Youth & Teen Banking

Building strong financial futures, tailored to our youngest members.

Whether you're starting an account to keep birthday money from grandma, or want to set your child up with healthy spending habits with their first debit card, UMassFive is here to support your family, every step of the way.

Jump To:  Base Savings  Goal Savings  Youth Term Deposit Savings Graduate Term Deposit Savings  Co-op Advantage Checking  Youth & Teen Resources & Games

Base Savings Account

Help them start their financial journey with our Base Savings account, the foundation of their Credit Union membership. Encourage smart saving habits by earning a higher rate on their first $500—an easy way to teach the value of building an emergency fund.

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Rates as stated for this account apply only to the portions of the account balance in each tier, which will result in a blended Annual Percentage Yield for the full account balance. Fees could reduce the earnings on this account. Rate may change after account is opened.

Goal Savings Account

Help your child save for short-term goals with Goal Savings—a flexible account that keeps their funds easily accessible while they work toward a specific savings goal or purchase.

Not a member? Join and Open Online Already a Member? Open Online

Fees could reduce the earnings on this account. Rate may change after account is opened.

Youth Term Deposit Savings - ages 0-12

Jumpstart your child’s long-term savings with a Youth Term Deposit that matures on their 13th birthday. This unique account offers the flexibility to add funds at any time, while the balance earns dividends monthly.

• Available to members ages 0-12; automatically matures on 13th birthday
• $100 minimum balance to open account; $5,000 maximum account opening balance
• Add funds at any time; best dividend rate earned on balances up to $10,000
• Earns Co-op Points along the way!
• You'll have a 30-day window after maturity to make changes before it automatically rolls into a Graduate Term Deposit account

Not a member? Join and Open Online Already a Member? Open Online

Co-op Points are not available to increase rate on Youth Term Deposits. One Youth Term Deposit allowed per UMassFive member, member must be age 0-12. Youth Term Deposit must be in the child’s name and can be added to at any time. Account must be opened with a minimum of $100; maximum account opening balance of $5,000. Rates as stated for this account apply only to the portions of the account balance in each tier, which will result in a blended Annual Percentage Yield for the full account balance. Penalty of 100% of earned dividends will be imposed for withdrawal before child’s 13th birthday. Fees could reduce earnings on this account. 

Graduate Term Deposit Savings - ages 13-17

Keep their savings growing with a Graduate Term Deposit, designed to continue their long-term savings journey. Whether automatically rolling over a Youth Term Deposit or opening a new one, this account matures on their 18th birthday and also offers the flexibility to add funds throughout the term.

• Available to members ages 13-17; automatically matures on 18th birthday
• $100 minimum balance to open account; maximum account opening balance of $7,500
• Add funds at any time; best dividend rate earned on balances up to $15,000
• Earns Co-op Points along the way!
• You'll have a 10-day window after maturity to make changes before it automatically rolls into child’s Base Savings account.

Not a member? Join and Open Online Already a Member? Open Online

Co-op Points are not available to increase rate on Graduate Term Deposits. One Graduate Term Deposit allowed per UMassFive member, member must be age 13-17. Graduate Term Deposit must be in the child’s name and can be added to at any time. Account must be opened with a minimum of $100; maximum account opening balance of $7,500. Rates as stated for this account apply only to the portions of the account balance in each tier, which will result in a blended Annual Percentage Yield for the full account balance. Penalty of earned dividends will be imposed for withdrawal before child’s 18th birthday as follows: If the Term Deposit is less than one year into the term, the penalty is any dividends accrued. If the Term Deposit is one year or more into the term year, the penalty is 12 months of dividends. Fees could reduce earnings on this account. 

Co-op Advantage Checking - ages 10+

Available for ages 10 and up, our primary checking account is designed to help your child build smart spending habits. With features including debit card round-up to savings and easy card controls (including for parents) right in our mobile app, managing money has never been more convenient

• Card controls in Mobile & Online Banking
• Debit Card Round-up Program (opt-in to round each transaction to the nearest dollar, and we’ll automatically put that change into your savings account)
• No paper statement charge until age 18 (also waived if enrolled in eStatements)
• No premium overdraft allowed until age 18 (overdraft protection from a linked savings account may be elected)

Not a member? Join and Open Online Already a Member? Open Online

Youth Banking Resources and Games 

• Kids and Money Articles from the UMassFive Financial Knowledge Center
• Money as You Grow Resources for Young Children (ages 3-5) from the Consumer Financial Protection Bureau
• Money as You Grow Resources for School-age Children to Preteens (ages 6-12) from the Consumer Financial Protection Bureau
• Cash Puzzler Game (ages 3-6) from Practical Money Skills
• Peter Pig's Money Counter Game (ages 5-8) from Practical Money Skills

Teen Banking Resources and Games

• It's a Money Thing
• Teens and Money Articles from the UMassFive Financial Knowledge Center
• Money as You Grow Resources for Teenagers and Young Adults (ages 13-18) from the Consumer Financial Protection Bureau
• Teach Your Teens the Value of Money from the Center for Parent & Teen Communication
• The Payoff Game (ages 14+) from Practical Money Skills