The banks listed here are listed in the order of APY (Annual Percentage Yield) with the highest APY featured first. They are not listed in order of how good they are because some of them have lower APY rates but are far superior to their competition. That is why each features a personal review from us.

Northwest FCU – Youth Club Share Savings

APY 2.28% to 4.00%

You will only find a branch in Virginia, but their online services are nationwide and you can still use local ATM machines. This is only a small bank, but a healthy one that allows kids to save up to $1000 with an interest rate of 2.28%, but their junior airsaver rates are 4.00% for people that are young enough.

Our Review

The best thing about the account is that if you manage to save over $1000, then you get 4% on the $1000, and then anything over that you get 0.25% on, which is not bad. Getting started is a little tricky, but once you are up and running it is easy to maintain. It doesn’t have many features because a young person’s saving account shouldn’t.

Apple FCU – eXtras Student Savings

APY 2.00%

Not affiliated with the Apple technology company, they are the Apple Credit Union with branches in Virginia and a nationwide account you can use over the Internet. You can use ATMs in your local area. You get 2.00% APY up to $1,499.99 and 0.10% APY for any balances over $1,500. It is a bank for saving smaller amounts.

Our Review

It is a good place to get a savings account, but not so great for getting a loan; though that will not be a problem for younger people. The bank is not too pushy about selling services, especially to your kids, which is a nice touch. They also have accounts for students and for saving for vacations.

Northpointe Bank – Kid’s Savings

APY 1.50%

This bank is based in one place in Michigan, but it is fairly big on its own with over 180 employees. You can use the account online and transfer money out online. It is handy for having your younger kids pay money in without any real means of getting it out. The child can be in charge of the online account, but will have to transfer the money to you to draw it out, which is not a terrible thing.

Our Review

Their savings rate is rather good and ideal for a younger person that shouldn’t really be spending too much anyway. After all, you do not want to raise a spender (do you?). They are a good starter bank, but may become unsuitable for your child once he or she reaches college.

Affinity FCU – Revolution Save

APY 1.25%

This is a New Jersey credit union that can offer you branches in New Jersey and an online account anywhere else. Up to $2,500 you get 1.25% APY and at $2,500.01+ you get 0.25% APY. They offer a good rate for children saving, but their business is mostly associated with businesses and they do not pay much attention to getting new savings customers, so do not expect to be romanced.

Our Review

They have a good rate, but they do not offer a good service for people wanting to use their services regularly. Their accounts are more for people that are looking to put their money away and leave it in there. For example, there are times when it takes over two days to register cash deposits on the system.

Lake Michigan Credit Union – Kids Club Savings

APY 1.00%

A reasonable 1.00% APY makes this a pretty good choice if you have children. Up to $1,000.99 you get 1.00% APY and after that you get a very reasonable 0.25% on balances above $1,001. It makes it an account you should consider for children that are maybe going to leave their money in the account a little longer. It is also a healthy company and having your child registered for a number of years will work in their favor years down the line when they want to try their lending products.

Our Review

Some of their products are a little deceptive, where it is wise to read the small print. But, their children’s accounts are very good, and even though other banks and credit unions on this list have better online services, this one has a good rate for balances over $1000, so you should consider it when choosing an account.

First Community Bank N.A. – Sprout Savings

APY 1.00%

This bank has 19 locations in Texas, so it is a fine choice if you have a branch near you. Otherwise, their online services are okay for savings accounts. Save up to $2,499.99 and get 1.00% APY, and balances of $2,500 and over get 0.15% APY. This makes the account ideal for older children and teens that you are trying to teach how to save on a larger and more consistent level. This is the sort of account you may give your child if you wanted to teach him or her how to build wealth.

Our Review

Your user experience is far better if you live in Texas because you get the added benefit of their branch service. Otherwise, you are stuck with using their online services, which are not bad, but when you consider that there are so many others to choose from, it may be worth putting it a little lower down your list of possible accounts to choose.

Capital One 360 – Kids Savings Account

APY 0.75%

The APY rate is not as high as many of the others on this list, but it is the Capital One 360 group, and they are doing very well for themselves these days. They are able to provide a lot of services that a child, young adult, student and adult may need. Many of their services, both online and offline are fee free.

Our Review

Capital One 360 are a big corporation that thoughtless liberals think are the bad guy, but are actually providing the most flexible and fee free banking and credit options. They are a great company to get you child involved with, especially since they will reward long-time customers when it comes to lending options and interest rates.

Pen Air FCU – Minor Account Savings

APY 0.50%

Their rate goes up and down depending on the health of the company. When they are making more money, they lower their APY rates. Their account is mostly for smaller children of children that work in the services. If you are in the military or your spouse is in or was in the military in any way, then your children may be eligible for a Pen Air FCU minor account.

Our Review

What was once a great bank has now going down the toilet a little. They do not care very much about customer privacy and security, and they are charging as many fees as they can, including a few unfair ones. The company has lost focus and is making money at the expense of the customer. You shouldn’t get one of their adult accounts, but their savings accounts are safe and you are unlikely to be displeased. Just make sure your child gets a better account when he or she becomes a teen and/or a student.

Northrop Grumman FCU – Youth Account

APY 0.25%

There are branches in five states, and even though their APY rates are low, they are offering a good service. Their company is growing and is healthy. They offer a good deal for young people, and a good customer history will help younger people gain credit with the company when they are older.

Our Review

Getting into the credit union has a paradoxical difficulty about it because on the one hand, it is relatively exclusive, but on the other hand, there are so many different ways of becoming a member that you are probably not going to be rejected. If you are lucky enough to live in one of the areas where they have branches, then walk in and see if you can get an account. It is worth signing your kids up for accounts with Northrop Grumman FCU if you can.

Connexus Credit Union – Youth Savings Account

APY 0.25%

This is a very large credit union, though it is only for people with a lot of money. If you are looking to teach your children how to save, then give them an account and teach them how to avoid spending. Their wire transfer fee is $20, which means this is not the sort of account where you should put in your spare cash. This is the sort of account where you throw in a few hundred at a time.

Our Review

If you have a lot of money and you want to teach your kids how to save, then this is the account for you. Otherwise, you need to avoid this account like the plague because their rates are mostly made up for larger balances, and their wire transfer fees are foolishly high. Unless you have a lot of money, we cannot recommend this account. If you do have a lot of money, you can teach your kids about money whilst teaching them that taking money out is a negative thing.

Zions Bank – Kids Savings

APY 0.24%

This is an account for children under the age of 12yrs old. There are practically no fees unless you do things such as make frequent withdrawals, and you get a reasonable rate of 0.24% on balances up to $1000, and a rate of 0.08% APY on balances above $1000. Their business is doing very well, so it is likely that they will be more powerful and stronger when your children are older, which means getting an account history with them may be a good thing if your children wish to enjoy credit in the future.

Our Review

The staff has the customer service skills of a Libyan government official, which general means they are truly awful in every way and need to be wiped out by insurgents. However, their accounts for kids are great, and as the kids grow older, they become eligible for the better deals that Zions have to offer. They should be a strong contender in your quest for a good account for your kids.

Justice FCU – Young Savers Account

APY 0.20%

Start your child’s college fund early and start it with a Justice FCU account. With a balance of $20,000+ you get 0.25% APY. They have branches in seven states, and they change their APY rates on an almost yearly basis, so you may soon enjoy even better rates for your money. It is a comparatively small credit union, but has a great savings account for you to save up for your child’s college fund.

Our Review

The savings account alone is perfect for saving for a college fund or saving money for your child from a young age so that one day your child may be able to buy a house. However, their customer service is probably the worst on this list. Their reputation has been ripped to shreds online by the sheer weight of people that are angry at their customer service both over the phone and in person. If you are not a people person, then you may need to avoid this credit union.

American Bank – Young American Statement Savings

APY 0.15%

This is a small bank, but it is growing at a healthy rate and is offering people a reasonably good deal on their younger person and adult accounts. Their website could use a little improvement, but otherwise their service is fine and for a small bank, they are providing a service that most people are happy with.

Our Review



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The general opinion is that the bank is hitting a little above its weight and that is a good thing. It is not able to offer you the options or flexibility that larger banks can offer, but it does offer a fair younger person account. You do not get the features you would with a checking account, but that is not really a problem for younger people. They can always get a checking account when they get a little older and/or when they are earning their own income.