The best savings accounts for teenagers offer some common features: High APY: The annual percentage yield (APY) of an account ...

The best savings accounts for teens are from SoFi Bank, Discover Bank, Capital One and Bethpage Federal Credit Union, which all offer above-average rates. Last Updated: May 22, 2025.

Taxes on a child or teens savings account depends on how much interest is generated. If your kid’s account generates more than $2,300 a year, it may be taxable.

Educational, rewarding and child-friendly: These are the 5 best savings accounts for kids and teens CNBC Select's top picks help parents teach their children about the value of a dollar early on.

Some banks and credit unions pay very high interest rates on their kids savings accounts. Find out if your child qualifies.

Best Kids and Teen Savings Account Rates for March 2025 Spectra Credit Union – 10.38% APY on first $1,000 Chevron Federal Credit Union – 7.00% APY on first $1,000 ...

Also worth noting: Alliant’s adult offering, the High-Rate Savings account, is our top choice for a credit union savings account thanks to its identical 3.10% payout and lack of fees. Best for teens ...

Both accounts have high interest rates, making each a beneficial way to store $10,000 in today's evolving economy.

Whether it’s a built-in savings tool on your checking account’s mobile banking app, or other apps such as GoHenry or Greenlight, there are lots of choices for how to save money as a teenager.

The best teen checking account for you will have no monthly maintenance fee, offer ATM access where your teen needs it, and give you tools to supervise and manage the account. Here’s our take on ...

To determine which teen checking accounts are best, CNBC Select analyzed and compared options at brick-and-mortar banks, online-only banks and credit unions. The ones we selected for our ranking ...