Youth Saving Accounts for Kids
From cradle to college, it’s never too early to start saving for your child’s future. Our youth savings accounts can help your kids establish good money habits. Plus, there is no account maintenance fee.2
Safari Club
Whether they’re managing an allowance, budgeting small purchases or trying to save up for something special, kids under 12 can learn more advanced money concepts with a Safari Club savings account. For this age group, the Safari Club Newsletter introduces financial responsibility in a fun way, while parents get tips on how to reinforce what kids learn.
Forward Bound
For teens and students ages 13-17 with an allowance, earning their own money or just trying to save, the Reaching My Summit area on The Summit’s website is for them. It’s full of interesting tips about a wide range of subjects–from scams to watch out for to saving for college.
Youth Savings Accounts Rates
For month ending November 30, 2024
Earn dividends with at least a minimum daily balance of $0.01
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Minimum Balance to Open
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Minimum Balance to Earn Dividends
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Rate
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Annual Percentage Yield
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$5.00
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$0
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0.050%
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0.050%
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Here’s what you’ll need to open a Youth Account:
Confirm Eligibility
Find out if you’re eligible for membership based on where you live, work, or worship. If you’re not a member, join at the same time!
Application
To open an account, visit one of our branches or connect with us at the Virtual Branch.
Come Prepared
Open with just $5 and your child’s full Social Security Number. This is the child’s form of identification.
A Summit Youth Account + Your Child = A Smart Investment in Their Future
Enjoy Convenient Account Access
Youth account holders will receive quarterly statements (mail or e-Statement). Online and Mobile banking provides easy access to manage money and watch it grow, while you (parents or guardians) have visibility and control.
Teach the Value of Saving
Add money to your child’s youth account via branch deposit, direct deposit, mobile check deposit or online transfers. You can make one-time transfers or set up regularly scheduled transfers, perfect for paying that allowance each week.
Access to Newsletters & Blogs
As a member, you have access to information and resources designed to teach financial responsibility in a fun way, while also offering tips on how to reinforce what kids learn. Check out our Safari Club Newsletter for kids under 12 and Reaching My Summit for kids 13+.
Youth Accounts Inquiry
1. The Summit is federally insured by the National Credit Union Administration. Membership eligibility required. No purchase or obligation necessary to enter or win. All entries have an equal chance of winning. You may also enter the raffle by sending a self-addressed, stamped envelope to The Summit Federal Credit Union, Canal Ponds Business Park, 100 Marina Drive, Rochester, NY 14626 and clearly mark “Youth Savings Account Raffle” on the outside of the envelope. See official drawing rules for details. Your $20 gift, will be deposited into your Summit Primary Savings account within 7 to 10 business days of opening a new Safari or Forward Bound account for ages 0 through 17 only. Youth accounts must be opened between 9/6/2024-12/31/2024. Offer limited to members that have not had a youth account in the past 12 months. The $20 gift is considered interest and is reportable on IRS Form 1099-INT. You will be responsible for all applicable federal, state, and local taxes relating to the $20 gift..
2. Must be age 22 or younger for exemption of Account Maintenance Fee unless you have the Digital Edge Spend Account. See Rate & Fee Schedule for details. Must be 18 years of age or older to open a checking account, or have an accompanying joint member on the account who is 18 years of age or older.