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Golden 1 Youth Savings Account review

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No monthly fees and a low deposit — but it only earns 0.1% interest.

The Golden 1 Youth Savings has no monthly fees and a low $1 opening deposit. But your kid will only earn 0.1% APY on their total account balance, which is lower than other savings accounts for kids.

0.10%

APY

$0

Fee

$1

Minimum deposit to open

Details

APY0.10%
Fee$0
Minimum deposit to open$1
Interest compoundingMonthly
Monthly transaction limit3
Fee per transaction over the limit$3
More Info

Expert review

Cassidy Horton

Review by


Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

Golden 1 Youth Savings is a solid account option for kids under age 18. It has no monthly fees and a low $1 deposit, making it easy to get started today. But the APY is only 0.1% — a rate much lower than other accounts with similar perks.

Take the Alliant Kids Savings Account, for example. A credit union also offers it, but kids can earn 0.65% APY on their total balance.

So, if they keep $1,000 in their account, they’ll earn $7.5 a year in interest from Alliant, compared to $1 a year from Golden 1. As they save more money, the difference becomes even more significant.

Our take? Go with Golden 1 if you’re already a member or live in the California area and want to support a local credit union. Otherwise, go with an account that earns more interest. That way your kid can actually watch their savings stack up.

What are the benefits of a Golden 1 Youth Savings Account?

Golden 1 Youth Savings is insured by the National Credit Union Association and boasts these perks:

  • Low opening deposit. All you need is $1 to open this account for your child and get a jump start on saving for their future.
  • No monthly fees. There are no worries about monthly maintenance fees eating into your child’s savings because this account doesn’t have any.
  • Online application. Most banks require you to visit a local branch to open a kids’ savings account. But you can get started with Golden 1 from the comfort of your couch.

What should I look out for?

Although it’s a solid account for kids, Golden 1 Youth Savings has these drawbacks:

  • Low interest rates. Your kid earns 0.1% APY on their total account balance. While this is more than the national average, it doesn’t come close to the rates offered by other top-rated kids’ savings accounts.
  • Excessive withdrawals. It’s standard for savings accounts to have monthly withdrawal limits, but Golden 1’s are stricter than others. You’ll pay a $3 fee each time you make more than three transfers or cash withdrawals at a bank each month.
  • Open to members only. Golden 1 is primarily open to those who live or work in California.

Who can join Golden 1?

Golden 1 is open to anyone who meets these requirements:

  • Live or work in California
  • Relative or domestic partner of a current Golden 1 member
  • Member of one of Golden 1’s Select Employee Groups

To establish membership, you’ll need to open a Regular Savings or Youth Savings account with a $1 deposit.

Compare Golden 1 Youth Savings with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Alliant Kids Savings Account
0.65%
$0
$5
Read review
View details
This Kids Savings Account has no maintenance fees with e-statements and a high APY with a minimum daily balance of $100.
Capital One Kids Savings Account
0.50%
$0
$0
Read review
View details
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account

4.07% on $0 to $500
0.02% on $500.01+
$0
$0
Read review
View details
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers

0.20% on $20,000+
0.15% on $5 to $19,999
$0
$5
Read review
View details
Justice Federal designed the Young Savers Account especially for children to start saving money early and to learn money management skills.
Bank of America Minor Savings Account
0.01%
$0
$25
Read review
View details
Help a child build a savings account and learn about banking.
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Compare up to 4 providers

How do I open a Golden 1 Youth Savings Account?

Open a Golden 1 Youth Savings Account in person at a local branch or online using these steps:

  1. Visit the Golden 1 website, hover over the Checking & Savings tab and click Savings Accounts.
  2. Scroll down until you see Youth Savings Account and click Apply Online.
  3. Select Minor from the account type drop-down menu and click Continue.
  4. Click the + sign next to Minor, enter your child’s first name and last name and click Add.
  5. Click the + sign next to Parent, enter your first name and last name and click Add.
  6. Select your eligibility, click the + sign next to each account you wish to open and click Continue.
  7. Fill out your child’s application and click Continue.
  8. Fill out your application and click Continue.
  9. Follow the prompts to verify your identity, submit your application and fund your account.

Eligibility

To apply, parents or guardians must be at least 18 years old and your child must be under age 18. You’ll all need to meet these eligibility requirements:

  • Valid Social Security number
  • US residential address
  • Valid state-issued ID
  • $1 opening deposit

Required information

You’ll need this information when you apply for an account:

  • Full name and date of birth
  • Contact information
  • Residential address
  • Social Security number or Individual Taxpayer Identification Number (ITIN)
  • Government-issued photo ID
  • Employment information
  • Funding information

How do I deposit or withdraw my money?

The Golden 1 Youth Savings Account has these deposit and withdrawal methods:

Deposit

  • Direct deposit
  • Mobile check deposit through the app
  • Cash or check deposit at a local branch
  • Transfer from another Golden 1 account
  • Transfer from an external account

Withdrawals

  • Cash withdrawal at an ATM
  • Cash withdrawal at a local branch
  • Transfer to another Golden 1 account
  • Transfer to an external account

What other savings options does Golden 1 offer?

Golden 1 has a bevy of other savings accounts:

  • Regular Savings account.Open with $1 and earn 0.05% on balances up to $9,999.99 and 0.1% on balances of $10,000 or more.
  • Additional Savings account. If you already have a Regular Savings account, but want to open another one, choose this option. It has all the same features and APY requirements.
  • FlexSavings account. Start saving for a vacation, wedding or other savings goal with this account. You set the payout date, then keep adding funds each month until it matures.
  • Santa Saver account. A great way to save for the holidays, this account allows you to deposit funds throughout the year. Then, on November 1, they’re transferred to your regular savings or checking account right on time to start shopping.
  • Money Market Savings account. While most money market accounts require deposits of $1,000 or more, you only need $100 to open this one. The higher your account balance, the more interest you’ll earn.
  • Term-Savings CDs. Terms range from three months to five years. The longer you lock your money away, the more interest you’ll earn. Plus, use your CD as collateral for a Golden 1 Certificate Loan.
  • IRAs. Open a Golden 1 Traditional or Roth IRA and start saving for retirement.
  • Coverdell Education Savings account. Contribute up to $2,000 a year and make tax-free withdrawals for tuition, room and board, books and more.

Frequently asked questions

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