These Savings Accounts for Kids Pay 7%, 8%—Even an Astonishing 10%

The full article continues below these offers from our partners.

How Youth Savings Accounts Work

Many banks and credit unions offer savings accounts that are specifically geared toward minors. These youth accounts always have special rules and their own rates, and they require a parent or guardian to be a joint owner since those under age 18 can’t open a bank account on their own.

Among the many institutions that offer a child or teen savings account, a handful offer a truly premium rate. The rates on these youth savings accounts aren’t just high—they can be twice as much as what you can earn as an adult, even with the very best high-yield savings account.

There are a couple of caveats, however. One of the most common limitations you’ll see on youth accounts with stellar rates is that the bank or credit union caps the balance that can earn the high yield. The most typical are limits of $500 or $1,000. That means, for instance, that your child’s first $1,000 will qualify for the top annual percentage yield (APY), but then any amount above $1,000 will earn a very low rate.

Additionally, some banks offer just a single youth savings account. Others might go further by offering both a savings account for young children and more advanced options for kids who have reached a certain age threshold, such as a checking account with a debit card for teens.

These Top-Paying Youth Accounts Are Available Nationwide

The two highest-paying youth savings accounts we’ve found in our research are offered by credit unions that accept customers living anywhere in the United States.

Spectra Credit Union (10.38% APY): Spectra’s Brilliant Kids Savings account is available to children up until their 18th birthday, and it pays 10.38% APY on balances up to $1,000. Anyone in the U.S. can join Spectra Credit Union by agreeing to a free one-year membership in the nonprofit American Consumer Council.

Spectrum Federal Credit Union / Chevron Federal Credit Union (7.00% APY): These two credit unions are separately branded but are the same institution. You can join one or the other (but not both) by agreeing to an $8 one-year membership to the nonprofit Financial Fitness Association. Their MySavings Youth Account pays 7.00% APY on balances up to $1,000 and is available to individuals who are 21 or younger. Those who are at least 13 may also request an ATM card.

More High-Yield Options for Kids Living in These Lucky Places

If you live in one of the following locations in the country, you have more options. Though some of these can be opened online, others require that new accounts be opened in person at a branch. In all cases, however, you must be eligible to join the credit union based on where you live.

Neighbors Credit Union (10.00% APY): Through its SMART youth program, Neighbors offers different banking privileges for different ages. Anyone from birth through age 22 can earn 10.00% APY on up to $1,000 in a SMART savings account, and those aged 13 and older can open a checking account with a debit card. Membership in Neighbors Credit Union is open to those who live or work (or have a relative who lives or works) in several Missouri and Illinois counties in the St. Louis area.

American Riviera Bank (10.00% APY): American Riviera’s Kids Savings Account pays 10.00% APY on balances up to $500. Joint accounts with a minor must be opened in person at one of their California branches in Santa Barbara, Montecito, Goleta, Santa Maria, San Luis Obispo, or Paso Robles.

Jeanne D’Arc Credit Union (10.00% APY): Jeanne D’Arc’s M3 Money Club offers a 10.00% APY on balances up to $500. Upon turning 13, members will be transitioned into a Statement Savings account, which also pays 10.00% APY on the first $500. Membership in the credit union is open to residents of select Massachusetts and New Hampshire counties.

BCFCU (Blue Coast Federal Credit Union) (8.00% APY): BCFCU’s Student Saver account pays 8.00% APY on balances up to $1,000. Children of any age below 18 can open the account, and they can keep the account beyond that age as long as they’re students. To join the credit union, you must live in one of 13 Florida counties.

WECU (7.00% APY): WECU, a credit union headquartered in Bellingham, Washington, offers a series of youth accounts beginning with the First Step Savings account, which is available to youths aged 0–19. Once they turn six, they’re eligible to open a First Step Checking account. WECU pays 7.00% APY on up to a $750 combined balance. Anyone who lives, works, or worships in the state of Washington is eligible to join WECU.

The Best Savings Accounts for Mom and Dad

As an adult, you can’t earn 7% or 10% on your own savings account, but you can still earn a historically high rate with one of today’s best high-yield savings accounts. The top nationwide rate is currently 5.50% APY. But our daily ranking of the best high-yield savings account rates offers 14 more options paying 5.00% or better.

Want paper check-writing privileges from your savings account? Then consider a money market account. Our daily ranking of the best money market rates is topped right now by a 5.00% rate. But you can find several other options paying 4.00% APY or more.

Have money you can sock away for months, a year, or even more? Consider putting some of your savings in a CD while rates are at historic highs. The rate you lock in will be yours to keep until the CD term ends, no matter what the Federal Reserve does with future rates. Current offers in our daily ranking of the best nationwide CDs pay as much as 5.50% APY.

How We Find the Best Savings and CD Rates

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.