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Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Child wearing cardboard wings on father's shoulders
Start your child or teen on the right financial path

Kid and Teen Savings Accounts

WaFd Bank's secure savings accounts for our youngest savers come with tools you can use to teach smart money management. Easily transfer money from your account to theirs for allowances or saving for the future. Withdraw or deposit cash and checks at select ATMs.

Kid and Teen Accounts

Compare minor savings account details table
WaFd Bank Walt Heart
WALT's CHOICE

Savings

Money Market

Gold
Money Market

$10 initial deposit

Only $25 initial deposit

Only $25 initial deposit

Minimum to earn interest is $10.
Earns 1% Annual Percentage Yield.
This is a variable rate account.
See interest rates/APY

Minimum to earn interest is $1,000.
this is a variable rate account.
See interest rates/APY

Minimum to earn interest is $1,000.
Earn interest at a higher rate with a Gold Money Market account. This is a variable rate account.
See interest rates/APY

No monthly fee

$10 monthly fee waived on balances above $1,000

$10 monthly fee waived on balances above $1,000

Money Market

$10 monthly fee waived on balances above $1,000
Only $25 initial deposit
Minimum to earn interest is $1,000.
this is a variable rate account.
See interest rates/APY

Gold Money Market

$10 monthly fee waived on balances above $1,000
Only $25 initial deposit
Minimum to earn interest is $1,000.
Earn interest at a higher rate with a Gold Money Market account.
This is a variable rate account.
See interest rates/APY
Mother and son hugging as she drops him off at college.

Save for your child's future today with a Coverdell Education Savings Account

With a Coverdell Education Savings Account you can contribute up to $2,000 after-tax annually per child. And the best part is, when the funds are withdrawn they're tax-free.

A Coverdell ESA can help you save for a child's education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board. Contributions can be made by family members, corporations, or other individuals until the child reaches age 18. Assets from the ESA can also be transferred or rolled over from one ESA to another ESA for the same child or an eligible family member of the child.

Now that's smart. Apply at a branch near youarrow-right

To open an account you'll need:

Child savings account
Kid savings account
Teen savings account

Under 5

5-12

13-17

Set up as a Uniform Transfer Minor Account
(UTMA)
A parent or custodian may open the account on the child's behalf.

Minor and Parent/Legal Guardian open account together

Minor and any adult 18+ years of age can open an account

Child's Identification
One of the below:
- State Issued ID
- Passport (US or Foreign)
- Green Card
OR
Both of the below:
- Birth Certificate
- Social Security Card
Child's Identification
One of the below:
- State Issued ID
- Passport (US or Foreign)
- Green Card
OR
Two of the below:
- Birth Certificate
- Social Security Card
- Student ID
Teen's Identification
One of the below:
- State Issued ID
- State Driver's License or Permit
- Passport (US or Foreign)
- Green Card
OR
Two of the below:
- Birth Certificate
- Social Security Card
- Student ID

Adult

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.

Adult

Must be child's Parent/Legal Guardian.

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.

Adult

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.

Under 5

Child savings account

Set up as Uniform Transfer Minor Account (UTMA) Custodian on the Child's behalf

Child's Identification
One of the below:
- State Issued ID
- Passport (US or Foreign)
- Green Card
OR
Both of the below:
- Birth Certificate
- Social Security Card

Adult

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.


5-12

Kid savings account

Minor and Parent/Legal Guardian open account together

Child's Identification
One of the below:
- State Issued ID
- Passport (US or Foreign)
- Green Card
OR
Two of the below:
- Birth Certificate
- Social Security Card
- Student ID

Adult

Must be child's Parent/Legal Guardian.

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.


13-17

Teen savings account

Minor and any adult 18+ years of age can open an account

Teen's Identification
One of the below:
- State Issued ID
- State Driver's License or Permit
- Passport (US or Foreign)
- Green Card
OR
Two of the below:
- Birth Certificate
- Social Security Card
- Student ID

Adult

Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.

Personal information, including address, phone number, email address and Social Security Number.

Picture ID, such as a driver's license, state ID, Passport or military ID.

Kid and Teen Savings Account FAQs

info-circleStill can't find what you are looking for? Contact your local branch or call us 24/7 at 800-324-9375.