The Many Benefits of Youth Savings Accounts

Teaching kids to save and spend their money wisely is one of the most important things adults can do to help prepare them to lead independent lives. A youth savings account is a smart place to start.  

Small financial lessons can help kids navigate everyday situations they’ll encounter as adults. Playing store when your daughter is a toddler is a fun and natural way to help her understand the basics of exchanging money for goods around your home. When your son is older, you can separate his pocket money into jars labeled for spending, giving, and saving. Involving your kids in decisions when shopping at the grocery store another tool. From there, kids can start setting financial goals to achieve with money from their allowance or first jobs.

I Love Saving Club youth accounts from Bank of New Hampshire can help parents teach these lessons, so kids can reach financial milestones like starting to earn interest on savings, Mobile Banking and debit cards for teens.

Read on to learn about Bank of New Hampshire’s beneficial youth savings accounts and how you can help set your child up to complete future financial goals.

What Are Youth Savings Accounts?

Youth savings accounts are bank accounts for minors with special features that will help them transition to adult savings accounts. Typically, a youth account is a joint account with a parent or guardian, so kids can learn and experiment safely.

When picking a savings account, prioritize engagement and digital capabilities like Mobile Deposit. Bank of New Hampshire’s youth savings accounts offer benefits like:

• No minimum balance requirement
• Online and Mobile Banking for minors (Mobile Banking available for teen accounts only)
• Account opening gift
• $5 deposited at account opening

Bank of New Hampshire’s I Love Saving Club teen and kids saving accounts are among the best youth savings accounts in New Hampshire because they gradually give more financial responsibility to children as they grow. Parents can enroll children under 13 and watch them graduate from piggy bank savings to earning interest. Savings accounts for teens introduce debit cards and banking from their mobile device, but they also keep the guidance and security of an adult still being on the account.

Top 3 Benefits of Savings Accounts for Minors

1. Improving Financial Literacy for Youth

Managing your personal finances is often not taught in school, even though it’s an essential life skill. A youth savings account gives kids a way to practice learning about and handling money early – no need to wait until their first job. Because a parent or guardian is included on the account, kids can start with basic concepts while the account is still being managed by an adult. As they get older, they can learn how youth savings account interest rates work and how interest grows their savings, create goals to make purchases, and start to make responsible deposits and withdrawals on their own.

• Teaching Financial Responsibilities

Having their own savings account will help kids and teens gain a sense of financial independence. They’ll learn that saving for something they want will take patience and perseverance, but it will be rewarding. They’ll practice real-world budgeting, making financial priorities and learning how to track their monthly statements. By letting teens use a debit card and check their account from their devices, bank accounts for teens help ease into future responsibilities like credit cards with a safety net.

• Making Saving Fun

It seems like the best saving accounts for minors also have great incentives to get kids involved. Between getting a birthday card, a piggy bank and their first debit card, young children and teens discover ways to associate saving with fun and accomplishment.

Local Youth Savings Accounts in New Hampshire

Local banks with accounts for minors, like Bank of New Hampshire, have a distinct advantage over big, nationwide institutions, even those that also offer youth savings accounts. BNH understands what New Hampshire families need. By banking with people who live and work in their communities, BNH members get reliable, local expertise, friendly service and great deals. Staff make saving educational, rewarding, and fun for kids and teens across the state.

Open an account online or visit a Bank of New Hampshire branch to get started with an I Love Saving Club youth savings account!

¹BNH will deposit $5 at account opening into new accounts only; converted accounts are not eligible. Bonuses awarded will be reported to the IRS on 1099-INT. There is no minimum balance to maintain to earn interest. .01% APY effective as of August 3, 2026.

²This account is for young adults age 13 through 17 and requires a parent or guardian to be on the account and enroll in Online and Mobile Banking.

³Third party web access, data, and message rates may apply from your wireless provider.

⁴POS restrictions may apply.