At Teachers we believe it's never too early to start your financial journey. A Youth Savings account is a smart way for your child to take their first step towards successful money management. Earn a highly competitive 5.00% APY* on the first $1,000 deposited and give your child a fast start to financial success.
- Youth Savings account available to members up to 21 years old
- Earn 5.00% APY on the first $1,000
Set your child up for financial success with a Teachers Youth Savings Account.
Open an account today to help your child establish healthy money habits early and start the clock on compounding interest. It’s convenient, safe and secure. Once your child reaches 21 years old, the account automatically switches to a regular savings account so they can continue on the path to financial success.
Help your kids learn more about money and finance by:
- Establishing healthy money habits and increased understanding of every day money management.
- Teaching financial discipline, goal-setting and planning, while building security and independence.
- Growing awareness of various investment accounts and opportunities.
- Increasing overall financial education and experience which can lead to increased opportunity for long-term financial success.
Compound their knowledge
- Having a Teachers Youth Savings Account is the perfect financial vehicle to teach your child about the magic of compound interest and how it pays to save with Teachers.
- For example, a Teachers Youth Savings Account with an initial deposit of $1,000, your child will earn approximately $50.01 in interest in the first year so the year end balance would be $1,050.01. In the second year, they would continue to receive 5.00% APY* on the first $1,000 and 0.10% APY* on the $50.01 which then earns approximately $52.50 making the year two ending balance $1,102.51. The amount of interest may seem like it's growing slowly, but over a lifetime the amount earned on interest can actually become substantial. With more time on their side, your child can enjoy a longer runway to leverage the benefits of compound interest if they have an account from childhood.
Tools
- Your child can learn how to do online banking, how to deposit a check and watch their money grow safely and securely.
- Insured by NCUA.
*Annual Percentage Yield (APY) effective 8/9/22 and is subject to change without notice. 5.00% APY is earned on balances up to $1,000. Balances higher than $1,000 currently earn 0.10% APY. The calculated rate, which is shown on the account statement, is based on the first $1,000 at 5.00% APY with balances above $1,000 calculated at 0.10% APY which is the current Regular Share Savings account APY. Special rate limited to one Youth Savings account per primary member. Fees or other conditions could reduce earnings. Consumer accounts only. Certain restrictions may apply. Youth Savings account available to all up to age 21. Upon turning 21 years old, the account will automatically convert to a Regular Share Savings account at the standard market rate. $1 balance required to open account. Subject to membership eligibility. Dividends earned will be reported as interest on IRS Form 1099-INT (or Form 1042-S, if applicable). Federally insured by the NCUA. For more information, please see a Teachers representative or call 1-800-341-4333.