Alliant Credit Union Kids Savings Account: Best Guide

A piggy bank is a great place to start, but as kids grow, they need a better way to learn real money habits. When your child is ready for a proper savings account, the Alliant Credit Union Kids Savings Account can be a strong option to consider.

This account stands out among kid’s savings options because of its low fees, high interest rate, and strong parental controls. It’s also one of the few kids’ savings accounts available for children under the age of 13, making it an ideal first banking experience. That said, it may not be the perfect fit for every family.

What Is Alliant Credit Union Kids Savings Account?

The Alliant Credit Union Kids Savings Account is designed for children from birth to age 12. It is a joint savings account, meaning both the child and a parent or legal guardian share ownership.

Children who open the account before turning 13 can keep it indefinitely, even after they grow older. However, new accounts cannot be opened once a child turns 13. While the account remains active, it earns a competitive interest rate of 3.10% APY and charges no monthly fee when e-statements are enabled.

To open the account, the adult co-owner must be an Alliant Credit Union member. Membership is easy to obtain by joining Foster Care to Success, a nonprofit organization supported by Alliant. The credit union even covers the one-time $5 membership fee, so there’s no cost involved.

What Makes This Account Stand Out?

Before diving into features, here are a few highlights that make this kids’ savings account different from many others:

• Available for kids under 13, including infants and toddlers
• High interest rate on all balances, not just limited amounts
• Multiple subaccounts to help children save for different goals

Unlike many kids’ savings accounts that offer very low interest, this account helps children actually see their money grow.

Key Features of the Alliant Kids Savings Account

Age Requirements and Ownership

• Open to children 0–12 years old
• Requires a parent or legal guardian (18+) as a joint owner
• Accounts opened before age 13 can stay open long-term
• Does not convert into an adult savings account later

Interest Rate

• Earns 3.10% APY on all balances
• Rate may change depending on market conditions

Fees and Minimums

• No minimum balance requirement
• No monthly fee with e-statements
• $5 monthly fee applies if paper statements are used
• Alliant provides the initial opening deposit

Supplemental Savings Accounts

Parents can create multiple supplemental savings accounts under one main account. These subaccounts help kids save separately for goals like:

• School supplies
• A bicycle
• A future vehicle

This structure makes goal-based saving easier and discourages impulse spending.

Linked Accounts

The account can be linked to:

• An Alliant checking account
• External U.S. bank or credit union accounts

All transfers are free, but parental approval is required.

Mobile Banking

Alliant’s mobile app allows parents to:

• Transfer funds
• Deposit checks remotely
• Track savings goals
• Monitor activity easily

Parental Controls

All account activity must be approved by the adult co-owner, ensuring complete supervision and preventing unauthorized transactions.

Deposit Insurance

Funds are insured up to $250,000 by the NCUA, offering the same level of protection as FDIC-insured banks.

Pros And Cons of Alliant Credit Union Kids Savings Account

Pros

• No minimum age to open an account
• Excellent interest rate compared to most kid’s savings accounts
• Strong parental oversight for added security
• Goal-based subaccounts for organized saving
• Easy membership requirements
• No monthly fees with e-statements

This account is especially useful for parents who want to teach saving habits early while maintaining full control.

Cons

• New accounts not available after age 13
• No automatic upgrade to an adult savings account

Once your child becomes a teenager or adult, you’ll need to open a different type of account.

Final Thoughts on the Alliant Credit Union Kids Savings Account

The Alliant Credit Union Kids Savings Account is a strong choice for parents who want to introduce their children to smart saving habits at an early age. With no minimum age requirement, a competitive interest rate, zero monthly fees with e-statements, and strict parental controls, it provides a safe and structured environment for kids to learn how money grows over time.

While the account does have age limitations and does not convert into an adult savings account, its benefits make it an excellent first step toward financial education. For families focused on teaching responsibility, goal-based saving, and long-term financial awareness, this account serves as a reliable foundation for a child’s early money journey.