Best Savings Accounts for Kids and Teens: A Complete Review

Posted on Friday, February 2nd, 2024 | By IndusInd Bank

Teaching kids about finances is very important for parents. Why? Well, money skills are like seeds. If you plant them early, you can see them grow into strong, smart habits. Kids learn to plan for the future, realise the value of money, and build responsibility. These skills are prudent to help your kids learn big concepts like savings, budgeting, power of compounding, and investments. This knowledge helps them grow into adults with good financial habits.

A savings account can be a valuable asset in this journey. It is true that finding the right savings account for your kid is challenging but this step is important. After all, it’s not only about growing their money but also about their personal growth. This is about giving them tools that will help them thrive financially.

Having said that, let’s take a closer look at what features make a savings account best for kids and teens.  

1.Kid Friendly Features

Ever thought about what makes a kids saving account truly kid friendly? Well, these accounts should have features customised to young savers, like no minimum balance rules, low fees, and useful educational tools. 

Also, a good minor saving account must be easy to open and use. They should offer simple online access and user-friendly mobile banking apps. These features help kids quickly check their balance, move funds, get account statements, set savings targets, and monitor their accounts themselves.

2. Personalised Debit Card

With the Indus Young Saver Savings Account, your kid gets a customised debit card. They can use the ATM card to withdraw cash or shop online. This gives them a sense of ownership and also helps them learn how to spend smartly under your supervision. Along with this, a personalised cheque book is offered for easy offline payments. You can teach them how to write a cheque and use it to deposit, pay, or withdraw money.

3. Educational Resources and Rewards

A truly best children’s bank account should also offer tools or resources to teach them about saving and spending. From online books, pamphlets, websites to mobile apps, such educational resources can easily help children learn about saving money and investing easily in an engaging way.

Do note that some banks even offer rewards in the form of cashback, vouchers, points, etc. These rewards can motivate your kids to continue using their accounts and develop positive financial habits.

4. Customer Service

Consider the quality of customer service provided. It should be friendly, helpful, and 24/7 available. Also check whether they give support via channels like phone, email, in-branch visits or not. A bank that makes it easy for kids and parents to get help and access information means a smoother banking experience.

5. Verify Spending Limits 

As a parent or guardian, you should be able to set withdrawal limits and decide the maximum amount your child can spend or withdraw from their account. This method helps to handle savings and stops overspending habits. Consider a youth savings account that lets you set your own limits. This flexibility means you can adjust the limit as per your child’s age, interest and saving plans. 

Open a Kids Savings Account Now and Invest in Your Child’s Future

Selecting the right savings account for your child or teen is a task filled with so many considerations. From an easy minor bank account opening online process to user-friendly apps and from reasonable savings account interest rates to useful tools, each factor plays a non-negotiable role. The goal is not just to find a place for your kid’s money. It’s about giving them a foundation to build good saving habits and money management. 

So, are you ready to invest in your kid’s future? Consider Indus Young Saver, an exclusive savings account to give your junior a valuable head start. Created specifically for young savers, it has a user-friendly interface, educational value, and security features.

Visit your nearest branch and open an Indus Young Saver Savings Account for your kids today!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.