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ids are like raw clay; they take the shape of what they are molded to. For this reason, it's crucial to instill financial literacy and money management skills at a young age. Kids with proper training will grow up to become financially savvy and manage their money well. Money management is very crucial in everyday life. It is a life skill everyone should master to live economically sound.

There are plenty of options and ways to teach your kids about money management. In this article, we will discuss the best kids saving accounts and kid-oriented apps to teach money management skills.

Best Saving Accounts For Kids

A savings account is a safety net for your financial well-being. When you open a savings account for your children, you're laying the groundwork for a secure financial future. These bank accounts teach kids early on the importance of saving and being familiar with financial terms such as compound interest.

There are vast arrays of options available when opening saving accounts for kids. Here we list some of the best savings accounts for kids:

Capital One Kids Savings Account
Capital One’s kids saving account provides a reasonable interest rate on any balance amount, excellent mobile banking tools, and multiple savings accounts. It offers 0.30% APY with no minimum balance. It also offers a debit card facility and a kid and parent-centric mobile app.
Capital One Pros and Cons

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Chase First Banking Account for Kids
Chase First Banking Account provides competitive rates and sets up parental control in the account. It offers 0.25% APY with no minimum balance. It offers a debit card facility and also provides limitations on how much the child can spend. The kids can request money, and the parent can approve or decline the request. It also sets a limit on how much you can withdraw at ATMs.
Chase Bank Pros and Cons

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USAlliance MyLife Savings for Kids
USAlliance Financial’s MyLife Savings for Kids provides an annual birthday bonus to the pre-teen accountholder. It pays $10 as birthday bucks up to 12 years old. On top of that, it gives 2% APY on balances up to $500  and 0.2% on the excess. Kids can receive an ATM card after 13 years old.
USAlliance Account Pros and Cons

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Alliant Credit Union Kids Savings
Alliant Credit Union’s Kids Savings Account provides competitive interest rates and a kid-centered mobile app. It provides 0.55% APY for a minimum balance of $100. It sets automated recurring deposits into the child’s account and tracks progress towards the saving goal. Also, It  provides an ATM card once the child turns 13 and contributes a $5 initial deposit.
Alliant Account Pros and Cons

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Spectrum Credit Union Youth Account
Spectrum Credit Union’s MySavings Youth Account provides a more stellar interest rate than any other bank. It provides an interest rate of 7% APY and the account is available up to age 21. Those who are above 13 years old can get their own ATM card.
Spectrum Unit Account Pros and Cons

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Northpointe Bank Kids Savings
Northpointe Bank’s Kids’ Savings Account provides a competitive interest rate capped at a low minimum balance. The balance is set at $1000 and it pays 1.49% APY. It pays 1.11% APY up to $10,000 and then 0.34% beyond $10,000. The age limit is up to age 21.
Northpointe Bank Pros and Cons

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M&T Bank Starter Savings Account
The M&T Starter Savings Account provides an easy save feature that helps you to automate the savings. It provides 0.01% APY with no monthly minimums required. It has no monthly fees and is best for anyone willing to save and manage money.
M&T Bank Account Pros and Cons

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BECU Early Saver Youth Account
BECU Early Saver Youth Account provides a stellar interest rate of 2.02% APY on the first $500 in deposit. The account holders can convert the kids' account into a member advantage account once they reach 18.
BECU Credit Union Pros and Cons

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Regions Savings Account for Minors
Regions Savings for Minors account  provides competitive rates at no monthly fees. It has wide network and branches. The bank has 1900 ATMs and 1300 branches throughout the country. It provides 0.01% APY in the saving account. There is a 5$ minimum deposit required for the account.
Regions Bank Account Pros and Cons

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Garden FCU Kids Club Savings Account
Garden Savings FCU Kids Club Savings Account provides a competitive interest rate with a $5 minimum deposit. It offers 0.50% APY and does not charge any monthly fees. The account also provides money management tools for the kids.
Garden Savings FCU Account Pros and Cons

Apps That Help Kids Manage Money

Saving is one of the aspects of money management, and kids should learn how much money to save. To do that, they need to understand the concept of budgeting. Various apps help kids to manage their money and some of them are as follows:

Bankarooo

Bankaroo is a money management app for kids and families. The parents can add funds and set up the allowance. Likewise, the kids can set their budget and saving goals. The kids will receive an achievement badge once they fulfill their saving goals. The parents can track their progress within the app.

Features

  • Platform: IOS, Android, Kindle, Tablets
  • Target age: 6-8 years
  • Offline functionality

Rooster Money

Rooster Money helps track your child's savings from pocket money or completed house chores. It enables the kids to set saving goals and tracks their progress to achieve them. It also provides a statement stating their income and expenses.

Features

  • Platform: IOS, Android, Amazon
  • Target age: All ages
  • Virtual money tracker
  • Chore tracker and manager
  • Star chart

Go Henry

Go Henry is an excellent app for kids to have financial independence under parental control. Under the app, the kids can easily use their money but will be under the supervision of their parents. It has a parent and kids account so parents can monitor how kids spend their money. This helps the kids to learn to manage their money on their own.

Features

  • Platform: IOS, Android
  • Target age: Children below 18 years old
  • Money missions
  • Tasks tracker
  • Saving goals
  • Regular payment

Gimi

Gimi helps track allowance and provides financial education to kids through animated videos. The app is designed to teach your kids about financial literacy, and they can earn pocket money based on the tasks you have assigned to them. Their virtual piggy bank has a weekly allowance set by you, and you can define the rewards based on the tasks you give. The task could be anything from doing house chores to watching a financial education video.

Features

  • Platform: IOS, Android
  • Target age: All ages
  • Tasks tracker
  • Saving goals
  • Chores tracker

Conclusion

It's crucial to teach financial literacy to kids at a young age. It helps children grow up to become financially literate and financially savvy. Teaching kids how to save and how much to save helps them manage their money well. Money management is an art, and those who can master it can achieve lifelong financial stability and security.

References

Posted 
Jul 5, 2022
 in 
Banking
 category

Fairy Tale Mortgage

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