Youth savings accounts are special bank accounts designed for children and teenagers to help them learn about saving money. These accounts often have lower minimum balance requirements and may offer higher interest rates compared to regular accounts. They encourage young people to develop good financial habits early on. Many banks and credit unions offer youth savings accounts, sometimes with features like no monthly fees or educational resources about money management. Parents can help their children open these accounts, allowing them to deposit allowance or gift money, fostering a sense of responsibility and financial literacy as they grow.