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Learning the fundamentals of saving from a young age is crucial. The earlier you begin, the sooner you can start saving for future expenses, like purchasing your first car. A youth savings account provides a place to deposit your money and witness it grow through the account’s interest. This method is superior to keeping your money in a piggy bank at home.
Depositing your money into a savings account provides numerous benefits.
With a savings account, the money you deposit accumulates interest, resulting in its growth over time. To illustrate, if you were to deposit $500 into a savings account with a 5% interest rate and refrain from making any withdrawals for a year, your balance would increase to $525. Unlike a static piggy bank, a savings account allows your money to grow over time due to the interest it earns steadily.
FSU Credit Union offers a 10% interest rate on Youth Savings Accounts.
Before you begin your application to open a savings account, FSU Credit Union will need the following items:
OR
Minors of any age can participate by enlisting the assistance of a parent or guardian to act as the Joint Owner. A consent form must be signed, acknowledging their responsibility for the account.
Our knowledgeable financial representatives at all FSU Credit Union branches can guide you through the account setup process. If you have any further questions, please don’t hesitate to contact us.
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