Best savings accounts for kids

When choosing a savings account for a child, it's important to consider factors such as fees, minimum balance requirements, and educational tools. Some key accounts to consider include the Alliant Kids Savings Account, which offers a competitive 3.01% APY with no monthly fees, but requires a minimum balance of $100 to earn interest.

Another option is the Capital One Kids Savings Account, which has no fees or minimum balance requirements and pays 2.50% APY. The PNC Bank S is for Savings account features a learning center with Sesame Street characters and offers a 2.50% APY, with a $5 monthly fee that can be waived through various means. The Boeing Employees Credit Union Early Savings Account stands out for its competitive 5.12% APY on balances up to $500, with no monthly fees and an ATM card included.

Lastly, the USALLIANCE MyLife Savings for Kids account has no fees or minimum balance requirements, and automatically deposits $10 into the account each year for the child's birthday. It's important to compare these options and consider the specific needs and goals of the child when selecting the best savings account.