What type of bank account typically has no minimum deposit and is ideal for kids and teens?

A savings account is commonly designed to encourage saving while being accessible to younger individuals, such as kids and teens. These accounts often come with no minimum deposit requirement, making them ideal for younger clients who may not have a significant amount of money to deposit initially. Savings accounts also typically offer interest on the balance, helping young savers understand the benefits of accumulating funds over time.

Unlike checking accounts, which are more oriented toward transactions and may come with fees or require a minimum balance, a savings account focuses on fostering saving habits. Money market accounts usually have higher minimum deposit requirements and often target older clients who are more financially established. Certificates of deposit are not suitable since they require a fixed investment for a set term and typically don't cater to younger individuals who may lack a large sum to invest.

In summary, a savings account provides a straightforward, low-barrier option for kids and teens to start managing their money, learn about saving, and earn interest on their deposits, making it the most appropriate choice among the options provided.