Reach your financial goals, large and small.
Savings Is Fun Statement Share Account
Experience the joy of watching your money “grow” with this starter savings account.1
As of 4/27/2024
| 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 Balance | Unlimited |
| Monthly Service Charge | N/A |
| Dividend Rate | 0.05% |
| APY2 | 0.05% |
1Minimum balance to earn dividends
2Account automatically converts to a L-U-S-O Statement Share Account when account holder reaches age 12.
L-U-S-O Statement Share Account
Designed to give more financial flexibility to students in middle school and up.2
As of 4/27/2024
| L-U-S-O Share Account | |
|---|---|
| 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 Balance | Unlimited |
| Monthly Service Charge | N/A |
| Dividend Rate | 0.05% |
| APY2 | 0.05% |
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
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?
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!
Take control of your money. We’ve partnered with Banzai to bring you a variety of tips and lessons on how to spend responsibly and save successfully.
