Discover the Top Savings Accounts for Adolescent Savers in 2022
At Bankrate, our commitment is to assist you in making wise financial decisions. While we rigorously follow guidelines, this article may contain links to our partner's products. The following provides a rationale for opening a savings account for teenagers.
By starting a savings account as a teenager, individuals are introduced to the tools of saving money and financial goal setting. A small initial deposit can grow considerably due to accumulated balances and compounded interest. Moreover, earners can transfer portions of each paycheck from checking to savings and augment their savings.
Essential Savings Account Features for Teenagers
Optimum savings accounts for teenagers offer beneficial features such as -
High Annual Percentage Yield (APY): APY, denoting the rate of return, accounts for compounded interest. A higher APY implies earning more interest on deposited funds.
No minimum balance requirement: Many teenagers start their savings journey with only a meager amount. Therefore, it is crucial to have an account that has no minimum balance requirement or allows a minuscule opening deposit.
No minimum balance maintenance: It is advisable to avoid accounts that require maintaining a certain balance.
No fees: An account that does not charge maintenance fees ensures hassle-free banking for young savers. In certain banks, accounts registered under a minor’s name have fees waived, or when linked to a checking account.
Top Savings Account Options for Teenagers
There are several saving account options for teenagers that come without hidden fees or minimum balance requirements, allowing young savers to earn a competitive yield on their savings.
Looking to start saving early? Here are some top choices for the best savings accounts for young people!
First up, if you're after the highest APY on all balances, the Capital One Kids Savings Account might be for you. This online bank offers a competitive rate and has a physical presence for added convenience. Another option for a high APY but limited balance is the BECU Early Saver Youth Savings Account, with a 4.07 percent APY on the first $500 and eligibility criteria for those living or working in certain areas.
For older teenagers, the Bethpage Young Adult Savings account offers up to 2 percent APY on the first $1,000 deposited. Bethpage Federal Credit Union also offers a Youth Savings Custodial account for kids under 17 years old.
Remember, minors will need an adult to open a savings account, and joint account holders are usually required. That being said, with the right savings account and debit card use, teens and young adults can start developing healthy money habits and saving for their future goals, like college or homeownership.
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