Capital One Kids Savings Account
- Best for: Families who want a simple online savings account they co-own with a child under 18
- What Sets It Apart: One rate at any balance, with no tier a child must reach first
- APY: 2.50% on every balance, variable
- Features: Your child’s own sign-in to see the balance and deposit checks; transfers by your child only from 13, and only with Capital One MONEY Teen Checking; Automatic Savings Plan; FDIC insured to $250,000
- Monthly Fee: $0, with no minimum balance
- Minimum Deposit: $0
- Cost: No fee for electronic transfers; $10 per cashier’s check
- Eligibility: A child under 18 and a parent or legal guardian as co-owners; U.S. citizens or permanent residents with a U.S. address
- Pros: Interest on small balances; your own sign-in for transfers and automatic deposits; separate accounts per child or goal
- Cons: 2.50% is less than 360 Performance Savings’ 3.20%; withdrawals only online, by phone, or at a branch; transfers in from other banks usually aren’t available until the fourth business day; your child can withdraw or close it at 18
Open the Capital One Kids Savings Account if you want a simple online account for your child with no monthly fee and no minimum balance. It pays 2.50% APY, the annual percentage yield, on every balance, and your child gets a sign-in to watch it grow. If you’re chasing a higher rate, compare credit union kids’ accounts first.
Capital One’s 2.50% trails the 3.01% that the Alliant Credit Union Kids Savings Account pays on an average daily balance of $100 or more, but each half percentage point of interest is only $5 a year on $1,000. A parent or legal guardian opens the Capital One account online with a child under 18 as co-owners, and it suits families who’d rather have nothing to pay or maintain than chase the highest rate.
Key Features
- 2.50% APY on every balance, compounded and credited monthly
- No monthly fee, no minimum to open or keep, and no fee for electronic transfers
- Your child’s own sign-in to see the balance and deposit checks from a phone
- Your child can move money only from age 13, and only to and from Capital One MONEY Teen Checking
- At 18, it keeps its rate and features, and your child becomes an equal co-owner
Pros
- Interest on small balances, with no minimum balance to earn it
- Your own sign-in to move money and set up automatic deposits
- Separate accounts for each child or each savings goal
Cons
- 2.50% is less than the 3.20% on Capital One’s own 360 Performance Savings, an adult’s account with no sign-in for a child
- Withdrawals only online, by phone, or at a branch
- Transfers in from other banks usually aren’t available until the fourth business day
- At 18, your child can withdraw the money or close the account without you
A balance under $100 earns 2.50% here and nothing at Alliant, which makes this the better start for a child who saves in small amounts. A family chasing the higher rate on $100 or more should open the child’s account at Alliant instead, for 3.01% rather than 2.50%.
Learn more about Capital One Kids Savings Account or see how it compares to the best savings accounts for kids.
Capital One Kids Savings Account
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