Minor Savings Account
Opening a savings account is a great way to help kids learn about money and get in the habit of setting some aside every so often. Whether your child is saving for something big like a new bike, or something bigger, like a trip to Disneyland, this account can help. To help make saving even more rewarding for young investors, there are no fees when you keep the withdrawals to fewer than six, and your child’s savings will earn interest. So get started!
Designed for kids under the age of 18, this account can be opened with as little as $0.01. There are no fees if you make 6 or fewer withdrawals per month. After that, there is a $3 service charge per withdrawal. What’s more, your child’s money will earn interest at a competitive, variable rate. The interest is calculated daily, but deposited quarterly.
When you meet the requirements
No minimum balance
Earns interest much faster than a piggy bank
Helps teach kids to save cash