Alliant Kids Savings
- Best for: Families with a child 12 or younger who’ll keep at least $100 saved and bank by app
- What Sets It Apart: The same rate Alliant pays every member on High-Rate Savings, plus up to 19 named goal accounts at that rate
- APY: 3.01% in months the average daily balance is $100 or more; no interest below $100
- Features: Recurring allowance transfers; the child’s own login, with a parent’s view once the child grants it; mobile check deposit; a free Alliant Savings ATM card; NCUA insurance
- Monthly Fee: $0, with free paper statements
- Minimum Deposit: $5, which Alliant pays
- Cost: $10 inactivity fee when an account holding $200 or less goes 12 months with no deposits or withdrawals besides interest
- Eligibility: Children 12 and younger, with a parent, grandparent, or guardian co-owner who’s an Alliant member, a membership anyone can apply for through the Alliant Credit Union Foundation
- Pros: Alliant pays the $5 to join and the $5 to open; no monthly fee; named goal accounts; stays open as savings at 13
- Cons: No interest under $100; no branches; $10 inactivity fee on a small idle balance; parent view needs the child’s go-ahead
Open an Alliant Kids Savings account for a child 12 or younger if you’ll keep at least $100 in it and bank by app. It pays a 3.01% annual percentage yield (APY) only in months the balance averages $100 or more. Alliant has no branches, so money goes in by transfer, mobile deposit, or ATM.
The 3.01% APY is the same rate Alliant pays on the High-Rate Savings account every member gets, while the FDIC puts the national savings average at 0.38%. The child owns the account jointly with a parent, grandparent, or guardian, who has to be an Alliant Credit Union member.
Key Features
- Interest paid only for months the average daily balance is $100 or more
- No monthly fee or paper-statement fee, and Alliant pays the $5 opening deposit
- Up to 19 extra goal accounts at the same rate, each named for its goal
- Mobile check deposit, plus a free ATM card for 80,000+ fee-free ATMs, some of which take deposits
Pros
- Any co-owner can apply to join through the Alliant Credit Union Foundation, and Alliant pays the $5 membership fee
- The child’s own login, for watching the balance and interest grow
- Weekly or monthly allowance transfers that run automatically
- Stays open as savings at 13, when the child can apply for Alliant Teen Checking
Cons
- A child saving from zero earns no interest until the balance averages $100 for a month
- No branches, so cash goes in only at ATMs that accept deposits
- $10 inactivity fee when an account holding $200 or less goes 12 months with no deposits or withdrawals besides interest
- Parents see it online only once the child’s login grants access, and Alliant lists no alerts or limits
Families who keep $100 or more in it and add money at least once a year get Alliant’s full rate and never see its $10 inactivity fee. A child who wants to deposit coins in person is better off at a bank or credit union with a branch nearby.
Learn more about Alliant Kids Savings or see how it compares to the best savings accounts for kids.
Alliant Kids Savings
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