A father playing with his kids
A father playing with his kids
A father playing with his kids
A father playing with his kids
A father playing with his kids
A father playing with his kids

Kid and Teen Savings Accounts

Start your child or teen on the right financial path. Our youth saving accounts come with tools you can use to teach smart money management.

Easily transfer money from your account 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

Savings

Money Market

Gold
Money Market

$10 initial deposit

Only $25 initial deposit

Only $25 initial deposit

Minimum to earn interest is $​​​​​​​​10.
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

No monthly fee
($10 Per Month for balances below $1,000)

No monthly fee
($10 Per Month for balances below $1,000)

Money Market

Only $25 initial deposit
Minimum to earn interest is $1,000.
this is a variable rate account.
See interest rates/APY
No monthly fee
($10 Per Month for balances below $1,000)

Gold
Money Market

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
No monthly fee
($10 Per Month for balances below $1,000)

Certificate of Deposit (CD) for kids and teens

Only $500 initial deposit. $500 minimum balance to earn interest.

Terms from 3 months to 5 years. Monthly interest payments available for accounts with $10,000 or more.

Coverdell Education Savings

Save for you child's future today.

With a Coverdell Education Savings Account you can contribute up to $2000 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 And the best part is, when the funds are withdrawn they're tax-free.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.

Green piggy bank

To open an account you’ll need:

Child savings account
Kid savings account
Teen savings account

Under 5

5-12

13-17

Setup as Uniform Transfer Minor Account
(UTMA)
Custodian 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, 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, 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

Setup 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, 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, 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.

WaFd Save at School Program

Save at School accounts are available to elementary school students whose school offers a program of regularly scheduled Bank Days. On Bank Days, students can bring small deposits to school and contribute the money to their WaFd Bank account.

Partner with WaFd Bank to help teach our kids how to save money with a Save at School program!

Learn More
Kid and Teen Savings Account FAQ

Still can't find what you are looking for? Contact a branch near you or call 1-800-324-9375 or email us at info@wafd.com.

Will my child get an ATM card?

Yes, at the request of the custodian/parent/legal guardian.

Are ATM cards different than debit cards?

Yes, ATM cards cannot be used to make store or online purchases.

Is there an age requirement for access to WafdBank.com?

The Child Online Privacy Protection Act (COPPA) restricts the collection of personal information from children for the purpose of website use. For this reason, clients under age 13 cannot sign up for online banking access.

Can my child get text alerts about their balance?

Online Banking offers the ability to setup various alert types that can be sent via email or text. Clients over the age of 13 are eligible to enroll in Online Banking and get alerts.

How do I change my child's ATM card PIN?

If you’ve forgotten or need to change your ATM card PIN please call 1-800-992-3808.

What should I do if my child's card is lost, damaged or stolen?

If you’re child has lost their ATM card or suspect it might be stolen, then we’ll quickly disable your old card and get you a new one. You may call your local branch, or our Client Care Center is available at 1-800-324-9375.

How does my child get online access?

Children over the age of 13 can enroll in online banking by visiting wafdbank.com or downloading the WaFd Bank app.

How can my child deposit checks and cash?

Children can deposit checks or cash by using WaFd Bank ATMs (if they have an ATM card), visiting their local branch or using mobile deposit (if over 13 and enrolled in online/mobile banking)

Can people other than parents make deposits to this account?

Account owners (children, parents, legal guardians or custodians) can make deposits. Restrictions may apply for other individuals.

Will my child's savings account need to be reported on my taxes?

At WaFd Bank, the minor account is opened under the child's Social Security Number. If interest income is reported to IRS, a 1099-INT will be issued under the child's name. For more assistance, please consult with a tax specialist.

Can my child make ATM withdrawals from their savings account?

If an ATM card is requested and issued, withdrawals can be made at WaFd Bank ATMs or at over 32,000 MoneyPass ATMs.