Early Saver Account Rates
APY Effective 12/11/2024*
6.17
%
APY
Early Saver
On the first $500
0.35
%
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 0.35% 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
Special Offer
Give The Gift Of Savings
Open an Early Saver account by Dec. 31, deposit $25, and your child could receive $25.*
Open Early Saver Account
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
- 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.
- Find your child's Social Security number (this serves as your child's identification).
- 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.
Seattle, WA 98124-7650
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
Related Content
*For new BECU members age 17 and under only. Must be within BECU's field of membership and be eligible to open an Early Saver account and maintain membership; not everyone will qualify. New members who are rejoining but have had a membership relationship with BECU in the last six (6) months do not qualify. Only Early Saver accounts are eligible to receive the $25 deposit bonus. Must establish and maintain membership by opening an Early Saver account using promo code MP44 by December 31, 2024, when depositing at least $25 within 30 days of account opening. Account must remain open for at least 30 days following the deposit made to qualify for the $25 bonus. BECU is not required to pay the promotional incentive for accounts opened without the appropriate promo code, If the account is not open for at least 30 days, and a minimum $25 deposit made to the account. BECU will not deposit bonus funds to closed accounts. Other terms, limitations, and conditions apply. Cannot be combined with any other offers. Limit one offer per member. Check with BECU for current Annual Percentage Yield (APY) of accounts. The $25 bonus deposit to your Early Saver account will occur within 60 days of establishing the qualifying account if the $25 minimum deposit requirement was met within the first 30 days of account opening. Account must be open and in good standing at time of fulfillment to qualify. $25 bonus will be reported to the IRS on form 1099INT. BECU reserves the right to terminate this offer at any time.
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 11/25/2024 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 0.35% 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.