5 Best Savings Accounts for Kids: Our Family’s Top Picks

A few years ago, my daughter walked out of the Apple Store holding her very first phone.

What made the moment special wasn’t the phone itself.

She paid for it.

For years, she’d been saving birthday money, cash gifts from relatives, and money she earned helping with my business. Before the phone, she saved for her own bike. Today, she’s saving for her first laptop as she prepares to start high school.

Teaching our kids how to save has been one of the most important financial lessons we’ve shared as parents.

When our daughter was younger, we used simple glass jars for spending, saving, and giving. As she got older and her savings goals grew, we moved to online savings accounts and eventually found a family banking solution that worked even better.

Along the way, we tested several options.

What we found was that the best savings account for kids isn’t necessarily the one with the highest interest rate. It’s the one your family will actually use consistently.

After testing these options with my own family, here are my picks for the best savings accounts for kids.

Disclosure

I may receive compensation if you open an account through some of the links below. My family personally uses Crew today, and I’m also a minority shareholder in the company.

I became a customer first and later invested in the company because I believed in what they were building.

As always, I only recommend products I believe provide value for families.

Best Savings Accounts for Kids at a Glance

*Greenlight offers a Savings Reward rather than a traditional APY. Reward rates currently range from 2% to 6% depending on the subscription tier selected.

What Makes a Great Savings Account for Kids?

When evaluating savings accounts for my own children, I focused on five key factors:

1. Simplicity

The best savings account for kids is the one your family will actually use.

A slightly higher interest rate doesn’t matter much if the account is complicated, difficult to manage, or creates extra work for busy parents.

2. Kid Ownership

As children get older, they should have opportunities to manage money themselves.

That means checking balances, tracking savings goals, making spending decisions, and learning from mistakes along the way.

The right account helps kids build confidence with money while still giving parents appropriate oversight.

3. Low Costs

I generally prefer avoiding monthly subscriptions whenever possible.

If a free account can accomplish the same goal as a paid one, that’s usually the better option for most families.

4. Parent Controls

Younger kids need guidance.

The best accounts make it easy for parents to monitor activity, transfer money, and help their children develop healthy money habits.

5. Competitive Returns

Interest earnings still matter.

While I don’t think APY should be the only factor in your decision, I do want my kids’ money earning something while they save toward their goals.

With those criteria in mind, here’s my top pick.

#1 Crew: Best Overall Savings Account for Kids

If you’re looking for the best overall solution for saving, spending, and managing money as a family, Crew is my top pick.

Unlike traditional savings accounts that focus solely on earning interest, Crew is a family banking solution designed to help parents and kids manage money together.

Today, my wife, my kids, and I all use Crew.

Why Crew Ranked #1

Crew combines many of the features I used to manage across multiple accounts and institutions:

• 2.95% APY on balances
• No monthly fees
• No account minimums
• Kids get their own debit cards
• Kids get their own app access
• Parent oversight and controls
• Family banking in one place

For years, our family used a combination of checking accounts, savings accounts, and budgeting systems spread across multiple institutions.

It worked, but it wasn’t simple.

At one point, we had:

• Parent checking accounts (with PNC)
• Emergency savings accounts (with Ally)
• Kids savings accounts (with Ally)
• Kids checking accounts (with Ally)

All in different places.

Crew brought everything together.

Why My Family Switched

My wife and I have been Ally customers for more than 10 years and still use Ally today.

For years, we also used Ally custodial savings and checking accounts for our children.

The challenge wasn’t Ally.

As our kids got older, we wanted them to have more ownership over their money.

We wanted them to:

• Have debit cards with their names on them
• Log into their own app
• Check their balances independently
• Learn how to manage money without asking Mom or Dad every time

Crew made that possible while also simplifying our family’s banking setup.

What My Kids Like About Crew

My daughter and son can easily:

• Check their balances
• Track savings goals
• Spend money with their debit cards
• Transfer money between goals
• Learn how their financial decisions affect their progress

That independence has created more opportunities for money conversations and financial learning.

As a parent, that’s exactly what I was hoping for.

Areas for Improvement

No financial tool is perfect, and Crew still has a few areas where I’d like to see improvements.

• No desktop login: Crew is currently app-only. The mobile experience works well, but I’d appreciate the option to manage finances from a laptop.
• Not the highest APY available: Crew’s 2.95% APY is competitive, but some high-yield savings accounts occasionally offer slightly higher rates.
• No check writing: Most banking is digital today, but there are still times when a paper check comes in handy.

These drawbacks haven’t been significant enough for my family to switch, but they’re worth considering as you compare your options.

Full Disclosure

I became a customer of Crew before I became an investor.

After using the platform with my family, I chose to become a minority shareholder because I believed in what the company was building.

That investment doesn’t change my opinion.

If Crew stopped being the best solution for my family, I’d say so.

Bottom Line

Crew is the account my family uses today because it makes family banking simple.

It helps my kids save, spend, and learn about money while giving my wife and me the oversight we want as parents.

Want a deeper dive? Check out my full Crew review.

#2 Ally: Best Traditional Online Bank for Kids

If you’re looking for a straightforward savings account for your child, Ally remains one of my favorite options.

In fact, my wife and I have been Ally customers for more than 10 years and still use Ally today.

Before switching our kids’ accounts to Crew, we used Ally savings and checking accounts for both of our children. For years, it was our go-to solution for helping our kids save money and earn interest on their balances.

Why Ally Ranked #2

Ally offers several advantages for families:

• 3.0% APY
• No monthly maintenance fees
• No minimum balance requirements
• Easy online account management
• Strong reputation for customer service

If your primary goal is helping your child save money in a simple, high-yield account, Ally is an excellent choice.

Why We Chose Ally for Years

When our kids were younger, Ally solved a major problem for our family.

Instead of keeping cash in jars around the house, we could deposit money into an online savings account where it could grow while our kids worked toward their goals.

Whether our daughter was saving for a bike or eventually her first phone, Ally gave us an easy place to store that money and track progress.

Why We Eventually Outgrew Ally

The challenge wasn’t Ally itself.

As our children got older, we wanted them to have more ownership over their money.

We wanted them to have debit cards with their names on them, their own app access, and the ability to monitor their spending and savings independently.

We also found ourselves managing multiple accounts across multiple institutions.

For our family, Crew eventually became a better fit because it combined those features into one platform.

But if you’re primarily looking for a traditional savings account with a competitive APY, Ally remains one of the strongest options available.

Bottom Line

Ally is still one of my favorite online banks and continues to be part of our family’s financial life today.

For parents who want a simple, fee-free savings account for their child, Ally is an excellent choice.

👉 Read my full Ally review.

#3 Capital One Kids Savings: Best Simple Savings Account

If you’re looking for a straightforward savings account without a lot of bells and whistles, Capital One Kids Savings is worth considering.

The account offers a competitive 2.5% APY, no monthly fees, and no minimum balance requirements.

Why Capital One Ranked #3

Capital One Kids Savings stands out for its simplicity.

Parents can open an account for their child and begin saving right away without worrying about maintenance fees or complicated requirements.

Key benefits include:

• 2.5% APY
• No monthly fees
• No minimum balance requirements
• Easy online account access
• Trusted national brand

My Experience With Capital One

Before becoming an Ally customer, I used Capital One 360 savings accounts for years.

I always had a positive experience with the company and appreciated their focus on online banking long before it became mainstream.

While I haven’t personally used the Capital One Kids Savings account, the combination of competitive interest rates, no fees, and a strong reputation makes it one of the best options available for families.

Where Capital One Falls Short

Compared to Crew and Greenlight, Capital One is primarily a savings account.

It doesn’t offer the same family banking tools, kid-specific spending features, or hands-on money management experience that some families may want as their children get older.

For younger children who simply need a place to save money and watch it grow, that may not be a drawback at all.

Bottom Line

Capital One Kids Savings is a strong choice for parents who want a simple, fee-free savings account with a competitive interest rate.

If your primary goal is helping your child build a savings habit, Capital One keeps things easy.

👉 Learn more about Capital One Kids Savings.

#4 Greenlight: Best Premium Family Finance App

If you’re looking for the most feature-rich money app for kids, Greenlight deserves a close look.

The platform combines spending, saving, chores, allowance management, investing, and parental controls into a single app designed specifically for families.

In many ways, Greenlight helped pioneer the family banking category.

Why Greenlight Ranked #4

Greenlight offers some of the strongest family-focused features available today:

• Debit cards for kids
• Savings goals
• Chore and allowance tracking
• Strong parent controls
• Investing features for older kids
• Savings Rewards ranging from 2% to 6%

For families who want an all-in-one money management app, Greenlight can be an excellent solution.

Why It Didn’t Rank Higher

The biggest drawback is cost.

Greenlight plans currently range from $5.99 to $19.98 per month per family.

While the platform includes a lot of value, many families simply don’t need another monthly subscription.

Free options like Crew, Ally, and Capital One can help kids build healthy saving habits without adding another recurring bill.

Greenlight vs. Crew

When I compare Greenlight to Crew, I see two strong family banking solutions with different approaches.

Greenlight offers more robust chore tracking and family finance features.

Crew, on the other hand, combines family banking and high-yield banking without a monthly fee.

For my family, that made Crew the better overall value.

Bottom Line

Greenlight is a powerful option for families who want advanced money management tools, chore tracking, and strong parental controls.

If you’re willing to pay a monthly subscription for those features, it may be worth the investment.

👉 Read my full Greenlight review for a deeper look at the platform.

#5 Chase First Banking: Best for Existing Chase Customers

If your family already banks with Chase, Chase First Banking may be worth considering.

While it doesn’t function like a traditional high-yield savings account, it can help children learn how to manage money, spend responsibly, and work toward savings goals.

Why Chase Ranked #5

Chase First Banking offers several family-friendly features:

• Debit card for kids
• Parent controls
• Spending oversight
• Savings goals
• Integration with existing Chase accounts

For busy parents who already use Chase, the convenience factor is hard to ignore.

Why It Ranked Lower

Unlike the other options on this list, Chase First Banking doesn’t pay interest on account balances.

Parents can help their children set savings goals and contribute money toward those goals, but the account itself isn’t designed to grow savings through APY earnings.

If your primary objective is maximizing interest on your child’s savings, options like Ally, Capital One, or Crew are likely better choices.

My Experience With Chase

While I don’t use Chase First Banking with my own children, I do use Chase for my business banking.

I’ve generally had a positive experience with the company and can understand why many families prefer keeping all of their accounts under one roof.

Sometimes convenience wins.

Bottom Line

Chase First Banking isn’t the strongest savings account on this list, but it may be the easiest option for families who already bank with Chase.

If having everything in one place helps you get started teaching your kids about money, that’s far more important than earning an extra percentage point of interest.

👉 Learn more about Chase First Banking.

Savings Accounts vs. Investment Accounts for Kids

A savings account is a great place for kids to learn money management and save for short-term goals like a bike, phone, gaming system, or laptop.

But if your child’s goal is more than five years away, investing may be a better option.

As a general rule, I like to use savings accounts for goals that are less than five years away and investment accounts for goals that are five years away or longer.

Here’s how I think about the different options:

529 Plans for College Savings

If your goal is helping your child pay for college, a 529 Plan is one of the most powerful savings vehicles available.

These accounts offer tax advantages and can be used for qualified education expenses.

👉 Learn more about 529 college savings plans.

Roth IRA for Kids

If your child earns income from a job or family business, a Roth IRA can be an incredible wealth-building tool.

My daughter and son earned money helping with my business, and I’ve been a big believer in helping kids invest early whenever possible.

👉 Learn how to open a Roth IRA for your child.

Custodial Brokerage Accounts

If you’re investing for goals that are at least five years away, a custodial brokerage account can be a powerful option.

These accounts allow you to invest in assets like index funds and ETFs for future expenses such as:

• A first car
• A home down payment
• A wedding
• Starting a business
• General wealth building

The tradeoff is that the assets legally become your child’s property when they reach the age of majority, which is typically 18 or 21 depending on your state.

👉 Learn more about custodial brokerage accounts for kids.

Parent-Owned Brokerage Accounts

This is personally my favorite option for long-term family wealth building.

The money can still be used for future goals like a car, home down payment, wedding, or business startup, but you retain control of the assets.

That means you can decide when your child is financially ready to receive the money instead of automatically transferring ownership at age 18 or 21.

For many parents, that flexibility is a major advantage.

👉 Learn more about parent-owned brokerage accounts vs. custodial accounts.

What About Trump Accounts?

Trump Accounts are a newer option designed to help families invest for their children’s future.

While they offer some unique benefits, they’re not a replacement for a traditional savings account.

👉 Read our full breakdown of the pros and cons of Trump Accounts for kids.

My Recommendation

For most families, I wouldn’t view this as an either-or decision.

A savings account helps your child learn how to manage money today.

An investment account helps build wealth for tomorrow.

The combination of both can be incredibly powerful.

Why I Didn’t Include Fidelity, Schwab, Vanguard, or Acorns

You may have noticed a few popular financial companies missing from this list.

That’s not because they’re bad options. It’s because this article focuses specifically on savings accounts for kids.

Acorns Early

Acorns Early was the toughest omission from this list.

Unlike traditional investment companies, Acorns Early is designed specifically for families and includes features like debit cards, allowance management, financial literacy lessons, investing tools, and parental controls.

Ultimately, I left it off this list because it doesn’t pay interest on savings balances and requires a monthly subscription. For families focused primarily on building savings, I believe the options above are stronger choices.

That said, if you’re looking for a broader financial literacy platform that combines saving, spending, and investing, Acorns Early is worth considering.

👉 Learn more in our Acorns Early review.

Fidelity Youth Account

The Fidelity Youth Account is a strong option for teenagers who are ready to begin managing their own money and investing.

However, it’s geared more toward older kids and teens than younger children who are simply learning how to save.

👉 Learn more about the Fidelity Youth Account.

Charles Schwab

Schwab offers excellent brokerage and investing accounts, and its Schwab One® Custodial Account and Schwab Teen account can be strong options for long-term investing.

For families looking to teach investing, Schwab is worth considering. For savings, I believe the options on this list are stronger.

👉 Learn more about the Schwab Teen account.

Vanguard

Vanguard offers excellent custodial brokerage accounts through UGMA and UTMA accounts.

In fact, if you’re investing for goals that are at least five years away, Vanguard can be a great option for long-term wealth building.

However, Vanguard is an investment platform rather than a savings account provider, which is why it didn’t make this list.

👉 Learn more about Vanguard custodial accounts.

Frequently Asked Questions

What is the best savings account for kids?

My top pick is Crew because it combines high-yield banking, debit cards, parent controls, and family banking in one place.

That said, the best savings account for your child is the one your family will actually use consistently. For some families, that may be Ally, Capital One, Greenlight, or Chase.

Can a child have a high-yield savings account?

Yes.

Many banks and fintech companies offer savings accounts designed specifically for kids or allow parents to open custodial savings accounts on behalf of their children.

High-yield savings accounts can help kids earn interest while they save for goals like a bike, phone, gaming system, or laptop.

At what age should a child get a savings account?

There’s no perfect age, but I generally like introducing the concept of saving as soon as children begin receiving money from gifts, chores, or work.

For younger kids, a simple jar system can work well. As children get older and begin saving for larger goals, a savings account can help them track progress and build healthy money habits.

Should kids have both checking and savings accounts?

In many cases, yes.

A savings account teaches delayed gratification and goal setting, while a checking account gives kids experience spending money responsibly.

That’s one reason I like solutions such as Crew that combine saving and spending tools in one place.

Is a savings account or investment account better for kids?

It depends on the goal.

For money that will be used within the next five years, I generally prefer a savings account.

For goals that are five or more years away, investing may be the better option.

A savings account helps your child learn how to manage money today. An investment account helps build wealth for tomorrow.

For many families, having both can be a powerful combination.

Final Thoughts

Looking back, the savings account mattered less than the habit.

The account didn’t buy my daughter’s bike.

The account didn’t buy her first phone.

And it won’t buy the laptop she’s saving for now.

She did.

The account simply gave her a place to save, track her progress, and stay motivated toward her goals.

That’s why I believe the best savings account for kids isn’t necessarily the one with the highest interest rate. It’s the one that helps your family consistently save, spend, and learn about money together.

For my family, that’s Crew.

But whether you choose Crew, Ally, Capital One, Greenlight, or Chase, the most important step is helping your child start building healthy money habits today.

Because those habits can last a lifetime.

Ready to Help Your Kids Build Strong Money Habits?

My family uses Crew because it combines saving, spending, and family banking in one simple platform.

If you’re looking for a way to help your kids manage money while keeping your family’s finances organized, it’s worth checking out.

Or, if you’d like to learn more first, read my detailed Crew Review.