With a fresh new spring season in the air, it’s a great time to rev up the financial engines and not only start saving for yourself but, also for your little ones. Below are a few institutions I have investigated to help make your savings aspirations become a reality.

I’ll start with Northpointe Bank.  There is no minimum to open up a kid’s savings account and balances up to $1,000 currently earn a nice 1.05% APY.  This is a very customer-friendly bank, which is unheard of in this industry.   Their personal touch includes mailing out handwritten cards to the kids on their birthdays signed by the staff.  Though they are headquartered out of Michigan and only have one branch in Irvine, they offer online banking, deposits via their app and locations throughout the country.

Another great option is with Capital One. Their kid’s savings account also has no minimum to open and currently offers a 1.50% APY.  What I like about this account is that the child can set up saving goals, like saving up for a new bike or toy.  Then they can easily track their progress, which really helps to encourage them along.  Capital One also allows you to keep an eye on their withdraws and set up automatic deposits. As they become older, consider opening up a teen checking account, as well. This is a great stepping stone into the real world since they are provided a debit card.  One of Capital One’s tools can alert you with a text and/or email for every purchase that is made so you can keep an eye on the balance.  This creates great learning opportunities where you can sit down and talk with your child about wise spending habits.

Lastly, I can’t forget to add in a credit union.  I think the best bet is with Alliant Credit Union. They offer a nice 1.35% APY right now.  The minimum to open is $5 but that is paid for by the bank. I can’t say no to free money no matter how small.  Sign up for e-statements and monthly fees are waived.

Whatever you choose, I encourage you to talk with your children about money management. I’m sure I don’t have to tell you that coaching budgeting skills and practicing wise spending now will greatly improve their financial future later.  These small bits of information can be priceless education your children won’t learn in school.