Educational, rewarding and child-friendly: These are the 5 best savings accounts for kids and teens

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

Money behaviors and habits that individuals carry with them for their whole lives are largely established as early as age seven. As a parent, you naturally take on this responsibility in shaping how your kid will view and use money in their adult years.

The good news is that you have financial tools at your disposal that can help you in this all-important role. Savings accounts designed for kids can help your little one start learning about one of the biggest basic money concepts out there: the value of a dollar.

CNBC Select set out to find the top bank accounts that help kids learn about saving money. Typically, the best savings accounts, are the ones offering above-average interest rates. While rates are still an important factor in kids' savings accounts, we also gave weight to factors like educational resources, fees and special kid-friendly features. We favored accounts that teach and encourage kids to save, while also offering no (or low) fees on what will likely already be smaller balances.

When you're ready to start showing your kid how to save money, consider these savings accounts. (See our methodology for more information on how we chose the best savings accounts for kids.)

The Alliant Credit Union Kids Savings Account takes the top ranking as the best overall savings account for kids. Those aged 12 and under can earn a 3.10% APY with no cap, which is a higher return than most kids' savings accounts we looked at.

The Alliant Kids Savings Account has just a $5 minimum balance and a $100 minimum to earn the high APY. There is a monthly maintenance fee of $5, but account holders can waive it by opting into paperless statements.

Because the Alliant Kids Savings Account is a joint bank account, both the parent and child are owners of the account, and the parent has to approve any activity on the account (things like incoming or outgoing transfers, etc.). Parents can schedule automated recurring deposits into their child's Alliant Savings, and kids themselves can watch their balance change and make their own deposits (hello, birthday checks). Plus, once kids turn 13 years old, they can add an Alliant Credit Union Teen Checking Account and start learning how to use a debit card.

Alliant is a credit union, which means membership is required by the adult co-owner on the account. To become a member, anyone can join the nonprofit organization Foster Care to Success and Alliant will pay the one-time $5 membership fee to the organization on the parent's behalf.

With the Capital One Kids Savings Account, young savers can create multiple savings accounts for each of their financial goals — making it helpful when learning about the importance of saving up for different needs.

Big-name banks often have lower interest rates than online-only banks, which is the case here, too. The Capital One Kids Savings Account offers a relatively low 0.30% APY, but with no fees and no minimum balance required.

This account is for those under age 18 and both the adult and the child co-own it. Parents can schedule their kids' allowances, make regular deposits and link their own bank accounts. Parents can also deposit checks in their child's name right from the Capital One mobile app. Children can check their account balance but must have the adult on the account sign in to actually transfer funds.

At age 8, your kid can also open a Capital One MONEY Teen Checking account. When your child turns 18, their Kids Savings Account automatically turns into an adult Capital One 360 Performance Savings™ — which ranks on CNBC Select's list of the best high-yield savings accounts by big banks.

PNC Bank S is for Savings stands out for its unique educational features with its own bilingual Sesame Workshop® featuring Sesame Street® characters teaching money basics, plus an interactive online website where kids can move money between three different jars representing saving, sharing and spending. And, when kids get older, there's a dedicated Student Hub to assist in the transition when it comes to new financial products like Virtual Wallet Student^®.

Because PNC is a big bank, the interest rate is going to be on the lower end; PNC says to call to get the current APY offering. There's a minimum $25 deposit to open the S is for Savings account if opened at a bank; otherwise, opening online requires no minimum. The account charges a $5 monthly maintenance fee, but it's waived if the account holder is under 18, plus other waiving options.

The USAlliance Financial MyLife Savings for Kids ranks best for younger kids because it offers a decent 2.00% APY on the first $500 — a low cap, but for young kids starting out, it's just enough and something to get them excited about. Plus, kid savers get $10 deposited into their account each year on their birthday. Little features like this can make teaching saving fun for little ones.

And at age 13, teenagers can transition to the MyLife Checking for Teens and the adult MyLife Savings.

To become a member of USAlliance, interested individuals can become a member of one of the credit union's partner associations. USAlliance will submit the membership request on your behalf.

The Northpointe Bank Kids Savings Account ranked as best for older kids and teenagers because it rewards higher balances with an APY better than most — and the idea is the older your kid gets, the higher their savings balance will be.

Account balances of $1,000 or less earn 1.50% APY; afterward, up to $9,999.99, account holders earn between 1.50% APY to 1.12% APY, which is still outpacing other kid savings account APYs at that balance amount. There's a $10 minimum deposit to open the savings account, but there are no monthly maintenance fees.

Instead of the usual online application, to open a Northpointe Bank Kids Savings Account, you have to contact the bank by emailing banking@northpointe.com or by calling (888) 672-5626 to get started.

Adults often wonder what the best savings accounts are for their cash, but just as important is where your little one can start saving up — and establish good money habits along the way. The savings accounts for kids on this list make it easy to do both.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best savings accounts for kids.

To determine which savings accounts are best for kids, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including credit unions. We compared each savings account on various features, including its APY, fees, minimum requirements, education tools available for kids, and any other special offerings or programs.

All of the accounts included on this list are FDIC- or NCUA-insured up to $250,000. Note that the rates and fee structures for savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your kid's earnings depend on any associated fees and the balance they have in their savings account. To open an account, most banks and institutions require a deposit of new money, meaning you or your child can't transfer the money you already had in an account at that bank.

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