Habits that last a lifetime are learned early. Teach your youngster the saving basics with this account.

Calculator

Key Features

  • No Monthly Service Charge
  • Digital Banking

Young Saver Account

Teach your kids about money with a youth savings account!

First Lonestar's Young Saver Account is a great way to help kids and teens establish healthy financial habits. Whether you're a parent, grandparent, or guardian, a youth savings account can help you teach them how to save for the future. Our Youth Saver account is like a traditional savings account for children and teens aged 17 and younger. It's a simple way to save, just like our regular savings accounts.

Why You Should Open a Savings Account for Your Child

Every child needs to learn how to handle money responsibly and the benefits of saving. You can introduce the concept of earning interest and show a child how their money can work for them, rather than just sitting in a piggy bank. Good lifestyle habits and smart financial decisions in adulthood start with an early introduction to responsible money management in childhood. Our children's savings account is a popular choice for new parents looking to save for their child's college education.

What Makes Our Youth Savings Account Unique?

Our kids' savings accounts offer daily compounded interest credited quarterly, so your kids can watch their money grow. There's no minimum deposit required to open an account, no minimum balance requirements, and no quarterly service charge. Every minor savings account comes with free digital banking services, so you and your child can bank online or use our mobile app. Your teen can even use mobile deposit capture to deposit checks without visiting a bank or an ATM.

The Benefits of a Minor Savings Account

A youth savings account can help you teach your kids how to handle money, the importance of money management, and the benefits of investing. You can also use it to encourage regular savings habits, such as putting a percentage of their funds into a bank account, whether they get them as an allowance, income, or gift.

Help Kids and Teens Build Strong Financial Habits

Some parents encourage their kids to save by matching some or all of what the child puts into a savings account, agreeing that the money is not to be withdrawn unless it's for a specific reason. This could be for a significant purchase, college fund, or something similar. By setting goals and encouraging your kids to save, you can teach them about financial responsibility and the benefits of saving for the future.

Frequently Asked Questions (FAQs)

What is the minimum age to open a youth savings account?

Must be 17 years or younger to open this account.

Can a parent or guardian access the account?

Yes, as they are a joint owner.

Is there a minimum deposit to open a Young Saver account?

There is no minimum deposit to open this account.

Does the account earn interest?

Yes. Please call us for current rates.

Can I open a youth savings account online?

Not at this time.

What happens to the account when my child turns 18?

It will be converted to a regular savings account.

Serving Communities in the North Dallas Area

At First Lonestar, we're a locally run and community-minded bank that wants to see you and your family succeed. That's why we offer kids savings accounts for families in Frisco, Plano, The Colony, Carrollton, McKinney, Prosper, North Dallas and Fort Worth. Whether you're opening your child's first bank account or adding to an existing plan, our local team is here to help. Get your kids on the path to financial responsibility with the best children's bank account in the North Dallas area. Don't hesitate to contact us or visit our local branch in Frisco to get started.