Student Savings Accounts

Reach your financial goals, large and small.

Savings Is Fun Statement Share Account

    Overview

    Experience the joy of watching your money “grow” with this starter savings account.1

    • LUSO funds the first $5 to open your account
    • Converts to L-U-S-O Statement Savings with ATM card at age 12

    View Rates

    As of 7/18/2024

    Savings Is Fun Statement Share Account
    Right for you if you want to…Set up a savings account for the youth savers in your life2
    Minimum Deposit$5
    Minimum Balance1$5
    Maximum BalanceUnlimited
    Monthly Service ChargeN/A
    Dividend Rate0.05%
    APY20.05%

    1Minimum balance to earn dividends

    2Account automatically converts to a Smart Start Share Account (L-U-S-O Share) when account holder reaches age 12.

    Smart Start Share Account (L-U-S-O Share)

      Overview

      Designed to give more financial flexibility to students in middle school and up.2

      • $5.00 minimum deposit
      • Free SUM network ScoreCard Rewards ATM card
      • Free Mobile Banking App and Mobile Check Deposit

      View Rates

      As of 7/18/2024

      Smart Start Share Account (L-U-S-O Share)
      Right for you if you want to…Give more financial flexibility to students in middle school and up, plus free mobile banking and mobile check deposit2
      Minimum Deposit$5
      Minimum Balance1$100
      Maximum BalanceUnlimited
      Monthly Service ChargeN/A
      Dividend Rate0.05%
      APY20.05%

      1Minimum balance to earn dividends

      2Requires e-Statement account processing except for In-School Banking accounts. Age qualification applies for mobile banking/mobile check deposit.

      2Requires free paperless eStatement processing.

      How Savings Accounts Work

        Overview

        First, the why: Saving money helps you get more of what you want out of life: gas money, concert tickets, and the occasional sushi night.

        Now, the how: When you save, you’re saving money for a future goal. The trick is to break it down into small achievable goals. Start slow, one $10 deposit a week. Before you know it, you’ll have accumulated over $100!

        Keep in mind: This is about attaining a financial goal, NOT limiting your spending. When you have a goal, you save for it. You’re saving with a purpose.

        What are savings account interest rates?

          Overview

          The simple definition: An interest rate is a percentage a financial institution gives you based on how much you deposit and for how long. On a savings account (or “share account” at credit unions), that percentage might be 0.05% or 5.00%. Your balance gets multiplied by the rate, and that amount (“the yield”) gets added to your account.

          Want to make saving more fun? Use a savings calculator. You’ll have an amazing visual of how fast your savings can grow!

          Make the most of LUSO membership.

          Maximize the benefits of banking with LUSO Federal Credit Union.

          In-School Banking

          Learn More

          Student Checking Accounts

          Open Online