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.
Yuliya Goldshteyn is a banking editor at Bankrate 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 helping people feel confident in their banking decisions.
Yuliya honed her editorial skills in a wide range of industries before working in personal finance. She was an editor and researcher for a boutique marketing firm, an editor and creative director in the healthcare rewards industry and has edited numerous academic works, including dissertations in public health and public policy.
She has a bachelor’s degree in history from the University of California, Berkeley and a master’s degree in social sciences from the University of Chicago.
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 super simple watercolor landscapes.
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
Bank account budgeting tools make it easy to track your personal finances.
A CD ladder lets savers benefit from higher rates without locking up all your money in long-term CDs.
Here are a few different ways to see how much money you have in your bank account.
To find the best high interest rate for you, browse Bankrate's list of the best high-yield savings accounts from federally insured, highly rated institutions.
View Bankrate's list of the best checking accounts. Compare banks with high interest checking accounts and securely sign up online.
For short-term saving, a nine-month CD may be a better option than a savings account.
A money market account is like a parking spot for cash, but with a few guardrails.
Discover a wide range of competitive money market rates and other savings options from Bankrate. Compare and open one today to maximize your savings potential.