It starts with birthday money. Next comes pay for weekly chores and part-time jobs. Soon, your youngster has money to manage - and needs a place to put it.
Youth Savings Accounts
Kids know money. We know how to help them save it.
Earn as much as 3.56% APY*
It's never too early to learn how to be a smart saver.
Open with just $5
Earn higher dividend rate
Reward for reaching $1,000
Momentum is a beautiful thing. To keep your child's savings rolling, we offer $25 to open an account and additional $25 when the balance hits $1,000.
Give a kid a few bucks, and their instinct is to spend it. That's where we grown-ups come in. With our youth accounts - and your wise guidance - we can teach kids about the benefits of saving and share financial lessons that last a lifetime.
- Open with just $5 deposit
- Get additional $25 for just opening account
- $100 balance needed to earn dividends
- Earn higher dividends than are offered by our regular savings accounts
- Get another $25 when account balance reaches $1,000
- Automatically converts to a Share account at the age of 18
To open a Youth Savings Account at Suffolk Credit Union, you must be eligible for membership. Membership is open to anyone who lives, works, worships, attends school or regularly conducts business in the towns of Babylon, Brookhaven, Huntington, Islip, Riverhead, Smithtown, or Southold, or the Poospatuck Reservation, or Nassau County, NY, as well as immediate family members of current membership.
Take a financial health assessment to help you track your goals and success over time.
Advice for your ahead.
* Youth Savings account minimum opening balance is $5. Minimum balance to earn dividends is $100. Dividends are calculated on daily balance and credited monthly. Fees could reduce earnings on the account. Youth Savings accounts must be custodial accounts. At the age of 18, monies in this account will be transferred into a regular savings account. Account must stay open for a minimum of 90 days, or Suffolk Credit Union reserves the right to revoke cash back deposits. Suffolk Credit Union will not remove the deposit unless we directly contact the member with reasons for doing so. Member is responsible for taxes. Program and terms subject to change.