Kid and Teen Savings Accounts
WaFd Bank's secure savings accounts for our youngest savers come with tools you can use to teach smart money management. Easily transfer money from your account to theirs for allowances or saving for the future. Withdraw or deposit cash and checks at select ATMs.
Kid and Teen Accounts
![Father and son laughing under an umbrella on a rainy day.]()
Savings
Open a secure savings account to set aside and grow funds for your future
Everything you need in a Savings account:
Open at Branch- Free for minor accounts up to age 18
- Only $25 initial deposit ($10 for minors)
- $3 monthly fee waived on balances above $100
- Minimum balance to earn interest is $100. ($10 for minors); this is a variable-rate account See interest rates/APY
WaFd Bank will not run your credit for this application.1
![Grandmother and grandchild hugging.]()
Money Market
Earn a higher interest rate and meet your financial goals faster
Get the flexibility of a savings account with a better rate:
Open at Branch- Only $25 initial deposit
- $10 monthly fee waived on balances above $1,000
- Minimum to earn interest is $1,000; this is a variable-rate account See interest rates/APY
WaFd Bank will not run your credit for this application.1
1For account opening WaFd Bank does not pull your credit from one of the three main credit bureaus. We will review OFAC and ChexSystems®.
![A mother and young son laughing while doing homework.]()
Certificate of Deposit (CD) for kids and teens
Only $500 initial deposit. Terms from 3 months to 5 years. Monthly interest payments available for accounts with $10,000 or more. Open at a branch
![Mother and daughter smiling while looking at the green light app and credit card.]()
Set your kids up for financial success with Greenlight!
They'll learn the value of a dollar, play fun games to learn money skills, understand smart financial habits, and much more.
![Happy school kids celebrating]()
WaFd Save at School Program
Partner with WaFd Bank to help teach our kids how to save money with a Save at School program!
Save for your child's future today with a Coverdell Education Savings Account
With a Coverdell Education Savings Account you can contribute up to $2,000 after-tax annually per child. And the best part is, when the funds are withdrawn they're tax-free.
A Coverdell ESA can help you save for a child's education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board. Contributions can be made by family members, corporations, or other individuals until the child reaches age 18. Assets from the ESA can also be transferred or rolled over from one ESA to another ESA for the same child or an eligible family member of the child.
Now that's smart. Apply at a branch near you
To open an account you'll need:
 |  |  |
Under 5 | 5-12 | 13-17 |
Set up as a Uniform Transfer Minor Account | Minor and Parent/Legal Guardian open account together | Minor and any adult 18+ years of age can open an account |
| Child's Identification One of the below: - State Issued ID - Passport (US or Foreign) - Green Card OR - Birth Certificate - Social Security Card | Child's Identification One of the below: - State Issued ID - Passport (US or Foreign) - Green Card OR - Birth Certificate - Social Security Card - Student ID | Teen's Identification One of the below: - State Issued ID - State Driver's License or Permit - Passport (US or Foreign) - Green Card OR - Birth Certificate - Social Security Card - Student ID |
Adult Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, ID, NV, NM, OR, TX, UT, or WA. Personal information, including address, phone number, email address and Social Security Number. Picture ID, such as a driver's license, state ID, Passport or military ID. | Adult Must be child's Parent/Legal Guardian. Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA. Personal information, including address, phone number, email address and Social Security Number. Picture ID, such as a driver's license, state ID, Passport or military ID. | Adult Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA. Personal information, including address, phone number, email address and Social Security Number. Picture ID, such as a driver's license, state ID, Passport or military ID. |
Under 5
Set up as Uniform Transfer Minor Account (UTMA) Custodian on the Child's behalf
One of the below:
- Passport (US or Foreign)
- Green Card
- Social Security Card
Adult
Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, ID, NV, NM, OR, TX, UT, or WA.
Personal information, including address, phone number, email address and Social Security Number.
Picture ID, such as a driver's license, state ID, Passport or military ID.
5-12
Minor and Parent/Legal Guardian open account together
One of the below:
- Passport (US or Foreign)
- Green Card
- Social Security Card
- Student ID
Adult
Must be child's Parent/Legal Guardian.
Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.
Personal information, including address, phone number, email address and Social Security Number.
Picture ID, such as a driver's license, state ID, Passport or military ID.
13-17
Minor and any adult 18+ years of age can open an account
One of the below:
- State Driver's License or Permit
- Passport (US or Foreign)
- Green Card
- Social Security Card
- Student ID
Adult
Must be at least 18 years old, and a US Citizen or Permanent Legal US Resident and reside in the states of AZ, CA, ID, NV, NM, OR, TX, UT, or WA.
Personal information, including address, phone number, email address and Social Security Number.
Picture ID, such as a driver's license, state ID, Passport or military ID.