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What Is the Best Savings Account for Kids

Personal Finances 2 min read

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The success of child savings accounts has been well documented. We can probably all agree that a savings account for kids is a good decision, but what is the best savings account for kids?

First Bank offers a savings account called MyFirst Savings and it’s not hard to argue that it might just be the best savings account for kids. Here’s why:

  • It’s just for kids. MyFirst Savings is exclusively for children under the age of 18.
  • It’s easy and affordable to open. There’s only a $10 initial deposit required to open the account and it can be done simply by visiting one of First Bank’s 100+ locations throughout the Carolinas.
  • The money will grow. There’s no minimum balance to earn interest so your child’s money will start growing from the day the account is opened.
  • You’ll have access to the money. You can make two withdrawals per month with no First Bank fees and with our online and mobile banking you’ll be able to always keep an eye on your money.*
  • You’ll be kept in the know. Free monthly paper or electronic statements provide you a record of the account history and our email, phone call or text message activity alerts notify you of each transaction that happens in the account.

Opening a savings account for children is one of the best things a parent can do. And in order to open the very best savings account for kids, simply visit your nearest First Bank today. Or to simply learn more about the account, visit the MyFirst Savings page and download a free coloring book for your child featuring Troy the Plott Hound!

While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. 2. Withdrawal fee of $2 each after the first two during the month. Federal regulations limit withdrawals of preauthorized transfers to two (2) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you.

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