Children's Savings Accounts - Tower Savers Kids Savings
No offense to the piggy bank on the shelf, but kids need a better place to put their money so it grows into something great. Our Tower Savers child savings account is designed to do just that.
A Savings Account That's Cool for Kids
- 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
- Get online banking and mobile banking at no charge3
- Link your account to the child savings account so you can see everything in online banking
- Set up Direct Deposit and automatic transfer to help build the savings4
Built for the 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 Set-up
- Perfect for young savers through age 212 that 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
- 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 on the account, which allows them to maintain control of the account until the child is 21
If you live in Allegheny County, Pennsylvania, you may be eligible for the Fund My Future program. Fund My Future is administered by the Propel Schools Foundation to help families of children in Allegheny County save for college and other post-secondary goals by making the saving experience 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 college, regardless of their family's wealth, income or education. Our Tower Savers accounts are the first step in the Fund My Future program.
These Frequently Asked Questions can help you learn more and get started.
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.
4 During any statement cycle, you may not make more than six (6) withdrawals/transfers to another bank account of yours or to a third party by means of a preauthorized agreement, by telephone, online banking or initiated by check, draft, debit card, or similar order to a third party. This includes online bill payments and overdraft transfers. If you exceed the withdrawal limit three times in a twelve month period, the account type may be converted to a non-interest bearing account.