First Savings is a savings account designed 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 Fed First Savings Account.
Features and Benefits
- $0 monthly maintenance fee equals no cost for young savers
- 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 Summit 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:
Up to 4.25% APY!
Our Certificates of Deposit (CDs) offer competitive fixed rates and varied term lengths. Check out our current 25-month CD special which earns 4.25% APY!
Need to save for college or other education expenses? Education Savings Accounts (ESA) distributions are tax-free when used for qualified expenses.
Health Savings Accounts (HSA) provide a tax-advantaged option when contributions are used for qualified healthcare expenses.
First Debit Card
For checking account holders 13 and up, our teen debit card lets you make purchases and withdraw money.