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What is a Kids Savings Account?
Our Kids Savings Account is a kid-friendly bank account that teaches kids how to save their money the safe and responsible way. And like 360 Savings, there are no fees, no minimums and the money is FDIC-insured.
How does a kid access their Kids Savings Account?
Kids can view their account(s) by signing in with their log in information they created when opening their Kids Savings Account.
This could include:
What can kids do with the Kids Savings Account?
Kids will be able to:
What can adults do?
In addition to everything a kid can do, the adult can sign in with their own Username (Saver ID)/Customer Number and Password/Sign In PIN to transfer money, set up an Automatic Savings Plan (great for paying allowance) and manage account details.
How does a kid access money?
A kid can sign in and check their balance online 24/7. Transferring money requires a little help from the adult on the account. The adult must sign in using their Username (Saver ID)/Customer Number and PIN in order to move money.
Does the child have to be your child?
Absolutely not. Any adult (18 years or older) can open a Kids Savings Account with someone under the age of 18. It could be a niece, nephew, grandkid, any kid you want to help start saving.
What if the child forgets their Username (Saver ID)/Customer Number?
If the child has forgotten or lost their Username (Saver ID)/Customer Number, use our Online Username (Saver ID)/Customer Number Retrieval Tool:
What if the child forgets their Password/Sign In PIN?
If the child has forgotten or lost their Password/Sign In PIN, use our Online PIN Reset Tool:
Please Note: If we don’t have a valid mobile phone number on file, the child cannot use this tool to reset their PIN. The adult on the account must call 1-888-464-0727 to request a new PIN.
How can I close my account?
Follow these directions to close one of your Kids Savings Accounts – you’ll need to repeat the steps to close multiple accounts:
Once you do this, your account will be closed. If you're consolidating funds into another Capital One 360 account, the transfer is immediate. If you're transferring the funds to your external linked checking, the funds will arrive in 2 business days.
How do I access my Kids Savings Account eStatements?
It's easy. The primary account holder will receive an email notification when the eStatement is ready with instructions on how to view it. Only the primary account holder is able to view the eStatement for the Kids Savings Account.
How do I change addresses or phone numbers for the kid?
It's quick and easy. If the child is under 13 give us a call at 1-800-289-1992 and an Associate will help you make the change. If the child is over 13 just have them sign into their account on capitalone360.com, select the 'My Info' tab, and update the necessary information.
Will the kid be able to see any other accounts I may have that they are not the joint account holder on?
No, the child can only see the accounts that they are the joint account holder on. They will not be able to see any of your accounts that you don't have them named as a joint account holder.
What happens when the kid turns 18?
When the kid on your Kids Savings Account turns 18, the account will automatically convert to 360 Savings. We’ll send instructions to the new adult on how to set up a link so they can begin to contribute to their savings.
How do I view specific types of transactions in my account?
If you’re looking to view specific type of transactions in your account, here’s how:
What is backup withholding?
Backup withholding is when someone makes certain payments to you and you must withhold and pay 28% of those payments to the IRS. Payments that may be subject to backup withholding include, but are not limited to, interest, dividends and broker and barter exchange transactions.
If you provide your correct Social Security Number, make proper certifications and report all your taxable interest and dividends on your tax return, payments you receive should not be subject to backup withholding.
How do I update my backup withholding status?
Updating your backup withholding status is easy. Just follow these steps:
Your backup withholding status will be updated the day we receive the W-9 Form and funds will/won't be withheld beginning that month.
How do I request a Verification of Deposit (VOD)?
Requesting a Verification of Deposit (or VOD) is easy. Here’s how:
You can select which accounts you want included. Keep in mind, your account must be open for at least 30 days to be included.
Is there a limit to the number of withdrawals kids can make from the Kids Savings Account?
Yes. Due to federal regulations, the Kids Savings Account has a limit of 6 withdrawals per calendar month. Withdrawals include internal transfers for example, if kids transfer money from one Kids Savings Account to another Kids Savings Account or MONEY account it still counts as 1 withdrawal. Keep in mind, the 6 withdrawal limit is per each Kids Savings Account. If kids exceed the limit multiple times, the account may be closed.
Can I use a Capital One Bank branch to service my Capital One 360 account(s)?
Yes, Capital One Branch bankers can help with limited servicing needs such as reviewing your account, answering questions related to transactions, disputing a transaction, changing contact information (such as address or phone numbers), and printing tax statements. Coming later this summer, branches will also be able to help you with some debit card related servicing as well.
If we can't help you out in the branch, we'll be happy to get you connected to our Capital One 360 specialists to assist you.
What is FATCA reporting?
FATCA (Foreign Account Tax Compliance Act) reporting applies to accounts held with foreign financial institutions. Since Capital One 360 is a U.S. institution, our US Customers are not subject to FATCA reporting. However, the IRS still requires you to certify that you are not subject to this reporting.