Kid Savings Club Account
A special account for children 12 and under. Open with as little as $1 and help teach the young person in your life that even small savings, over time, can add up! Help build healthy money habits and set savings goals for your young saver with a First Federal Kids Savings Club Account.
Features and Benefits
- $0 monthly service fee equals no cost for young savers
- 6 free pre-authorized transfers are allowed per month1
- Quarterly Statements (Monthly if transactions have occurred)
- Exclusive club membership for children 12 years or younger encourages saving
- Maximum interest-earning potential with interest compounding daily
A minimum deposit of $1 to open. This is a variable interest rate account. This account will be changed to a Statement Savings Account when account holder turns 13 years old. See account disclosure or deposit rate sheet for more information
Consider other savings tools and tips for young savers and their families:
- A penalty will be imposed for withdrawing any of the principal before maturity. The penalty will be calculated on the principal withdrawn and will be charged regardless of whether or not it has been earned. Penalty amounts vary depending upon the term of the account.