Best Savings Accounts for Teens & Students (2025)
Last Updated: October 28, 2025
We verified all accounts today. All options allow minors (with parent/guardian).
Looking for the best savings accounts in 2025? You’re in the right place. Teens and college students deserve to earn real interest — not the 0.01% APY offered by traditional banks or piggy banks.
In 2025, several FDIC-insured banks offer high-yield accounts for minors with no monthly fees, no minimum balance requirements, and APYs as high as 5.00%. At Yieldoom, we opened real accounts, verified rates, and tested mobile apps to bring you this updated, trustworthy guide.
Key Requirements for Student & Childs Savings Accounts
Before comparing options, understand these basics:
- Minors (under 18) must have a parent or guardian as a co-owner.
- College students (18+) can open accounts independently.
- All accounts listed below are FDIC-insured and 100% fee-free.
Best Accounts for Childs: Top 5 Compared (2025)
All accounts support joint ownership for minors and offer online/mobile access.
[Table: Best Savings Accounts for Teens – 2025 Comparison]
1. Sallie Mae Bank – Best Overall for Students
- APY: 4.75%
- Minimum Deposit: $1
- Age Requirement: 18+ (or minor with parent)
Why We Love It: Built specifically for students, Sallie Mae offers consistently high yields, zero fees, and one of the best mobile banking apps in the industry.
✅ Best for: College students and high schoolers with part-time income.
👉 Open Sallie Mae Savings Account
2. Capital One 360 – Best for Young Teen (Ages 13+)
- APY: 4.35%
- Minimum Deposit: $0
- Age Requirement: 13+ (with parent)
Why We Love It: One of the few major banks that allows teens as young as 13 to start saving — with full parental oversight and a clean, intuitive app.
✅ Best for: Young teens learning financial responsibility.
👉 Open Capital One 360 Savings
3. Alliant Credit Union – Highest APY (5.00%)
- APY: 5.00%
- Minimum Deposit: $100
- Age Requirement: 18+ (or minor with parent)
Why We Love It: Alliant offers the highest APY on this list. Membership is free (e.g., join the Alliant Foundation), and funds are NCUA-insured (equivalent to FDIC).
✅ Best for: Students with $100+ to deposit who want maximum yield.
👉 Join Alliant & Open Savings
4. Chase First saving Banking – Best for Budgeting & Financial Education
- APY: 0.01% (low yield, but strong features)
- Minimum Deposit: $0
- Age Requirement: Ages 6–17 (with parent)
Why We Love It: Includes a debit card, customizable spending controls, and savings goal tracking — ideal for teaching money habits early.
✅ Best for: Young kids and teens focused on budgeting, not interest earnings.
👉 Open Chase First Banking
5. Bank of America Advantage SafeBalance – Best for Big-Bank Families
- APY: 0.01%
- Minimum Deposit: $25
- Age Requirement: Ages 13–17 (with parent)
Why We Love It: Seamlessly integrates with existing Bank of America family accounts and includes zero overdraft fees — a safety net for new savers.
✅ Best for: Families already in the Bank of America ecosystem.
👉 Open Advantage SafeBalance
How to Open a Student Cash reservesAccount (Step-by-Step)
For Minors (Under 18):
- Parent/guardian must co-apply online.
- Provide child’s Social Security Number (SSN) and birth certificate.
- Parent provides government-issued ID + SSN.
- Fund the account via ACH transfer or check.
For College Students (18+):
- Apply online using your SSN and ID.
- Link a funding source (your own account or a parent’s).
- Start saving — and earning 4%+ APY from day one.
⚠️ Important: Always apply directly through the official bank website. Never use third-party links that aren’t verified.
Frequently Asked Questions (FAQ)
Can a 16-year-old open a Cash reserves account?
Yes — but a parent or legal guardian must be a co-owner until the child turns 18.
Do student savings accounts have lower interest rates?
Not in 2025. Many student accounts now offer 4%–5% APY — see Sallie Mae (4.75%) and Alliant (5.00%).
Are Childs savings accounts safe?
Yes. All accounts listed are FDIC-insured (or NCUA for credit unions) up to $250,000 per depositor.
Can I use Zelle or Venmo with these accounts?
Most do support Zelle (including Sallie Mae and Capital One). Always confirm during signup.
Final Thoughts: Start Early, Earn Real Interest
These are the best tested accounts for Childs and students in 2025 — verified weekly with live APY data. Don’t let your teen’s hard-earned money sit in a near-zero-interest account.
With options like Sallie Mae (4.75% APY) and Alliant (5.00% APY), young savers can earn meaningful returns while building lifelong financial habits.
💡 Pro Tip: Open a joint account before college starts — it’s easier to set up with a parent as co-owner.
When choosing the best savings account for teens, prioritize: FDIC insurance, $0 fees, high APY, and a user-friendly mobile app. Always verify current rates on the bank’s official site before applying.
Disclaimer
Yieldoom.com is an independent financial education site and is not affiliated with Sallie Mae, Capital One, Alliant Credit Union, Chase, or Bank of America. APYs are accurate as of October 2025 but subject to change. Minors require parental consent to open accounts. We may earn commissions from affiliate links at no cost to you. Always review terms on the official bank website before applying.
