Savings Accounts

Help Kids and Teens Start Saving Early

The Youth Savings Account from HRCCU is built to help kids and teens learn how to save, with no fees and full parental oversight.

What is a Youth Savings Account?

HRCCU’s Youth Savings Account is designed for children through age 14, offering a safe and educational way to introduce young members to responsible money management. With a low $1 minimum opening deposit and no monthly maintenance fees, this account helps children learn the value of saving early — whether it’s for birthday money, allowance, or their first part-time job.

The account earns quarterly dividends and includes access to features like a Visa debit card, free ATM transactions, online and mobile banking, audio response, and eStatements. A parent or guardian must open the account with the child present, and they can actively monitor activity and help set financial goals. As the child grows, the account can be transitioned into a standard savings or checking product. Families may also consider a UTMA Account for custodial savings or a Universal Savings Account for added flexibility.

No Monthly Fees

We’ll Match the First Deposit up to $10

Great for Ages 0–15

man on phone and laptop opening bank account

How to Open a Youth Savings Account

Start building smart financial habits early — open this account in-branch with your child.

Visit a branch with the child and a parent/guardian
Provide parent ID and the child’s name, DOB, and SSN
Fund the account with at least $1 (includes up to $10 match)
Use the account to teach saving and money management

Average Monthly Balance	Interest Rate	APY
$1.00 and up	0.05%	0.05%	Call or Visit Today

Average Monthly Balance

Interest Rate

APY

$1.00 and up

0.05%

Call or Visit Today

Rate and APY are variable and are subject to change after the account is opened. APY is accurate as of today’s date. Minimum to open a regular account is $1.00. Fees may reduce earnings. APY=Annual Percentage Yield. Youth Savings Promo: Open a new youth savings account and receive up to a $10 matching bonus. A bonus of $10 to be deposited into the youth savings account within 5-7 business days of account opening. Promotion is for new youth savings accounts only.

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Frequently Asked Questions

Can’t find the answer you are looking for? Contact us or visit one of our branches.

Youth Savings Accounts at HRCCU are available for children through age 14. Once the account holder turns 15, they can transition to another product, such as a Prime Savings Account or a Choice Checking Account, depending on their needs and eligibility.

This account is ideal for kids just beginning to learn about saving. It’s a simple, no-fee account designed to support early financial growth and hands-on guidance from parents or guardians.

Youth Savings Accounts are managed by a parent or guardian until the child is old enough to understand account use. Older teens may be granted access with oversight.

All deposits and withdrawals require adult involvement, especially for younger children.

This ensures the account supports learning while maintaining control.

Yes, this account earns interest on all balances. Rates are posted on HRCCU’s website and credited monthly to the account.

Interest helps show kids how saving money leads to growth over time.

Even small deposits add up with consistency and guidance.

No. HRCCU’s Youth Savings Account has no monthly maintenance fees or minimum balance requirements. This makes it accessible to all families, regardless of income or savings level.

It’s a worry-free way to build smart habits without the risk of penalties.

There may be fees for excessive withdrawals or optional printed statements, but these are avoidable.

The Youth Savings Account is jointly owned by the child and the parent or guardian. While the child is listed as an owner, the parent or guardian manages the account and has full control over deposits, withdrawals, and account activity until the child is ready to transition to an individual account.

Once the child reaches an appropriate age, the account can be converted into a product they manage independently, such as a Choice Checking or Universal Savings Account.

Yes. Anyone can deposit funds into the child’s account, including grandparents, godparents, or friends. It’s a great tool for gifting birthday or holiday money with a purpose.

Just provide the account number and child’s name when depositing in person or sending a check.

Every little contribution helps the child see savings grow over time.