Youth Savings Account

Youth Savings Account

Children and teenagers can get started on their financial journey, learn great habits for the future, and enjoy benefits along the way.


A little girl is holding up a piggy bank excited to open a youth savings account.


A Youth Savings Account Has All These Great Features

Open an Account With Just $5

A $5 deposit is all your child needs to open a Sammy Star Savers Club Account or a For Young Investors Club Account.

Start Great Saving Habits Now

It's never too early to start saving money, whether your child wants to keep it all for the future or save up for a purchase.

Get Their Own ATM Debit Card

With an adult co-signer, your child can get a debit/ ATM card to practice the art of spending according to only the funds available.

Gain Financial Experience

A Youth Account is a great way to learn how financial institutions work and find out about all the benefits they have to offer.


Sammy Star Savers Club Account

  • For our youth members under 13, children can learn about the rewards of saving money.
  • Open a youth account with just $5, and get an ATM card with an adult CommonWealth member co-signer.
  • Each time they deposit money, they go into a drawing for a special prize.
  • Get great interest rates through a Youth Share Certificate Account with a $250 deposit.
  • Members receive a quarterly Sammy Newsletter full of fun tips and information just for kids and a chance to win a prize!
Open An Account
A little girl is sitting with her mother counting money into a jar as they get ready to open a youth savings account.


For Young Investors (FYI) Club Account

  • CommonWealth's FYI Club is for teenagers aged between 13 and 17.
  • With a $5 deposit, your teen can open a Youth Share Account and start earning interest.
  • With an adult CommonWealth member co-signer, your teen can open a checking account and receive a debit card.
  • Open a Youth Share Certificate Account with a $250 deposit and get great interest rates.
  • Once your teen turns 18, their account will become a Regular Share Account, which works alongside a CommonWealth Checking Account.
Open An Account
A teenage boy is folding banknotes into a jar getting ready to deposit them into his youth savings account.


Grown-Up Interest Rates for a Youth Savings Account

Type of Youth Account Minimum Balance to Open and Earn APY* Rate Type Dividend Rates APY
Youth Share Account $5.00 Variable 0.05% 0.05%
Youth Share Certificate (6-Month Term) $250 Variable 2.96% 3.00%
Youth Share Certificate (12-Month Term) $250 Variable 3.11% 3.15%



"My family and I have been members of CommonWealth for years. The staff always provides great service."

— Aimee S.


"They feel like my financial family. I don't know why anyone would use a commercial bank with this CU around."

— Angelique L.


"Banking with Commonwealth was something my mom has done forever, so when it was time for me to have a bank account, Commonwealth was the natural choice."

— Aurora M.


  • How much money do I need to open a Youth Savings Account?

    You need just $5 to open a Sammy Star Savers Club Account (for children under 13) or a For Young Investors (FYI) Club Account (for teens aged 13 to 17).

  • Does a Youth Savings Account have a monthly fee?

    No, there are no maintenance or service fees for our Youth Accounts. And we'll waive the $5 membership fee to join the FYI Club, too.

    We'll also do everything we can to educate your child about how to avoid fees as they grow older.

  • Does an adult have to be on the Youth Savings Account?

    Yes, an adult CommonWealth member will need to joint on the account. When your child turns 18 years old, you can ask to be removed from the account.

  • Can my child earn interest or other rewards with a youth savings account?

    Yes, your child can earn interest on their Youth Share Account. Plus, they can open a Youth Share Certificate Account and earn more. To open a certificate account, you'll need a deposit of $250.

    For children under 13, the Sammy Star Savers Club Account gives your child the chance to win a special prize every time they deposit money. They can also enter a draw to win a prize in each Sammy Newsletter. The newsletter is sent out each quarter and is full of fun tips and information just for kids.

  • Can my child get an ATM/debit card with a Youth Savings Account?

    Yes, with an adult co-signer, your child can get their own debit card to start making cash withdrawals and in-store purchases.

    It's a great way for them to learn to stick to a budget because they can see how much money they have available to spend, and how much they want to keep in their account for the future.

Other Ways You and Your Child Can Grow Your Money

Youth Share Certificate Account

With $250, your child can open an account and choose a term of six or 12 months. They can learn the vital skills of how to be patient with their savings and not spend their money all at once.

Learn More

Regular Share Account

With a minimum deposit of just $10, this is the account your child will graduate to at age 18. The account comes with incentives to save and works in tandem with our convenient Checking Account.

Learn More

Special Share Account

As an adult, you can use these accounts for a specific purpose, such as your child's holiday expenses or college fund. You need a minimum balance of just $10, and you can earn dividends with an average daily balance of $100.

Learn More


*APY = Annual Percentage Yield. Savings Accounts are variable rate accounts that use simple interest on a daily basis, which applies the daily periodic rate to the balance in the account each day. If at any time your Wealth Management Account balance goes below $2,500, your dividend rate will become 0.03% with a 0.03% APY. Dividends will continue to be paid monthly. You are required to have a checking account with CommonWealth in order to open a Wealth Management Account.