Best Savings Accounts For Kids And Teens Of 2026

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Best Savings Accounts For Kids And Teens Of 2026

We assessed 73 youth savings accounts to develop our ranking of the best high-yield savings accounts for kids and teens, focusing on fees, minimum deposit requirements, branch and ATM access and customer experience.

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Compare the best savings accounts for kids and teens below and learn what to look for when comparing options.

Top Editorial PicksDive into the data

How We Picked the Best Savings Accounts for Kids and Teens

To create this list, Forbes Advisor analyzed 73 youth savings accounts at 53 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on dozens of data points, including fees, accessibility, customer experience, digital experience, minimums and APY.

To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.

How We Evaluate the Best Savings Accounts for Kids and Teens 2026

We reviewed accounts designed for kids and teens under 18.

We assessed each account based on 10 distinct dimensions.

We checked 730 data points like fees and branch access.

We scored each savings account based on key factors that matter most for minor account holders. Here’s a breakdown of the scoring categories and the weight used for each account’s overall rating:

(40%)APY
(20%)Fees
(10%)Minimums
(10%)Customer experience
(10%)Digital experience
(5%)Branch access
(5%)Chat support

Our team has over a decade of experience reviewing financial products, including checking accounts, savings accounts, money market accounts and more. We’re passionate about helping consumers maximize yields while keeping banking fees as low as possible.

Best Savings Accounts for Kids

Comparison: Best Savings Accounts for Kids and Teens

Compare Kids Savings Accounts by APY and Balance Requirements

Compare Kids Savings Accounts by Fees & Minimum Requirements

Compare Kids Savings Accounts by Parent Controls & Account Restrictions

What Is a Kids’ Savings Account?

What To Look for in a Kids’ Savings Account

Benefits of Opening a Savings Account for Your Child

When To Open a Children’s Savings Account

How To Open a Savings Account for Your Kid or Teenager

Alternatives to Savings Accounts for Kids

– Lili offers banking, accounting, and taxes – all working seamlessly together so mall business owners can scale their businesses with confidence

– Earn a competitive up to 4.00% APY* on savings balances up to $1 Million

– Automated tax savings to help you stay on top of your finances.

– Free ACH transfers, mailed checks, and domestic wires

– No Non-Sufficient Funds (NSF) fees

– Effortlessly manage your finances with built-in bookkeeping tools

– Instant expense tracking and financial insights through a user-friendly platform

– Lili is a financial company, not a bank. Banking services are provided by Sunrise Banks, Member FDIC.

Special discount: Get 30 days free plus 40% off the Lili Smart plan fee for 3 months

Sunrise Banks N.A., Member FDIC

*The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of December 1, 2025. Must have at least $0.01 in savings to earn interest. The APY applies to balances of up to and including $1,000,000. Any portions of a balance over $1,000,000 will not earn interest or have a yield. Available to Lili Core, Lili Pro, Lili Smart, and Lili Premium account holders only; applicable monthly account fees apply.

Plan fees (per month): Lily Basic, Free; Lily Pro, $15; Lily Smart, $35; Lil Premium, $55.

Checking
Member FDIC
APY
N/ASep 4, 2026
BonusEarn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.

>
Up to $500 Offer
Min. Deposit
$0
TERM
N/A
Est. EarningsInterest earned calculation based on deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.

>
N/A
PRODUCTS
FEES
ATM NETWORKS

Waive the $15 Monthly Service Fee in multiple ways like keeping a minimum $2,000 balance, plus use built-in offerings such as card acceptance, invoicing, Chase Customer Insights and Tap to Pay on iPhone.

Process all major debit and credit cards with QuickAccept® – it’s a built-in feature with your Business Complete Checking account.

Waive the $15 Monthly Service Fee in multiple ways like keeping a minimum $2,000 balance, plus use built-in offerings such as card acceptance, invoicing, Chase Customer Insights and Tap to Pay on iPhone at no additional cost

Savings
Member FDIC
APY
The annual percentage yield (APY) is accurate as of August 17, 2026 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

>
3.80%Sep 4, 2026
Min. Deposit
$500
TERM
N/A
Est. Earnings>
$NaN
PRODUCTS
FEES
ATM NETWORKS
On Western Alliance Bank’s Website

– High-yield savings account with a competitive rate.

– No account fees.

– U.S.-based customer service support available from 6 a.m. to 6 p.m. PST Monday – Friday.

– No interest rate tiers. $0.01 balance required to earn interest.

– Option to open either an individual or joint account.

– FDIC Insurance up to $250,000 for individual accounts and $500,000 for joint accounts.

Checking
Member FDIC
APY
>
up to 3.00%Sep 4, 2026
BonusEarn a $500 bonus after opening a new Bluevine Business Checking account between now and March 31, 2026, using referral code FORBES500 and meeting eligibility requirements. Terms apply.

>
$500
Min. Deposit
$0
TERM
N/A
Est. Earnings>
$NaN
PRODUCTS
FEES
ATM NETWORKS