Toddler Savings Calculator

Calculate how much your little one can earn in a traditional savings account.

What are other names for toddler bank accounts?

• Kid Accounts

• Kid Club Accounts

• Youth Accounts

• Minor Accounts

Do all banks have toddler accounts?

No. Some banks require children be teenagers (or older) to open an account.

What are toddler savings?

We created the name "toddler savings" as a financial ritual that celebrates reaching an important milestone -- baby's first steps.

Why open an account for a toddler?

Separate accounts make it easier to keep little one's funds separate. For example, money from a first birthday and other financial gifts.

What's the difference between a toddler bank account and a piggy bank?

Adorable piggy banks (like this one) store physical bills and coins in one place. In short, what you put in is what you get out. A toddler bank account can earn interest, which means your little one's money can be making money.

Which banks and credit unions have accounts specifically for toddlers?

Institutions that offer toddler accounts include (but aren't limited to):

• Bank of America

• Boston Firefighters Credit Union

• BrightBridge Credit Union

• Capital One

• Chase

• M&T Bank

• Metro Credit Union

• OneUnited

• TD Bank

• Wells Fargo

What's special about toddler accounts?

They're often free accounts, but require a co-owner (like the parent) to manage them.

When can you open a bank account for a toddler?

Many financial accounts can be opened as soon as a child has a social security number or tax ID -- which is typically weeks after they are born. This means parents do not have to wait until their child becomes a toddler.

Why do financial institutions offer accounts for toddlers?

It is a clever way to establish an early relationship with a family that grows as the child ages.

What are some financial purchases a toddler may save for?

Toddler accounts can be great for short term goals like a toddler-sized kitchen, a toddler bike, or children's museum membership.

When shouldn't a toddler bank account be opened?

If funds can earn more elsewhere (for example, in an investment).

Can parents open a sub account with their current bank?

Yes! Many banks allow depositors to open sub/supplemental accounts. This requires less paper/digital work and also means that the child is not a co-owner. Instead the parent simply sets money aside for their little one. This strategy can be super helpful if the parent's current account earns more.

Are toddler accounts the only way to introduce financial literacy?

Nope! Many educational apps (like ABCmouse) reward little ones with a digital currency where they can learn about earning, saving, and spending in a fun, practical, and age-appropriate way.