Savings Account for Kids and Teens
Opening a savings account for your child or teen is a great way to set them up for future financial success, while teaching them money management skills along the way. Fifth Third Bank offers a Fifth Third Momentum® Savings account for students and minors with competitive interest rates.1 Learn more about our minor savings account, benefits, and how to apply today.
Benefits of a Kids Savings Account
- No monthly service charge if the account owner is under 18. Otherwise, it’s $5 per month
- Easy access to your money at any Fifth Third ATM, branch, or online at 53.com
- Provide children financial freedom while teaching them about positive banking habits
- Help kids save money for a specific short-term financial goal
- Conveniently access online statements to teach money management
- Easily transfer funds to your kids’ savings account in-person, online, or on the Fifth Third mobile app
- Kick-start saving for future education or college
Opening an Account
Interested in opening a savings account for your child or teen? Open a savings account online or visit a Fifth Third Branch to get started. Here’s what you’ll need:
Parent/Guardian
- Photo ID such as a driver’s license or passport.
Student
- Photo ID such as a driver’s license, passport, student or employee ID.
* If your child is between ages 13-15 and does not have a photo ID, then you may verbally confirm their identity.
Kid-Friendly Banking Resources
Navigating conversations with your kids on money management, smart spending, and planning for the future may feel like a whole new ballgame for parents. Luckily, Fifth Third Bank has a few articles to help parents open kid bank accounts, chat with teens about money, and more!
Additional Resources
Financial Education for Kids from Sesame Street
Sesame Street has taught valuable financial lessons over the years. Here are 8 money education takeaways.
Finances for Kids: Teaching Kids About Money
Teaching kids about money at an early age is a great way to help them learn the value of a dollar. Here's how to teach kids about managing finances.
How Many Savings Accounts Should I Have?
How many savings accounts should I have? Multiple savings accounts can help you reach financial goals, manage finances, and build up savings. Fifth Third Momentum® Banking offers support for your financial goals—providing local bankers, goal-based savings options, and virtual customer service for multiple checking or savings accounts.