Youth Savings Accounts
Savings from Newborn to 17
It’s never too early to start to save for your child. Whether you start at birth or have them join you in the account opening process when they’re a little older, understanding that a credit union is a safe place to hold their money and allow them to earn dividends, is an important concept at any age.
Instill Good Savings Habits To Last A Lifetime
Creating a path to good savings habits for your child at a young age can teach them patience and the importance of saving their money. Over time, they can learn how to deposit funds into their account for future expenses. They can also see how their savings add up to help them afford the things that matter to them. Not sure where to begin? We are happy to help you get started!
Ages 0–4
It’s a great idea to start saving for your child’s future, even before they are born. Our team at First Source can help parents set savings goals for their child’s future. As kids grow and their needs change, we can help you adapt your savings plan. Opening a youth account automatically makes them a part of the Penny Program. Through the Program, we offer savings prizes, educational programs, and tools to help your child get excited about saving.
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We do not knowingly advertise to children under the age of 13. Please see our policy and adherence to COPPA regulations here.
Ages 5–12
As your child grows, our program encourages them to get involved and be eager to save as they get rewarded along the way. Kids are given a Penny Passport card and earn stamps as they make deposits into their account. Stamped cards can be turned in for prizes. They also earn dividends so they can watch their money grow. School-aged kids beginning with 8 years old can play our interactive Banzai games. These are fun, age-appropriate, educational savings goal games. See if they can beat the game and reach their goal!
When your child begins earning their own money, through allowance, babysitting, lawn mowing, etc. they’ll really begin to appreciate a safe place to keep their money while they earn rewards and dividends.
We do not knowingly advertise to children under the age of 13. Please see our policy and adherence to COPPA regulations here.
Ages 13–17
As your teen gets a job with a paycheck, starts thinking about a car and college, we help them navigate their new financial needs and responsibilities. If they already had a Penny Passport Account they will automatically transition into a Penny University Account when they turn 13. Along with this savings account, when they turn 16 they can open a Teen Checking Account jointly with a parent or legal guardian, as well as apply for a low-rate auto loan or credit card made just for teens with an adult co-borrower. As part of Penny University, our Teen Members have access to educational modules to learn smart ways to manage their money, cyber security best practices, and more! Each quarter a new set of modules is available. Upon completion within that quarter, Penny University members will earn prizes. Access Educational Modules here.
All Ages (Newborn–17)
At any age you can open a youth term share certificate. This is a great way to earn your child higher dividends on money they don’t need access to for an extended period of time.
| Current Penny Passport Savings Prizes |
| 2 Week Class Side Kicks Karate (Rome & Whitesboro) (2) Stamps |
| Water Bottle (2) Stamps |
| 2 hours of play at Mia’s Place (3 Stamps) |
| $5 Treehouse Reading & Art Center Gift Certificate (3) Stamps |
| Coupon for 1 Slice and a 12 oz. Fountain Soda at Vinny's Pizza (Herkimer) (4) Stamps |
| 1 Utica Zoo Day Pass (4) Stamps |
| $5 Nicky Doodles Gift Card (5) Stamps |
| $5 Gift Card Good For: Kookie's Q, Babe's, Aquavino, Tailor & The Cook, Comets Team Store, ADK Bank Center Concessions, 72 Tavern & Grill (5) Stamps |
| $5 Marquee Cinemas Gift Card (7) Stamps |
| $10 PINZ Arcade Play Card (8) Stamps |
| 2 Games/Shoes King Pin Lanes (8) Stamps |
| Plush Penny (8) Stamps |
| Current Penny University Prize |
| $25 Barnes & Noble eGift Card |
1 stamp earned for every $5 deposited. Limit of 5 stamps given per account/day.
1 Savings Prize redeemed per account/day. 1 University Prize given per account/quarter.
Live Smarter
We’re here to support your efforts to help your kids Save Smarter. Call 315-735-8571 to discuss any questions you may have or make an appointment with one of our friendly and knowledgeable representatives today.
Interested In Learning More?
To see what other tools and services we have available for our young Members, visit our Youth Accounts overview page.