How to open a savings account for a baby or child
A savings account is a good tool for teaching children financial basics and responsibility.
4 min read
Nov 11, 2025
Yuliya Goldshteyn
Editor, Deposits
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5years of experience in personal finance
EXPERTISE
- Consumer banking
- Savings accounts
- Certificates of deposit
- CD rates
EDUCATION
- Bachelor of Arts, University of California, Berkeley
- Master of social sciences, The University of Chicago
About the author
Yuliya Goldshteyn is a Bankrate deposits editor with broad knowledge of consumer banking products, including high-yield savings accounts, checking accounts, certificates of deposit and bank bonuses. She joined Bankrate in 2024 after spending three years covering all aspects of consumer banking at NerdWallet. Yuliya is passionate about extolling the virtues of high-yield savings accounts, helping readers identify the perfect checking account for their daily needs and generally helping people feel confident in their banking decisions.
Yuliya is based in Portland, Oregon. When she’s not scouring the fine print of deposit agreements, she can be found hiking around the local stratovolcanoes, printing greeting cards on her antique letterpress and painting extremely simple watercolor landscapes.
How I think about money
I like to keep my banking life simple because with two little kids and a never-ending pile of laundry to do, I just don’t have the time to fuss. This means that I don't spend time hunting for the highest possible return on my savings. Instead, I have an account at a bank I like that has a solid history of offering a good APY. This way, I know my savings are always working for me without adding any extra work for me.
Don’t be afraid to change bank accounts, especially if your savings account is paying you nothing. There’s really no reason to miss out on the free money of a high APY.
— Yuliya Goldshteyn
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