For Youth and Parents

We offer Brighter Future Banking for your child, including savings account rates designed just for them. The sooner they start saving, the faster their money grows.
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.

Learn more about the PSECU difference
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.

Learn more about PSECU for college students
Surcharge-free ATMs

If you use an out-of-network ATM and get charged, we'll rebate fees 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

Youth under age 13

As a parent, grandparent, other family member, or guardian, you 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 Account 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.
  • Low fees: There are no account opening or monthly maintenance fees for a Custodial Account.
  • Adult control: The account custodian (family member or guardian) can make deposits, withdrawals, write checks, and access the account through digital banking.

Youth age 13 and over 

Regular Savings Share Account: 

Teens can open a regular savings share account. An adult/guardian may be a joint account owner until the young person turns 18. 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 for youth 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.
  • Low fees: There are no account opening or monthly maintenance fees.
  • Digital access: Monitor accounts, make deposits, or transfer funds through digital banking.
Custodial Account:

Although kids of this age may be eligible to open a regular savings share account as referenced above, there are times when you may want to open a Custodial Account on their behalf instead. 

For instance, until the child turns 21, only the adult custodian is allowed to make account withdrawals. The custodian isn’t required to be a PSECU member, but the child must be eligible for membership.

You can keep a Custodial Account for a child until they turn age 21.

Benefits of a Custodial Account for older children and teens 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 maintenance costs: Count on no account opening or monthly maintenance fees for a custodial account.
  • Ongoing adult control: Until the account owner turns 21, the custodian (family member or guardian) can make deposits, withdrawals, write checks, and access the account through online & mobile 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 07/11/2020 12:26 PM EDT 
DESCRIPTION APY* DIVIDEND RATE
Balances up to $500 1.00%  1.00% 
Remaining balances over $500 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. Share accounts that qualify for youth savings rate will earn a higher APY on the first $500 in the account. Balances above the first $500 will accrue interest at the current Regular share rate.

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 Regular Share accounts earn 1.00% APY on the first $500 in the account. Any remaining balance above $500 will earn dividends at our current Regular Share rate. 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. However, if the member account is closed within the first year of membership, PSECU reserves the right to retain the initial $5.

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.