Child Savings- Tower Savers Kids Savings
No offense to the piggy bank on the shelf, but kids need a better place to put their money so that it grows into something great. Our Tower Savers child savings account is designed just for that.
If you think it's time to open a savings account for your child, you can start an account online or visit one of our locations to get help from a friendly team member. By setting up a children's savings account, you can help your child become financially confident.
A Savings Account That's Cool for Kids
At First Commonwealth Bank, we understand that savings accounts need to start somewhere, so we offer terms that are friendly to your child's unique financial situation. Some aspects of our Tower Savings account that make it perfect for kids include:
- Start with no minimum deposit to open1 and no monthly service charges through age 212 (because otherwise this wouldn't be a very friendly children's savings account)
- Watch money grow with tiered interest rates
- Keep track of every penny with free monthly statements
Practical for Parents
As a parent, you may want to actively manage your child's account. That's why our kids' savings accounts have features that make them easy for you to oversee, including:
- Digital banking: Get total access digital banking, available on your laptop, or on your tablet and smartphone with our mobile banking app3
- Linked accounts: Link your account to the child savings account so you can see everything in online banking
- Easy money transfer: Set up direct deposit and automatic transfer to help build the savings4
Built for the Future
Financial education from a young age can help your child succeed as they grow up. We offer the following services to build a solid foundation for your child's financial future:
- Valuable savings tips and online calculators help kids see just how valuable their savings can be
- Savings register helps kids track saving and spending
Eligibility & Child Savings Account Setup
Our child savings accounts have very few requirements, making them perfect for young savers through age 212 who want to save for their future. The child savings account can be maintained once the child turns 22 but may incur a monthly service charge.
Depending on your child’s age, you may be able to choose between a Joint or Custodial account. Account titling determines the child’s level of access:
- Joint: If the child is 14 years of age or older, parents/guardians have the option of being jointly titled on the account so the child can be involved.
- Custodial (UTMA): Parents/guardians can also choose to be the custodian of the account, which allows them to maintain control of the account until the child is 21.
Benefits of Opening a Child Savings Account With Us
At First Commonwealth Bank, we love getting to know each customer by name and can aid your child in growing their savings from pennies upward. Here are a few benefits of working with us:
- Financial education: We focus on helping everyone learn about finances, including your child, so that they can be financially confident.
- Commitment to excellence: Our team puts your and your child's needs first to ensure you succeed financially.
- Local roots: We love having offices in the heart of many small communities, and we're focused on benefiting everyone in our community, including your child.
Help Your Child Start Saving Today
If you think it's time to empty that piggy bank into a savings account, bring it over to our team at First Commonwealth Bank. We can help you set up a Tower Savers child savings account, which enables your children to save money while you keep track of their finances.
We'd love to get you started on your savings journey.
Fund My Future
The Fund My Future program helps children and their families save to afford college and other post-secondary goals. The program is administered by the Neighborhood Allies to help families in Allegheny County. The purpose of the program is to make saving fun.
Studies show that children with savings accounts in their names are three times more likely to attend college and four times more likely to complete it, regardless of their family's wealth, income or education. Our Tower Savers accounts are the first step in the Fund My Future program.
1 First deposit must be made within 45-days for account to remain open.
2 There is a monthly service charge of $3 once the child reaches age 22, which can be waived by maintaining a minimum daily balance of $200.
3 We don’t charge for these services, but standard message, data, and internet service provider rates may apply so check with your carriers.