Garden Savings FCU Kids Club Savings account review
A kids savings account with a generous interest rate and no monthly fee.
finder.com’s rating: 4.6 / 5.0
The Garden Savings FCU Kids Club Savings account is a well-rounded kids bank account that earns interest, comes with an ATM card and gives you access to a wealth of educational resources to help teach your kids about healthy spending and saving. But you’ll want to make sure that you use the account at least once a year to avoid its monthly inactivity fee.
Minimum deposit to open
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
The Garden Savings FCU Kids Club Savings account is a good option for children if you qualify for membership. It offers a competitive interest rate on your child’s entire account balance and comes with minimal fees. And unlike some savings accounts, you get easy access to your cash at over 85,000 nationwide ATMs.Garden Savings Federal Credit Union also offers financial, educational resources that appeal to a wide age range, including a virtual piggy bank to set up savings goals and track allowances and informative articles for your college-bound teen. But once your child turns 18, the account automatically converts to a Member Savings account, whose features lag in comparison to the Garden Savings FCU Kids Club Savings account.
How do I open a Garden Savings FCU Kids Club Savings account?
You’ll need to stop by one of Garden Savings Federal Credit Union‘ five local branches to open a Kids Club Savings account.
Meet these requirements to be eligible for a Garden Savings FCU Kids Club Savings account:
- Garden Savings FCU member
- Child under 18 years old
- Adult joint account holder
- US citizen or permanent resident
- $5 opening deposit for both your child’s Kids Club Savings account and your Member Savings account
When you head into a Garden Savings FCU branch to open an account, bring the following documents and information:
- Social Security number
- Valid government-issued ID
- Proof of membership eligibility
Who qualifies for a Garden Savings Federal Credit Union membership?
Become a member of this not-for-profit credit union if you:
- Live, work, worship, attend school, volunteer or regularly conduct business in Newark, Elizabeth or Jersey City, New Jersey.
- Are an employee of one of its Select Employer Groups.
- Belong to an organization in its field of membership.
Pensioners, annuitants and all immediate family members may also be eligible for membership.
5 benefits of a savings account with Garden Savings Federal Credit Union
A Garden Savings FCU Kids Club Savings account offers these perks:
- No monthly service fee. There’s no recurring maintenance fee for this account.
- No minimum age requirement. Any child under age 18 can sign up for a Garden Savings FCU Kids Club Savings account.
- Competitive interest. A Garden Savings FCU Kids Club Savings account earns a generous 0.5% APY — 10 times more than its regular savings account — on your entire balance.
- Educational resources. Access games, blogs, calculators and a virtual piggy bank app to help teach your child about financial literacy.
- ATM card. Request a free ATM card to access your cash.
5 things look out for
Be aware of the following caveats:
- Minimum opening deposit. The account requires a minimum $5 to fund the account when you sign up.
- Inactivity fee. Garden Savings Federal Credit Union will automatically deduct $10 from your balance each month if your account balance is $5,000 or less and you’ve had no transactions within one year.
- Overdraft fee. You’ll pay $32 every time Garden Savings Federal Credit Union covers a transaction when your account doesn’t have enough money.
- Automatically converts to a regular savings account. Once your child turns 18, your account will automatically convert to a regular savings account. Although there’s no monthly service fee for its Member Savings account, you’ll need an account balance of $250 to earn its modest 0.5% APY.
- Must be a Garden Savings member. You must live or work in Newark, Elizabeth or Jersey City, New Jersey or be an employee of one of its employer groups to join. If you meet eligibility, you’ll also need to open a Member Savings account with a $5 minimum opening deposit.
You might want to shop around if you want your kid’s account to seamlessly transition to a regular savings account with higher yields. Or you’ll need to close the account and transfer the funds to a different savings account when your child turns 18.
Garden Savings Federal Credit Union‘s ATM network and feesGarden Savings Federal Credit Union partners with Allpoint and CO-OP ATM networks to provide over 85,000 -free ATMs nationwide. Both networks offer free withdrawal and deposits and are located in popular retail locations, including Target, Walgreens and 7-Eleven.
If you use an out-of-network ATM, you’re only responsible for the ATM operator’s fee because Garden Savings Federal Credit Union doesn’t charge a non-network fee.
Compare the Garden Savings FCU Kids Club Savings account with other kids savings accounts
Deposit or withdraw your money using several options
You and your child can access your cash a few different ways:
- Direct deposit
- Remote check deposit
- ACH transfers
- Wire transfers
- ATM deposits
- ACH transfers
- Wire transfers
- Bill pay
- ATM withdrawals
5 other savings account options with Garden Savings Federal Credit Union
If the Kids Club Savings account falls short of meeting your needs Garden Savings Federal Credit Union has other savings options available:
- Member Savings. This savings account establishes your membership with the Garden Savings Federal Credit Union. Earn 0.5% APY on balances $250 and higher.
- High-yield savings. This account has a tiered interest rate and no monthly fees. Earn 0.1% on balances between $1,000 and $2,499.99, and 0.15% on balances $2,500 and higher.
- Garden Savings Money Market account. Get check-writing capabilities and earn up to 0.2% APY depending on your account balance. But watch out for its $10 monthly fee for balances under $1,000.
- Garden Savings FCU Club accounts. Put your money toward a savings goal with a Holiday Club account or a Vacation Club account. Pay no monthly fees and earn up to 0.5% APY. But you’ll lose your earned interest if you make more than one withdrawal per year.
- Garden Savings FCU Share CDs. With a $500 minimum opening deposit, get a guaranteed, locked-in rate of up to 0.75% APY on a range of terms from 30 days to five years.
4 ways to contact Garden Savings Federal Credit Union about your savings account
Besides stopping by a local branch, get in touch with customer service these ways:
- Call 973-576-2000.
- Fill out a form on its Contact us page.
- Email email@example.com.
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