Savings Account for Kids and Teens
Three ways to apply:
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:
- Photo ID such as a driver’s license or passport.
- 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!
Sesame Street has taught valuable financial lessons over the years. Here are 8 money education takeaways.
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? 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.