a man and woman walking with children

Youth Banking

The Early Saver account makes it easy and rewarding for young people to save.

Early Saver Account Rates

APY Effective 6/1/2024*

6.17
%
APY

Early Saver

On the first $500

0.50
%
APY

Early Saver

$500.01+

See Account Disclosure for details

Early Saver Account Features

The perfect savings account for kids and youth under age 18: the BECU Early Saver savings account offers your child a premium interest rate on the first $500 in deposits.

  • Earn great interest rates: 6.17% APY on the first $500 and 0.50% APY on balances over $500.2
  • No monthly maintenance fees
  • No minimum balance to open
  • Joint ownership for parents or guardians (joint owner must be approved for BECU membership and is required).
  • Free online banking (kids 13+)1
  • Free mobile banking (kids 13+)1


With a beginning balance of $5, a monthly deposit of $40 (approximately $10 a week), and an expected rate of return of 6.17% APY, you would save approximately $501 in one year!

Try it for yourself using the calculator below.

How to Open an Account

Prepare Your Application

  1. Check your child's eligibility for BECU membership. If your child lives, works, or goes to school in Washington state or is affiliated with Boeing individually or through a family member, they're eligible for BECU membership.
  2. Find your child's Social Security number (this serves as your child's identification).
  3. Current picture identification for the minor, if available, and for the parent/guardian.

Submit Your Application

Use any of the following options to apply when you are ready.

Calendar / Date
Schedule an Appointment
Set up an appointment with a Member Consultant on a day and time that works best for you.
Mail / Email
Mail In Your Completed Application
PO Box 97050
Seattle, WA 98124-7650
Questions? Give us a call at 800-233-2328.

FAQs

When a minor turns 18, their accounts will either convert into standard savings and checking accounts, or Member Advantage savings and checking accounts, where they will continue to earn a premium rate on the first $500 in the checking and savings accounts, if they qualify. You can either remain a joint on the savings and checking account, or your teen can choose to convert their checking and savings accounts to independent accounts. You can also choose to remove yourself from your teen's accounts once they reach the age of 18.

Yes, we offer a free checking account teens and parents can take advantage of. Our free checking account is an ideal place to begin - it's a joint bank account for both you and your teen. Our standard checking accounts have no monthly maintenance fees or minimum balance requirements. Learn how to open a checking account for your teen.3

With today's rates, the answer to that would be approximately $30.4 Keep in mind, though, that rates are always subject to change.

Our Early Saver accounts come with a free ATM card which can be used to deposit or withdraw cash from ATMs. If you also open a checking account for your child, a free debit card can be issued that will link to both accounts.

We love it when children learn all about saving, spending and sharing – your child can open multiple standard savings accounts, free of charge, and even nickname each account to help them keep track (Theme Park fund, Savings fund, College fund, Giving fund, Fun fund, etc.). But there is a limit of one Early Saver savings account per child.

Tips for Raising Money-Smart Kids

  • It's important to talk with your kids about money. A simple conversation using real-life examples from your own life can help. Check out our Teen Money Guide: The Next Big Talk
  • Create a household budget and set financial goals with your teens. Money Smart Teens

1Early Saver accounts must have a parent or legal guardian as the joint account holder and must be established in person or by mail. Members must be at least 13 years old to access Mobile Banking, Online Banking and eStatements.

2Rates stated as Annual Percentage Yield (APY), effective 03/01/2024 and are subject to change. Fees may reduce earnings. See Account Disclosure for details.

3To open a checking account for a minor, you must establish membership by opening a Member Share Savings or an Early Saver Account, and a parent or legal guardian must be a joint account holder.

4Example above is based on: the indicated balance remaining in the account for the duration of one year with no withdrawals; monthly compounding; and the following annual percentage yields: 6.17% for the first $500 and 0.50% thereafter. Actual rates and benefits subject to change, fees may reduce earnings, early withdrawal penalties may apply. The information above is provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed.