For Youth and Parents

Whether they’re headed to kindergarten or preparing for college, we have youth accounts that meet your child’s needs.
No monthly fees

We’ll never nickel and dime you. We don’t charge maintenance fees for checking and savings accounts or mobile and online banking services.

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PSECU grows with your family

Time for college? PSECU offers convenient digital banking options for college students. We have relationships with many schools across Pennsylvania.

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Surcharge-free ATMs

If you use a PSECU debit card at an out-of-network ATM and get charged, we'll rebate fees on withdrawals up to $20 per month with direct deposit and up to $8 per month without.

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See which type of account is right for your child

 

Custodial account for youth under age 13.

For children under age 13, parents, grandparents, other family members, or guardians can make an irrevocable financial gift to a child and open a savings account on their behalf. This is called a Custodial Account. The custodian isn’t required to be a PSECU member, but the child must be eligible for membership.

Custodial Accounts can remain open until the child turns 21 and benefits include:

  • Special youth savings rate: Children under age 18 qualify for a 1.00%1 Annual Percentage Yield (APY) on savings account balances of up to $500.
  • No opening or monthly maintenance fees: Your child’s savings won’t be eaten up by fees.
  • Adult control: The account custodian (family member or guardian) is the only one who can make deposits, withdrawals, write checks, or access the account through digital banking.

Regular savings account for youth age 13 and over.

Teens 13 and over can open a regular savings account. An adult/guardian may be a joint owner on the account to help monitor and guide financial decisions. A joint owner isn’t required and does not need to be a PSECU member, but the teen must be eligible for membership.

Benefits of this account include:

  • Special youth savings rate: Children under age 18 qualify for a 1.00% Annual Percentage Yield (APY) on savings account balances of up to $500.
  • No opening or monthly maintenance fees: Your teen’s savings won’t be eaten up by fees.
  • Independent access: Your teen can monitor their accounts, make deposits, transfer funds, and more independently through digital banking.

Custodial Account:

Although teens 13 and over can have their own regular savings account, there are times you may want to open a Custodial Account on their behalf instead of, or in addition to, the account they can control. For instance, if your teen works and needs a place to manage their pay checks, a regular account can allow them that opportunity, while a Custodial Account gives the adult custodian control over their savings.

Custodial Account can remain open until the teen turns 21 and benefits include:

  • Special youth savings rate: Children under age 18 qualify for a 1.00%1 Annual Percentage Yield (APY) on savings account balances of up to $500.
  • No opening or monthly maintenance fees: Your teen’s savings won’t be eaten up by fees.
  • Ongoing adult control: Just like with Custodial Accounts for youth under the age of 13, the account custodian (family member or guardian) is the only one who can make deposits, withdrawals, write checks, or access the account through digital banking. When the account owner turns 21, they’ll need to close their account and open a regular PSECU account.

Current Rates

Valid as of 11/28/2021 8:54 AM EST 
Description APY* Dividend Rate
Youth Savings (Balances of $.01 to $500.00) 1.00% 1.00%
Youth Savings (Balances of $500.01 and over) 0.05% 0.05%

Rates and information are subject to change at any time. Fees could reduce earnings on the account(s). The disclosed dividend rates are variable and may change after the member opens the account(s). Regular shares require a minimum balance of $5 to open the account. Youth Savings Accounts will earn a higher APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply.

View Truth in Savings Account disclosure.

*APY denotes Annual Percentage Yield

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1To be eligible for the Youth Savings rate, the primary account owner must be under the age of 18. All eligible Youth Savings Share accounts earn 1.00% APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply. Rates and information are subject to change at any time. Fees could reduce earnings on the account(s). The disclosed dividend rates are variable and may change after the member opens the account(s). Find our current dividend rates at psecu.com/rates. PSECU requires a $5 minimum balance to open and maintain a Regular share account. This $5 share account deposit is also required to be eligible to receive the Youth Savings rate, and the member must be in good standing as defined by PSECU's Bylaws, Article II, Section I. PSECU will make a $5 minimum share purchase on behalf of the member.

IRAs and loans may not be assigned to Custodial Accounts (exception: Educational IRAs are permitted). PSECU may not use the account to offset any outstanding balance of the donor or custodian.

Custodial Accounts conform to Pennsylvania's Uniform Transfers to Minors Act — for questions about these accounts, refer to PSECU's agreements and disclosures and consult an attorney.