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
Savings
Open a secure savings account to set aside and grow funds for your future
Everything you need in a Savings account:
- Free for minor accounts up to age 18
- Only $25 initial deposit ($10 for minors)
- $3 monthly fee waived on balances above $100
- Minimum balance to earn interest is $100. ($10 for minors); this is a variable-rate account See interest rates/APY
WaFd Bank will not run your credit for this application.1
Money Market
Earn a higher interest rate and meet your financial goals faster
Get the flexibility of a savings account with a better rate:
- Only $25 initial deposit
- $10 monthly fee waived on balances above $1,000
- Minimum to earn interest is $1,000; this is a variable-rate account See interest rates/APY
WaFd Bank will not run your credit for this application.1
1 For account opening WaFd Bank does not pull your credit from one of the three main credit bureaus. We will review OFAC and ChexSystems®.
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 And the best part is, when the funds are withdrawn they're tax-free.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 youTo open an account you'll need:
 |  |  |
|---|---|---|
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:
OR Both of the below:
| Child's Identification One of the below:
OR Two of the below:
| Teen's Identification One of the below:
OR Two of the below:
|
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. |
Kid and Teen Savings Account FAQs
Still can't find what you are looking for? Contact your local branch or call us 24/7 at 800-324-9375.