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Youth & Teen Banking

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UMassFive offers bank accounts for kids and teens designed to help young members build healthy saving and spending habits.

New to UMassFive? Join Online! Child Already A Member? Open Online Visit A Branch Location

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 and UMassFive is here to support your family, every step of the way.

Jump To:

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.

Minimum Opening DepositBalanceDividend RateAnnual Percentage Yield
$5$0 - $5000.25%0.25%
-$500.01 and over0.05%0.25% - 0.05%

Rates are subject to change at any time. 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 purpose.

Minimum BalanceDividend RateAnnual Percentage Yield
No Minimum Balance0.05%0.05%

 

Rates are subject to change at any time. 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.

Features

  • 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 up to the maximum account balance of $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
Balance Dividend RateAnnual Percentage Yield
$0 -$10,0003.50%3.55%

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. Maximum account balance of $10,000. 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

Help their savings continue with a Graduate Term Deposit, designed to ensure their long-term savings journey. Whether automatically rolled over from 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.

Features

  • 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 up to the maximum account balance of $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
Balance Dividend RateAnnual Percentage Yield
$0 - $15,000.003.75%3.81%

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. Maximum account balance of $15,000. 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 direct card rounding to savings and easy controls (allowing for parent/guardian review in our mobile app), managing money has never been more convenient.

  • Card controls in Mobile & Online Banking
  • Debit Card Round-Up Program: rounds transactions to nearest dollar and automatically transfers the difference into savings account
  • No paper statement fee up to age 18 (fees waived if enrolled in eStatements)
  • No minimum overdraft allowed up to age 18 (overdraft protection from linked savings account may be selected)

Not a member? Join and Open Online

Child already a member? Open Online

Start their financial journey today!

Not A Member? Join and Open Online Child Already A Member? Open Online Visit A Branch Location

At UMassFive, we're here to support your family's financial journey — starting with your youngest members. Check out our upcoming workshops designed to help parents teach their kids smart money habits at every age.

Raising Money-Smart Kids: Age-Appropriate Financial Guidance for Parents

Want to teach your kids about money but not sure where to start? Join us to learn how to guide your children through key financial concepts, tailored to their age and development. From teaching preschoolers the value of a dollar to helping teens manage money and save, we'll provide practical tips and strategies to build lifelong financial confidence.

View Upcoming Workshops
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Youth Banking Resources

Teen Banking Resources

Rates subject to change at any time. Rates effective as of August 3, 2026. APY is accurate as of the last dividend declaration date.,