Additional information of Kids Savings Account
For the youngest members of the household, Capital One bank offers a savings account with a higher profitability than usual in this type of product, even for adults.
The Kids account is a classic savings account, which does not allow linking any card or direct debit of income or expenses. To operate with it, it will be necessary to make transfers from or to another current account, either the 360 checking or the Money of Capital One, or an account of another financial institution.
By law, the maximum number of withdrawals that can be made each month is 6, of any amount and without penalty of any kind. In addition, this account does not charge any monthly fee or commission. It does not require any minimum balance nor is it necessary to deposit an initial amount.
The balance, whatever the amount, is remunerated at 0.30% APY (annual percentage yield), a figure that does not reach that paid by its older sister, the 360 performance account, but which is above what is usually paid by savings accounts in our country.
The minor holder of the Kids savings account account will be able to access it to consult the balance freely, but in order to deposit and withdraw money he/she will need the authorization of the adult co-owner of the account, who will have to enter with his/her user name and password to confirm the operation.
Español: Cuenta Kids de Capital One