Why You Can Trust Us
Investopedia launched in 1999 and has been helping readers find the best kids and teen savings accounts since 2021. We started by identifying more than two dozen banks and credit unions that offer a nationally available youth savings account with an above-average interest rate. Beyond the rate, however, we also considered balance requirements, monthly fees, and more. Our unbiased research always aims to provide readers with the best options available, regardless of any affiliate or partner relationships we may have.
How We Find the Best Kids Savings Account Rates
Every business day, Investopedia’s full-time research and compliance teams track the rate data of about 200 banks and credit unions that offer deposit accounts to customers nationwide, including youth savings accounts. To qualify for our lists, an institution must be federally insured (FDIC for banks, NCUA for credit unions), and must offer its products in at least 40 states.
While some credit unions allow you to donate to a specific charity or association in order to join the credit union (e.g., if you don’t meet other eligibility criteria such as where you live or work), we exclude from our rankings any credit union whose donation requirement is $40 or more.
Our list of the best kids and teen savings accounts is ranked by APY, and where there is a tie, we lead with the account that allows a larger balance to earn the high interest rate. If still a tie, we list institutions alphabetically.
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