There are several ways in which child savings accounts differ from kids checking accounts.

1. Design and operation: in most cases, the savings accounts for children are designed in such a way that only deposits (and limited, if any) withdrawals can be made on them. The objective is to accumulate money therein. Checking accounts for children, on the other hand, are designed to accommodate as many deposits and withdrawals as the operators/owners deem fit.

2. Minimum balance requirements: in many banks, there are no minimum balance requirements for kids checking accounts. On the other hand, we tend to have minimum balances that have to be maintained, in the savings accounts for children.

3. Objectives for opening: most parents who open checking accounts for their kids hope to use them to teach the kids day to day personal finance management skills. On the other hand, parents who open savings accounts for kids hope to use them to, inculcate a habit of saving money into their kids, and to secure their kids futures by accumulating money for them.

4. Interest earnings: whereas the money put into savings accounts for children typically earns interests, the money in kids checking accounts (just like the money in most other types of current accounts) usually doesn’t earn interest.