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.

Start them out on the Right Foot

For accounts opened for, or owned by, youth under age 18, we provide a special higher-yield savings rate. A balance as low as $5 can earn a 1.50% Annual Percentage Yield (APY) up to $500. If your balance goes above $500, any money over $500 will earn dividends based on our Regular Savings Share rate.
 
Already have a qualifying account? You don’t need to do anything other than watch your savings grow. 
1.50% APY 

Accounts for anyone under age 18 can earn 1.50% APY – starting at just $5, up to a max of $500.

No Fees

We want you to keep more money in your pocket. That’s why we don’t charge a fee to open an account or to maintain it.

Flexible savings options

We believe in helping young people build their financial knowhow. The goal: to help them become smart savers both now and in the future. We offer several flexible types of accounts, depending on the child’s age and the account features you need. 

See which type of account is right for your child:

 

Youth under age 12

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:

  • Higher APY: Children under age 18 qualify for a 1.50% Annual Percentage Yield (APY), for account balances of up to $500. If your balance goes above $500, the remainder of the balance above $500 will earn dividends based on our Regular Share rate.
  • Low fees: There are no account opening or monthly maintenance fees for a Custodial Account. The custodian can also use one of our surcharge free ATMs or get a rebate* for ATM fees if one isn’t nearby. These benefits are part of the way we put more money back in your wallet.  
  • Adult control: The account custodian (family member or guardian) can make deposits, withdrawals, write checks, and access the account through digital banking.

Opening a second custodial account? Apply via mail.

 

Youth age 12 and over 

Are you looking for an account for a young person over the age of 12? We offer two options for older kids and teenagers.

Regular Account: 

Older kids and teens can open a regular PSECU 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 child must be eligible for membership.

Benefits of this account for youth include:

  • Special youth savings rate: Until they turn 18, young members qualify for our special 1.50% Annual Percentage Yield (APY) on savings account balances of up to $500. If your balance goes above $500, the remainder of the balance above $500 will earn dividends based on our Regular Share rate.
  • Low or no fees: PSECU charges no account-opening or monthly maintenance fees for regular accounts. Both the youth and any joint owner can access surcharge-free ATMs or get a rebate* for ATM fees if one isn’t nearby. Learn more about other ways to put more money back in your wallet.
  • Debit card access: Both the youth and any joint account owners are eligible for PSECU debit cards in their own names. For safety, both cards share the same personal identification number (PIN). 
  • Digital access: Monitor accounts, make deposits, or transfer funds through digital banking. Learn more about our easy and convenient banking tools.
  • No need to switch accounts: This account can remain open in the young member’s name even after they turn 21, with no need to transition to a new account type.

Custodial Account:

Although kids of this age may be eligible to open a regular 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:

  • Bonus youth savings rate: An account that earns a bit more than a regular savings account can motivate kids to save more. While the child is under age 18, they qualify for a 1.50% Annual Percentage Yield (APY), for account balances of up to $500. If your balance goes above $500, the remainder of the balance above $500 will earn dividends based on our Regular Share rate
  • No opening or maintenance costs: Count on no account opening or monthly maintenance fees for a custodial account. As custodian, you can also withdraw money using one of our nearly 30,000 surcharge-free ATMs or get a rebate* for ATM fees if one isn’t nearby. 
  • 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.
Opening a second custodial account? Apply via mail.
No monthly fees!

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

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

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*If you use an out-of-network ATM and get charged, we'll rebate fees up to $20/month with Direct Deposit, and up to $8/month without.

To be eligible for the Youth Savings Rate, the primary account owner must be under the age of 18. All eligible Regular Share Accounts earn 1.50% APY on the first $500 in the account. If your balance goes above $500, the remainder of the balance above $500 will earn dividends based on our current Regular Savings 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 Transfer to Minor Act — for questions about these accounts, refer to PSECU's disclosures and consult an attorney.

For more information, please read PSECU's Truth in Savings Disclosure.