Accounts for Kids

A digital piggy bank that makes money!

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The problem with traditional piggy banks? They don’t help money grow. Start your child on the road to financial success with our FDIC-insured kid savings accounts. Enjoy great interest rates, plus online and mobile access while you teach your child the importance of planning for their future.

Tomorrow’s Tycoons

Help your kiddos learn to save with their own savings account! A Tomorrow’s Tycoon account has no monthly fees, unlimited deposits and converts to a Free Savings account at age 18.

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Open Account1 with as little as $100
APY (Annual Percentage Yield) 0.25%
Interest Rate 0.25%
Monthly Maintenance Fee None
Average Daily Balance to Avoid Fee None
Transactions Allowed per Month2 6
ATM Card None

1This account is available only to customers under the age of 18. A parent or legal guardian must be a joint account holder. The account will be transferred to a Free Savings when the minor turns 18. 2You may make up to six transfers or withdrawals by means of a pre-authorized, automatic, PC, or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks).Rates last updated 12/1/2020. Rates are subject to change on any day and will be updated by 10:00 AM EST. Please be sure to check this page after 10:00 AM EST for the rate that will be honored today. Fees may reduce earnings on account. The period used to calculate average daily balance is monthly. For additional information, visit our Disclosures page.

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“We had a fantastic experience working with First Internet Bank….great rates and excellent service.”

– Diane T.

Coverdell Education Savings

Get a head start on saving for education expenses! A Coverdell Education Savings1 account is a tax-advantaged savings account in which contributions are invested for the purpose of funding a student’s education. There are annual limits to the amount you may contribute for each child. Learn more about the benefits of Education Savings Accounts.

Term Interest Rate Annual Percentage Yield (APY) Early Withdrawal Penalties
12 Months
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0.75% 0.75% 180 days interest
18 Months
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0.80% 0.80% 180 days interest
24 Months
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0.80% 0.80% 360 days interest
36 Months
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0.80% 0.80% 360 days interest
48 Months
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0.90% 0.90% 360 days interest
60 Months
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0.90% 0.90% 360 days interest
Money Market
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% % None

1This account is available only to customers under the age of 18. A parent or legal guardian must be a joint account holder. The account will be transferred to Free Savings when the minor turns 18.2You may make up to six transfers or withdrawals by means of a pre-authorized, automatic, PC, or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks). Open with as little as $1,000. Rates last updated 12/1/2020. Rates are subject to change on any day and will be updated by 10:00 AM EST. Please be sure to check this page after 10:00 AM EST for the rate that will be honored today. Fees may reduce earnings on account. The period used to calculate average daily balance is monthly. For additional information, visit our Disclosures page.

Talk to us about savings accounts for kids

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