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finder.com’s rating: 4.7 / 5.0
★★★★★
The BECU Early Saver Youth Account gives your child the chance to see compound interest in action with an impressive 2.02% APY and no monthly fees. But the rate drops to 0.02% on balances over $500 and you’ll need to be a BECU to get started.
Up to 2.02%
APY
$0
Fee
$0
Minimum deposit to open
Review by
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
The BECU Early Saver Youth Account is best for those who live in Washington State or a few select counties in Oregon and Idaho. You’re rewarded with no monthly fees, a free ATM card and 2.02% APY — but only on the first $500 in your account.
This high APY starts to matter less and less as your kid’s balance grows. For example, if they have a $2,500 balance that earns 2.02% on the first $500 and 0.02% after that, they’ll earn $10.59 in interest each year. But if they have a savings account that earns a flat 0.65% APY on their total balance, they’ll earn $16.30 a year in interest.
Long story short, if your child keeps $2,500 or more in savings, they’ll earn more interest if they go with an account like Alliant Kids Savings Account.
Open your BECU Early Saver Youth Account by following these steps:
To apply, parents must be at least 18 years old and children must be under the age of 18. You’ll also need to meet the following eligibility requirements:
Have this information ready when you open your BECU Early Saver Youth Account:
The Early Saver Youth account is insured by the National Credit Union Administration and comes with these benefits:
Before opening a BECU Early Saver Youth Account, keep on eye out for these potential drawbacks:
If you’re looking for a similar kids’ savings account you can open online, check out Capital One Kids Savings or Alliant Kids Savings.
There are three ways to qualify for a BECU membership:
Use this table to see how BECU Early Saver Youth stacks up against other savings accounts. Want to get a sneak peek of how much interest you could earn? Enter your deposit amount into the box and click Calculate.
Here are all the ways you can deposit and withdraw money from your BECU Early Saver Youth Account:
BECU has quite a few savings accounts for individuals and businesses alike:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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