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Community Bank Youth Savings Accounts: Helping Kids Save for the Future

Jan. 14, 2013
Personal Finance
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NerdWallet is a big proponent of giving kids early education in money management and financial responsibility. Savings accounts at community banks provide opportunities for your kids to see the benefits of saving money. Many kids’ savings accounts are free with low opening deposit requirements, and tips and tools to help your young saver (and you) navigate the tricky waters of banking. Community bank youth savings accounts make learning about banking fun, free of stress and profitable.

Youth savings accounts: things to look for

Your child’s first savings account should be free of monthly charges and have a low minimum opening deposit. Account details should be simple and easy for you and your child to talk through together. Kids savings accounts are as much about learning as they are about banking, and the bank you pick should make saving educational and rewarding. Also, look for perks! All savings accounts will pay you interest on your balance, but some offer extra goodies like birthday gifts or prizes for saving. We’ve put together a list of great youth savings accounts nationwide to give you a taste of what’s out there.

Pathfinder Youth Savings – Valley Savings Bank (Cuyahoga Falls, OH)

The Pathfinder Youth Savings account at Valley Savings Bank is the perfect account for kids who are ready to start saving and are good with computers. This account offers access to the Pathfinder Portal, a webpage with fun graphics and games that help teach kids about saving. It also has helpful links to libraries, zoos and government sites for kids. The account offers a competitive interest rate that is compounded quarterly, and of course, no fees. All your child needs is $10 to get started!

Kids Club Savings – High Point Bank (High Point, NC)

High Point Bank offers the Kids Club Savings account for children 12 and under, detailed in a brochure created to appeal to the younger set. High Point encourages parents and grandparents to become an integral part of the action by depositing allowance and gift money in the account and showing kids how quickly their money grows. With a low minimum deposit (and minimum balance) of $25, interest compounded daily, 2 free withdrawals per month and a host of perks including a free t-shirt and membership card, and coupons and invitations to special events, the Kids Club Savings account is easy and rewarding.

Junior Savers Club Account – Wheaton Bank & Trust Company (Wheaton, IL)

Wheaton Bank’s Junior Savers Club account is perfect for kids 18 and under, and offers better interest than their adult accounts. It comes with a personalized passbook with ID as a Junior Savers Club member, so your kids can show off to their friends. Every time a Junior Savers Club account balance improves on its previous balance by $100, your child gets the bank’s exclusive “Treats Dollar” gift certificate. When you sign up, your child will also get a special Junior Savers Club bank and invitations to fun events.

MySavings101 – Ephrata National Bank (Ephrata, PA)

Ephrata National Bank’s MySavings101 account is a special savings account for kids 15 and under, even newborns and infants! Relatives can make deposits into the account for birthdays, holidays or any other occasion. The minimum initial deposit is only $25, and every child gets a special gift upon opening the account. Ephrata likes to reward their MySavings101 members for saving, so every child 12 and under gets a special gift when depositing $10 or more.

Youth Savings Account – First Federal Bank of Louisiana (Lake Charles, LA)

First Federal Bank of Louisiana offers a simple and secure way for your child to save their money. Offering 3 free withdrawals a month, 6 pre-authorized transfers per statement cycle and interest on balances of $10 or more, First Federal Bank of Louisiana takes your child’s saving seriously. Kids ages 18 and under are eligible for this account and have the potential to earn prizes from their saving.

Children & Student Savings – Southern Bank (Poplar Bluff, MO)

For the children or grandchildren of Southern Bank customers, the Children & Student Savings account can be opened with the low minimum deposit of $25. The account earns interest on any balance and kids get 6 free withdrawals a month. Southern Bank offers a free children’s savings packet with info to help your child learn about saving and keep their balance growing. To further encourage your child to save, the account is charged $2 a month if the balance falls below $25.

Minor Savings Account – Metropolitan Bank (Crystal Springs, MS)

Metropolitan Bank’s Minor Savings Account is a great savings opportunity for the young moneymakers in your house. With excellent security, no monthly charges, tiered interest rates compounded monthly and a minimum deposit of $10, Metropolitan Bank helps your children keep their money safe and secure, and increase their savings each month. The account allows 6 free withdrawals a month and provides monthly statements so you and your kids can keep track of their money.

Future Savers of America – Citizens Security Bank (Bixby, OK)

Citizens Security Bank recognizes that today’s children are tomorrow’s consumers, and they point to that with their Future Savers of America savings account for kids 18 and under. You need $25 to open and maintain your account (95-cent monthly fee if the account balance falls below $25). 6 withdrawals and 30 deposits a quarter gives your kids freedom to use their account, but also helps them understand how to manage their money.

Save It @ Atlantic Stewardship Bank Kids Statement Savings – Atlantic Stewardship Bank (Midland Park, NJ)

The Save It @ Atlantic Stewardship Bank Kids Statement Savings account offers kids the opportunity to save starting with a super low minimum deposit of $1. No service fees and a competitive interest rate on all balances over $1 make saving easy and profitable for children 18 and under. For the younger set, a free Coin Bank and coloring book is given at the opening of the account.

Kids Club Savings – First National Bank (Pulaski, TN)

The Kids Club Savings account at First National Bank offers all the perks of a regular savings account, including competitive interest rates, free online banking and free e-statements, but with a lower minimum opening deposit of $25. This account is available for kids 12 and under and provides 6 free withdrawals per quarter, competitive interest compounded daily and credited quarterly, and detailed paper statements to help kids track their savings progress. They’ll also get access to rewards for Kids Club members.