Get the scoop on Youth Savings Accounts
04/11/2023
By: Brady
It’s National Credit Union Youth Month, and for us, that means highlighting all of the essential ways you can help your little ones save! From a regular youth savings account to a youth CD, we have all the tools you may need to help teach your children the power of money!
First Community Credit Union currently offers three types of traditional savings accounts and a youth certificate of deposit. These accounts are designed with the kids in mind and are geared towards bringing awareness to youth banking and encouraging excitement about saving money.
Rising STARS Account
Our Rising STARS savings account is one of our flagship youth accounts and the best place to start your young saver’s journey. This account is for children 12 and under and has great perks, including a savings folder that, once filled with stickers, can be exchanged for a prize.* Some other perks include a coin savers card and invitations to exclusive youth events! Your child will also receive one dollar for every “A” they have on their report card!**
Blues Youth Savings Account
This account is our most recent and popular youth savings account! Our Blues Youth Savings account was developed in conjunction with our partnership with the Little Blues Youth Hockey program and is available to all children under 18. It has the same great perks as the Rising STARS account,** plus more! These additional features include a $10 deposit into their account upon completion of the Little Blues learn-to-play program. All you have to do is show the Certificate of Completion and, of course, have a Blues Youth Savings Account with us! Even the siblings of the player get to enjoy perks! Each sibling of a player gets $5 into their Blues Savings Account at the completion of the program.***
genNOW Account
The genNOW account is for teens 13-17 and aims to help you introduce your child to the world of a checking account with the use of a debit card, mobile deposits, and savings, all under the protective eye of the parent!^ Plus, for each semester your child is on their school’s Honor Roll, they will get two free movie tickets to Marcus Theaters.^^ All you need is proof of the accomplishment, which can be in the form of newspaper recognition, a letter, or a report card from your school showing all A’s and B’s for the semester.
First Star Certificate of Deposit
Our Certificate of Deposit is one of the most secure ways to save money and have higher returns than a traditional savings account. With a deposit of $25, teaching the value of a CD is just one step away! You can deposit into this account throughout its lifetime (up to $2,500) and have a choice of a 12, 24, or 36-month term. In honor of helping your young ones save, earn, and learn, we are offering the 24-month First Star CDs at a rate of 5.25% APY for the month of April!^^^
Youth savings accounts are some of the easiest ways to teach our children the importance of saving and are the best way to set them up for their financial future. With all the options we offer at First Community, finding an account that fits you and your family has never been easier!
*Each $10 saved earns a sticker. Reach $200 to receive a special prize each year. Prize redeemable upon request and only for deposits made within the previous 12 months.
**Rising STARS accounts are for members birth through age 12. Rising STARS receive $1 for each ‘A’ (or equivalent) on their report card in the approved subjects. Report card rewards program begins with kindergarten report card. Please see branch representative for the list of approved subjects. Rising STARS will receive deposit at time of report card submission. Report cards are only accepted after the 1st Semester/Trimester and 2nd Semester/3rd Trimester. Deadline for all report cards is August 31st following the completed school year.
***The initial $10 or $5 deposit by First Community will be held for 90 days. Siblings must also have a Blues Youth Savings Account for the $5 deposit.
^Terms and conditions apply for mobile deposit. See our digital banking page for more information.
^^Deadline for all report cards is August 31st following the completed school year. Two tickets given per semester or trimester. Report cards are accepted after the first semester/trimester and 2nd semester/3rd trimester.
^^^$1 share deposit required. Must qualify for membership. Youth accounts available up to age 18. Federally insured by NCUA. Offer of 5.25% Annual Percentage Yield (APY) on 24-month First Star Youth CD for members age 18 and under. CD has a minimum deposit of $25 to open and a maximum of $2,500. One CD per youth account. Rate/APY is accurate as of 4/1/2023. Early withdrawal penalties apply. Offer subject to end without notice.