Bank Accounts for Kids

Updated on September 21, 2010
D.C. asks from Plano, TX
18 answers

Do your kids have their own bank account ???

If so....which bank are you using....

Bank of America (our bank) doesn't offer a good deal (has to have $300 in it or else there is a fee)

USAA offers a fee free kids account.....

Any experiences ???

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answers from Charlotte on


2 moms found this helpful


answers from San Francisco on

I agree with finding a credit union, they are usually the best. Here is a link so you can find out where you are eligible for membership and then you can research them from there.

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answers from Fresno on

Our kids have accounts at our credit union. It's free, and they get a small amount of interest in the account monthly.

2 moms found this helpful


answers from Missoula on

In my experience you are almost always better off at a credit union. Lower minimum balances, or none at all, and they often have great savings programs for kids. Our local credit union has an account for kids or parents to save for college. You can only deposit up to $1000 dollars, but it earns 10% interest. Check out what credit unions in your area offer.

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answers from Dover on

We use our local credit uinion...the best interest rates for smaller balance accounts.

1 mom found this helpful


answers from Los Angeles on

We use the bank through my husband's work. It's a credit union bank and both my kids have an account.



answers from Austin on

We used a local bank growing up... We had "peewee penguin" accounts that were specifically for kids. It only needed to have $15 to keep open. We got a little record book so we could keep track of how much we had, every month we got a letter from the bank that had some random kid's games (crossword, color picture, etc) that were bank-oriented (along with a kid-friendly bank statement). Every time we made a deposit we would get a sticker and treat of some kind from the bank. It was great! unfortunately, that bank is in Idaho... so I won't be able to use it for my DD when she is old enough. Maybe check with local banks?



answers from New York on

We have a circle account at Citizens bank. Within that "circle" we have our checking, savings, a savings account for each child and our home equity line of credit. Because the kids accounts are part of our "circle" there was no minimal amount needed to start the account.



answers from New York on

TD bank gives the kids 10 when you start with 10 dollars... we stared it there and once they got to 200 we opened a GE savings acct.. you do it online... you get more interest from GE... but you have to have a minimum... TD pays like one penny interest... not very good.. but getting that 10 dollars is a good thing.


answers from Houston on

im about to get my daughter one, its only a savings, its free and there is no minimum amount, it will be in my name but she gets to have her money making money and look at it online. I bank with chase.


answers from Dallas on

My daughter has a BOA account. We use BOA because that is where our business accounts and personal accounts are located.

We don't pay any fees.



answers from Anchorage on

My boys are both with USAA, and we are very happy with them.



answers from Portland on

I am currently banking with Wells Fargo. My daughter's account has no minimum balance, no fees, and only required a 3 dollar deposit to get started.



answers from Topeka on

Yes my kids have had a bank account since their 1st Birthday...They use to recieive $20.00 a paycheck when hubby had a great job before it went under.If not they have piggy banks where they aren't allowed into it unless it is one that they are saving something for (they have several banks)saving $$$ is an important lesson we are teaching our children.Anyway we have CoreFirst Bank formerly Commerece Bank there are no fees & I think $5.00 to open an account



answers from New York on

My daughter has a savings account with Wachovia. I don't remember the minimum balance. There are no fees. The interest is minimal, the same as my account.

Your best bet is a credit union. I found out at school orientation, since the kids were part of the school district, they qualified to open accounts with the "Teachers Credit Union" in our city.


answers from Nashville on

My parents started a bank account for all 4 of there grandkids. they do herritage bank and at our schools the kids on certain days they do bank day and the kids can make a deposit in there account from there elementary school. But there isnt any certain amount you have to have in there. ANd on there birthdays and christmas and other times there grandparents will make deposits in there account and when there piggy banks get full they go make there deposit...



answers from Honolulu on

Use a local bank... that way, you can go with your child to the bank, they will learn about visiting the bank and how to process things.
that is part of their learning too... and also about saving money.

Try other Banks.

But since this is for a child, it will probably be a custodial account.



answers from Seattle on

We do all of our banking through USAA.

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