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Golden 1 Youth Savings Account review

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Golden 1 Youth Savings Account
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Minimum deposit to open

Our verdict

No monthly fees and a low deposit — but it only earns 0.2% interest.

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 0.2% — 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 3.1% APY on their total balance.

So, if they keep $1,000 in their account, they’ll earn $5.51 a year in interest from Alliant, compared to $0.50 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.


  • Low opening deposit
  • No monthly fees
  • Online application


  • Low interest rates
  • Excessive withdrawals
  • Open to members only

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How do I open a Golden 1 Youth Savings Account?

You must first be a member of Golden 1 Credit Union in order to open an account for your child. You can either open a Golden 1 Youth Savings Account in person at a local branch or online by following these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. From Golden 1’s website, select the Checking & Savings tab and choose Savings Accounts.
  3. Select Youth Savings Account then choose Apply Online.
  4. Select Minor (0-12) or Minor (13-17) from the account type drop-down menu.
  5. Select the + sign next to Minor, enter your child’s first name and last name, then select Add.
  6. Selet the + sign next to Parent, enter your first name and last name, then select Add.
  7. Select your eligibility, click or tap the + sign next to each account you wish to open, and select Continue.
  8. Fill out your child’s application and select Continue.
  9. Fill out your application and select Continue.
  10. Follow the prompts to verify your identity, submit your application and fund your account.

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.


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

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 0.2% APY on their total account balance. This is far lower than 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.

Compare Golden 1 Youth Savings with other savings accounts

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How do I deposit or withdraw my money?

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


  • 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


  • 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 all balances.
  • 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.

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