Author Topic: Best bank accounts for kids? TD Bank is offering $10 for reading 10 books.  (Read 1153 times)


  • 5 O'Clock Shadow
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Any recommendations for the best bank accounts for young kids? I'm talking about an initial deposit of $200 (emptying a piggy bank), and small contributions thereafter. I want to be able to move the $ somewhere else easily in a few years. Decent online services are a plus.

A friend said her kids have been highly motivated by the TD Bank summer reading program. For the past several summers they've offered $10 for reading 10 books, which beats the APY I'm seeing anywhere else on such a small balance. Fees are waived for kids under 18, but otherwise the TD Bank seems like a low-service, high-fee savings account option.


  • 5 O'Clock Shadow
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I believe Tangerine offers a decent bonus for opening a kids bank account. However, since it's an online bank, they may also need to have an account at a brick and mortar bank too. You could stack the TD reading bonus on top of the Tangerine bonus. If you're interested I can send you my referral code. That way we both earn $50.

The best deal I'm aware of for getting kids money is the current RESP grant, Looks like it's only for BC residents though.

Thanks! I'm not in Canada, though, so think I'm ineligible.

I'm a red panda

  • Walrus Stache
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Is Hills Bank national or just Iowa?
Their penny saver accounts are kind of cool.
No minimum to open, no minimum balance, no fees- and when you deposit $5 you get to grab a handful of pennies (up to age 11).  Decent "interest" if as your kid gets bigger hands. 


  • Handlebar Stache
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I really wish I could grab bank bonuses under my daughter's name.  My wife and I are going to hit $7,000 worth this year, so adding Player 3 to the mix would probably let us max out the state deduction limit for her 529 (~$3,000).

Paul der Krake

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Keep an Excel spreadsheet at the Bank of Mommy, and make it enticing by offering a high yield.

Michael in ABQ

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My kids earn 5% interest per week on their savings. We also have savings accounts with USAA that I setup when they're born that are mostly for gifts of money from their grandparents on birthdays. My oldest has about $1,000 but if he's got $10 in his piggy bank he'll earn $2.00 in a month while his regular savings account might earn $0.20. It's a bit sad but luckily none of them have saved more than about $40-50 at a time before buying something. 1,264% APR means that if they never spent a penny and started with just $10 they would have over $100 in a year.

My two oldest are already reading 10 books to earn a free book at Barnes and Noble, at their current rate they'll go from start to finish in a few weeks.


  • 5 O'Clock Shadow
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Best bank for kids is PNC. They wave monthly fee for students and kids. They have many offers for kids.