The best bank accounts for children are basic savings accounts that their parents open for them and help them manage. Children's bank accounts should not impose a minimum balance or charge a monthly fee.
Parents should give children the opportunity to speak directly with bank employees and to see their names on bank paperwork when they open an account. This helps them feel comfortable with banking and understand that the money in their account belongs to them.
Parents should set up an automatic savings when a child is still young. They can do this by deducting a small amount from the child's allowance each month and depositing it in the child's bank account.