The Best Savings Accounts for Kids for 2022

Courtesy of Northpointe Bank

The Northpointe Bank Children’s Savings Account is a little more basic in its functionality than some of the others. But what it does have is a high interest rate that is available with relatively high balances, earning it our award for Best Youth Savings Account for Substantial Savers.


  • Much better than the average interest rate on balances over $10,000

  • No minimum balance or fees

  • Since it is a bank, does not require any membership

The inconvenients

  • Fewer bells and whistles than other accounts

  • On the first $1,000, some accounts pay more interest

  • No teen checking account available

For kids and teens with a lot of cash to stash in the bank, it’s hard to get a good interest rate on it all, with higher APYs capped at low maximum balances. Northpointe Bank takes a different approach, trading sophisticated account features in exchange for a great interest rate on not only low balances, but high balances as well, making it our winner for best savings account for children with substantial savings.

Like some other competitors, Northpointe’s best rate of 1.49% is limited to the first $1,000 in a youth savings account. But while other accounts drop to tiny APYs after the threshold, Northpointe pays an excellent 1.11% on the balance between $1,000 and $10,000. This means that a balance of $5,000 will earn a blended rate of 1.19% APY, and even $10,000 will earn a blended APY of 1.15%.

Although a minority of teens save more than the $10,000 threshold, even above that amount, Northpointe’s rate is more competitive than almost any other youth account, paying 0.34% APY on the balance over $10,000.

As a bank, Northpointe does not require you to meet membership eligibility criteria, so the process of opening an account is a simpler step. On the negative side, however, it offers no other accounts for young people.

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