High Yield Youth Savings Account for Kids
As a parent, you do your best to teach your children to make wise choices in hopes that they'll lead a happy and healthy life. To help, we created the High Yield Youth Savings Account, a youth-based savings program with a higher yield* so children can see their money grow quickly. It allows them to develop good financial habits early so they have a head start with their money management skills.
Children must be under 18 to open with an adult joint owner and meet membership eligibility requirements. The account balance will be automatically transferred to a Primary Share Savings account during the calendar quarter following the child's 18th birthday.
*High yield is for the first $1,000 to be determined by the Board of Directors quarterly. Balances over $1,000 continue to earn the regular share savings rates. Click here
to view our current rates.
A Coverdell Account
Gives flexibility to families saving for college tuition and other related expenses
Up to $2,000 per year may be deposited for each child under age 18
Anyone can make a contribution - parents, grandparents, relatives, or friends
Earnings and withdrawals are tax free if used for educational expense by age 30
Can be transferred to another child in family
10% penalty if used for another purpose