And money management should start early for kids.

Good news: Many big-name banks offer accounts for minors, and lots of them are low- or no-fee.

Heres what it’s crucial that you know about the best savings accounts for kids and other bank products.

Capital One Kids Savings

But its a good idea to open a bank account for them for several reasons.

Probably not as good as youd like.

It always seems like an uphill battle to build (and keep) a decent amount in savings.

star

But what if your car breaks down, or you have a sudden medical bill?

Ask one of these companies to help…

Opening an account is also a great way to teach, or reinforce,good budgeting habits.

half star

Some accounts cater to young children, while others focus on teens.

For example, the monthly fee is waived if the account holder is a minor.

Looking for other minor-friendly banking options?

Alliant Kids Savings

Chase also has afee-free debit cardfor kids.

ThisPNC savings accountaims to help children learn about finances through its interactive online platform.

Need a checking account, too?

empty star

This straightforward, no-fee account fromCapital Oneoffers a solid 0.30% APY.

Teens will also appreciate its easy-to-use mobile app and tons of ATM access.

While there are fees associated with the account, theyre easy enough to avoid.

PNC Bank “S” is for Savings

And once your child turns 13, they can move to an Alliant High-Rate Savings account to continue saving.

In these types of accounts, gifts of high value (money, real estate, etc.)

The savings are tax-free for the minor until they assume the account.

TD Simple Savings

But the assets are considered part of the custodians estate and are taxed accordingly.

Weve rounded up the answers to some of the most commonly asked questions.

You have to be 18 to open a bank account on your own.

Article image

Sometimes an older sibling can be a joint owner of an account for a younger sibling, too.

However, some institutions extend these incentives until a member has graduated from college.

Capital One offers a comprehensive savings account for minors decent APY, no fees, etc.

Article image

The best childrens savings account will depend on several factors.

There are a few items you want to prioritize when shopping around for a kids savings account for children.

She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.

Freelancer Larissa Runkle contributed to this report.

It sounds appealing right?

Check it out here!