Key4Kids® Savings Account
The perfect account for beginners
It's never too early to start saving. This children’s saving account with no monthly maintenance fees helps kids learn ways to save money and build strong financial habits, with an adult's help.1
Overview
| Minimum Opening Deposit |
$10 |
|---|---|
| Monthly Maintenance Fee |
$0 |
| Interest Rate |
Compounded daily |
| Mobile Deposit |
Yes |
Features
- Allows you to help your children learn about the value of saving money and compound interest with your guidance.
- Available to children under age 18 when the account custodian is a KeyBank deposit or credit customer.
- Interest-bearing account with no monthly maintenance fee while the child is under the age of 18.
- Manage account in online and mobile banking.2,3
Benefits of a Savings Account for Children
- Gives children an introduction to banking.
- Helps to kickstart saving for expenses like a car or college.
- Helps children learn how to manage money and establish good financial habits.
Frequently Asked Questions about the Key4Kids Savings Account
Yes, parents or legal guardians can access the money in a kids' savings account.
Key4Kids savings accounts can only be opened in-branch with a parent or guardian. To find a Key branch near you, visit key.com/locations. To open an account, we need the child's Social Security number and date of birth, and a parent or guardian must have a form of identification for themselves as well as the minimum opening deposit.
It's recommended that children save at least 10% of their income or allowance. The amount saved depends on your child's age and what they are saving for, such as a new toy or education expenses.
Children can withdraw money from their savings account with the custodian of the account present.
When your child turns 18, the account will automatically be converted to a Key Saver® account. All of the service charges related to a Key Saver account will then apply. However, it will remain a custodial account, so the parent or guardian and recent Key4Kids account graduate should visit a Key branch to review savings options.
The account custodian or the child on the account can make deposits in a branch with the account number. The account custodian can also make deposits online and through mobile banking, as well as directly deposit funds from their paycheck or through automatic debits.
Please read our Agreements and Disclosures. If you opened your deposit account online within the last 90 days, you may also review the original agreements and disclosures provided to you.
The custodian on the Key4Kids® account must have another KeyBank NA deposit or credit product to open a Key4Kids account. The Key4Kids savings account will convert to a Key Saver® account on the first statement cycle after the child’s 18th birthday. The ownership of the Key Saver account will remain with the custodian. All of the service charges related to a Key Saver account will then apply. Only the custodian can close the account and release the funds to former minor.
Subject to terms and conditions in Service Agreement.
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