Youth Savings Accounts Offer Unprecedented APYs Amid High Interest Rates

Children's savings accounts are yielding up to 10.38% APY, significantly outpacing adult accounts due to the Federal Reserve's rate hikes.

Spectra Credit Union offers the highest APY for youth savings at 10.38% on balances up to $1,000.
Spectrum FCU/Chevron FCU provides a 7.00% APY for their MySavings Youth Account, available to those 21 and younger.
High-yield savings accounts for adults are currently offering up to 5.50% APY, a near 20-year high.
Digital banks are leading the way in high-yield accounts, providing competitive rates without traditional bank overhead costs.
The Federal Reserve's recent rate cuts may soon decrease these savings rates, making it crucial to capitalize on current offers.