First Savings
Savings that Grow with You!
First Savings is a high-yield savings account (HYSA) designed for children 17 and under. Open with as little as $1 and help teach the young person in your life that even small savings, over time, can add up! You can help build healthy money habits and set savings goals for your young saver with a First Fed First Savings Account.
Features and Benefits
- 3.00% APY* as of 8/6/2024
- $0 monthly maintenance fee
- Quarterly Statements (Monthly if electronic transactions have occurred)
- Interest-earning potential with interest compounding daily
A minimum deposit of $1 to open. This is a variable interest rate account. This account will be changed to a Summit Savings Account when account holder turns 18 years old. See deposit rate webpage for more information.
First Savings
| Account Type | Interest Rate | APY* | Method of Compounding | Minimum Deposit to Open |
|---|---|---|---|---|
| First Savings | 2.96% | 3.00% | Daily | $1 |
Interest Rates Effective: 10/25/2024
Revised: 10/24/2024
NOTE: Annual Percentage Yield (APY) is based on a balance of $100.00.
*Annual Percentage Yield (APY) assumes principal and interest remain on deposit for one year at the same interest rate. Fees could reduce earnings. Interest rates for the above accounts may change after account is opened. No minimum balance to earn APY.
Consider other savings tools and tips for young savers and their families:
Certificates of Deposit (CDs)
Our CDs offer competitive fixed rates and different term lengths to match your financial needs and savings goals.
Education Savings
Need to save for college or other education expenses? Education Savings Accounts (ESA) distributions are tax-free when used for qualified expenses.
Health Savings
Health Savings Accounts (HSA) provide a tax-advantaged option when contributions are used for qualified healthcare expenses.
First Debit Card
For checking account holders 13 and up, our teen debit card lets you make purchases and withdraw money.