key Rate/Reward	Annual Fee	Min Credit Score	Best For
Ally Bank Online Savings Account	3.20% APY	$0	N/A	High-yield savings with no minimums
Capital One MONEY Teen Checking	0.10% APY	$0	N/A	Fee-free checking with parental controls
Chase First Banking	0% APY	$0	N/A	Parental control over spending and chores
Greenlight (Infinity Plan)	Up to 5% Earned on Savings	$15.98/month	N/A	Integrated debit card, investing, and family safety
Fidelity Youth Account	N/A (Brokerage Account)	$0	N/A	Teen-owned investing with parental oversight

Our Top Picks for Kids and Teens

Ally Bank Online Savings Account

Best for High-yield savings with no minimums

3.20%

APY

Annual Fee

Minimum Balance

Pros

Consistently competitive APY across all balance tiers.
No monthly maintenance fees or minimum balance requirements.
Features like Savings Buckets and Surprise Savings help organize and grow money.
24/7 customer service and online/mobile banking tools.

Cons

No physical branches for in-person banking.
Custodial accounts are set up for parents, not directly for minors to manage.

Apply Now

Capital One MONEY Teen Checking

Best for Fee-free checking with parental controls

0.10%

APY

Annual Fee

Minimum Balance

Pros

No monthly fees or minimum balance requirements.
Robust parental controls, including spending limits and transaction monitoring.
Teen-friendly debit card for independent spending.
Access to over 70,000 fee-free ATMs.

Cons

Very low APY compared to dedicated savings accounts.
Primarily a checking account, not focused on high-yield savings.

Apply Now

Chase First Banking

Best for Parental control over spending and chores

APY

Annual Fee

Minimum Balance

Pros

Strong parental controls for setting spending limits and assigning chores.
Kids get their own debit card for controlled spending.
No monthly service fees.
Integration with parent's Chase checking account for easy transfers.

Cons

Does not earn interest (0% APY).
Requires a parent to have an existing Chase checking account.
Limited to ages 6-17.

Apply Now

Greenlight (Infinity Plan)

Best for Integrated debit card, investing, and family safety

Up to 5%

Earned on Savings

$15.98

Monthly Fee

Minimum Balance

Pros

Offers competitive earned on savings rates with higher-tier plans.
Comprehensive features including debit card, investing platform, chores, allowance, and financial literacy games.
Robust parental controls and family safety features (location sharing, SOS alerts).

Cons

Subscription-based service with a monthly fee, which can be substantial for higher-tier plans.
APY is tied to specific plans and may require a higher monthly fee for the best rates.

Apply Now

Fidelity Youth Account

Best for Teen-owned investing with parental oversight

N/A

APY

Annual Fee

Minimum Balance

Pros

Allows teens (ages 13-17) to learn investing with real money.
No account fees or minimums.
Parental oversight and ability to monitor activity.
Debit card available for spending from the account.

Cons

Primarily an investment account, not a traditional savings account with an APY.
Only available for teens aged 13-17.
Requires a parent to have an existing Fidelity account.

Apply Now

Get Started

How We Chose the Best Savings Accounts for Kids and Teens

Our Selection Criteria

1. Interest Rates and Earning Potential We prioritize accounts that offer competitive Annual Percentage Yields (APY) to maximize savings growth, or strong investment potential for brokerage accounts.

2. Fees and Minimums We emphasize accounts with no or low monthly maintenance fees and minimal opening deposit requirements to ensure accessibility and prevent erosion of savings.

3. Parental Controls and Educational Features Crucial for guiding young savers, we assess features like spending limits, transaction alerts, chore management, allowance automation, and integrated financial literacy tools.

4. Accessibility and Convenience Ease of management through user-friendly mobile apps, online banking platforms, customer support, and convenient deposit/withdrawal options are key considerations.

Who Should Apply?

Parents looking to teach basic money management to younger children (ages 6-12)

For parents who want to introduce their elementary and middle school-aged children to the fundamentals of saving and spending with a debit card, accounts like Chase First Banking offer excellent parental controls and chore management features. These accounts allow parents to set clear boundaries and monitor transactions, providing a safe environment for kids to learn financial responsibility.

Teens (ages 13+) ready for more financial independence and investing experience

Older teens who are ready to take a more active role in managing their money, including exploring investments, would benefit from accounts like the Fidelity Youth Account. This account provides a platform for teens to learn about the stock market with parental oversight, fostering a deeper understanding of financial growth beyond traditional savings.

Families seeking high-yield savings with robust digital tools

If the primary goal is to maximize savings growth with competitive interest rates and leverage modern digital banking tools, Ally Bank Online Savings Account is an ideal choice. Its high APY, no fees, and innovative features like Savings Buckets and Surprise Savings make it perfect for families focused on accumulating wealth efficiently.

Families desiring an all-in-one financial solution with advanced features

For families looking for a comprehensive solution that combines a debit card, savings, investing, and advanced parental controls, Greenlight (especially the Infinity Plan) stands out. While it comes with a monthly fee, the extensive features, including earned interest on savings, make it a powerful tool for holistic financial education and management.

Frequently Asked Questions

Q: What is the best age to open a savings account for a child?

A: There isn't a single best age, as it depends on the child's maturity and your family's financial goals. Some accounts are available for children as young as 6, while others target teens. Generally, starting early allows for more time to learn and for savings to grow through compounding interest.

Q: Are there any fees associated with kids' savings accounts?

A: Many of the best kids' savings accounts, especially those from online banks, offer no monthly maintenance fees or minimum balance requirements. However, some accounts, particularly those with advanced features like Greenlight, may charge a monthly subscription fee. Always review the fee schedule before opening an account.

Q: Can a child access their savings account independently?

A: The level of access a child has to their savings account varies by bank and account type. Custodial accounts are legally owned by the child but managed by an adult until the child reaches the age of majority. Teen checking or youth accounts often come with a debit card and parental controls, allowing teens some independence while parents maintain oversight. Direct access for very young children is typically limited.

Q: What is the difference between a custodial account and a teen checking account?

A: A custodial account (like an UGMA/UTMA) is legally owned by the minor but controlled by an adult custodian. The assets in the account are irrevocably the child's, and they gain full control upon reaching the age of majority (18 or 21, depending on the state). A teen checking account, on the other hand, is typically a joint account with a parent or guardian, designed to teach responsible spending and saving with a debit card and parental controls. The parent usually retains more direct control and can close the account at any time.