Minor Savings Account
A Lesson in Mastering Money
Overview
Help your child learn about money with a Minor Savings account. This no maintenance, interest-bearing account lets you move money without hoops.
Benefits
Earn up to 0.15% APY*
No maintenance service charge
Free e-Statements
- Earn up to 0.15% APY*
- Automatic withdrawals and deposits from a First Federal checking account
- No maintenance service charge (as long as your child is younger than 18)
- Free e-Statements (Paper statements available by mail for $3 per month)
- $25 minimum deposit to open
Persons under the age of 18 will be allowed to open a Minor Savings Account that includes another joint owner who is at least 18 years of age and is the minor’s parent, grandparent, guardian or spouse. All parties must provide identification acceptable to First Federal Bank. Upon turning 18, your Minor Savings Account will be converted to a regular Statement Savings Account.
Deposit Rates
Rates accurate as of 12/21/2024 and subject to change without notice.
| Minimum Balance to Earn APY | Interest Rate | APY* |
|---|---|---|
| $0 – $999.99 | 0.10% | 0.10% |
| $1,000 and over | 0.15% | 0.15% |
Requires a $25 deposit to open.
*APY = Annual Percentage Yield. Rate may change after account is opened. Fees can reduce earnings on the account.
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