Capital One 360 Gift of Savings for Kids and Gift of MONEY for Teens

It’s almost summertime!

If you have kids, this means you might be thinking about their allowance, future education costs, and their summer job(s).

This is a good time for you to teach them about saving some of their money and spending it responsibly.

Today I’m taking a look at a couple of products that might help you. It’s the Capital One 360 Gift of Savings for Kids (i.e. Adventure Kit) and the Gift of MONEY. Capital One 360 was generous enough to send me a free version of each in the mail, which I will be passing along to you in the form of a giveaway.

At their base level, the products give your kids a $25 bonus when they sign up for a new kid’s savings or checking account. It’s $25 because you buy the products for $25 and they each come with a $50 bonus, along with some other things that make them fun, educational gifts.

To my knowledge, you can’t just go to the Capital One 360 site and find a $25 bonus on a kids savings or checking account. You need to purchase these gift products first. Which means you’ll have to wait till they arrive in the mail. Better than no bonus at all, right?

What is the Capital One 360 Savings Account for Kids?

I guess it makes sense to address this particular account before we cover what the Adventure Kit is all about.

The Kid’s Savings Account is very similar to the normal 360 Savings Account: FDIC Insured, no fees or minimums, higher interest rates than regular banks and credit unions, only-online access, etc.

The main difference is that the account comes with a separate log-in for your child (under 18) that allows them to do everything but deposit or withdraw. Basically, they can log in and tinker around, while learning the ins and outs of the saving process.

You own the account and maintain full control and access. When your kid turns 18, the account becomes a regular 360 Savings Account.

What Comes with the Gift of Savings (Adventure Kit)?

The Adventure Kit looks great! It contains a $50 gift card to get started with saving, a Savings Adventure Passport (to log deposits made into the savings account and mark various achievements), along with sticker badges that you can stick in your passport.

The kit also comes with a pop-up coin bank. The account and kit seem ideal for kids ranging from ages 8-14.

What is the MONEY Account (Debit Card for Kids) and Gift of MONEY?

The MONEY account is a simple debit account that is managed by the parent and teen. It comes with a MasterCard debit card for your teen. The teen can do a lot with the account including setup direct deposit from their employer, and use it at Capital One 360’s over 35,000 free ATMs.

The MONEY account doesn’t come with the ability to write checks or use bill pay. It’s really just a no-fee prepaid debit card account. When your teen turns 18, the account becomes a regular 360 Checking Account and you can remove yourself as a joint owner.

The Gift of Money is the gift card you give to your teen for them to get started with the account.

As I noted above, you can purchase this for $25 on the Capital One 360 website and the Gift of MONEY comes with a $50 card for your teen to use to open the account.

Once your teen opens the account (which they’ll have to do with you), they will be sent their account details and debit card. Open an Capital One 360 MONEY Account for your teen.

Last Edited: November 1, 2016 @ 9:57 pmThe content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Philip Taylor

Philip Taylor, aka "PT", is a CPA, financial writer, FinCon CEO, and husband and father of three. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. GabrielRa says:

    I saved for comic books. I would love the Gift of Monery

  2. Sheila Laurence says:

    My kids both already have ING savings and my older daughter has a Money card (it’s been a good experience!).  I would love the Gift of Money for my younger daughter.  I really like ING.  I asked a lot of questions before getting the Money card for my daughter, and felt really good about her having it.  When she is 16 (coming up soon), I’m going to begin depositing money in it for her to purchase her own clothes and take total responsbility for that.  We’ll see how it goes!

  3. I saved money as a kid for buying kites; loved flying kites as a kid. Will like Gift of Savings for my child. Thanks!

  4. Hi Philip, First of all thank you for the awesome opportunity and catipult to begin saving for my daughter.  I remember as a child I saved what I thought was a TON of money ($10) to buy my mother a mother’s day card.  I had no idea that they didn’t cost close to that. Needless to say I was so happy with ALL of the money I got back from the cashier after I paid for the card.  I would love the Gift of Savings.  Thank DR DR

  5.  @Rishi Rishi, you won the Gift of Savings. Please email your address to pt [at] ptmoney [dot] com. Thanks!

  6. ImJustCilla says:

    I hope that great offer for the Gift of Savings is still available!  I’m going to check it out now…thanks for the info!!!

  7. waitersk says:

    Hi Philip,
    Is this gift of money opportunity still available…looking to teach my son some financial lessons…thanks for article.