Pen Air Savings account review

A savings account for children under with financial bonuses for reaching savings goals.

The Pen Air Savings account gives minors a jumpstart on their savings. You’ll earn 0.45% APY and get a $10 bonus just for opening an account. But its deposit and withdrawal options are limited, and it doesn’t come with handy parental features, such as chore and allowance tracking.






Minimum deposit to open


Annual percentage yield (APY)0.45%
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily

Review by

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.

Expert review

The Pen Air Savings account is a good beginner bank account for minors. Although it has a $25 opening deposit, it offers a competitive interest rate of 0.45% APY and unique financial incentives to reach savings milestones.

But its membership window is small. You’ll need to be part of a Select Employee Group, an active or retired military member or a civil service employee to open an account. If you meet these requirements or already bank with Pen Air, this account is a good option for your kid.

But if you’re not really after a high yield and rather open an account to help your child learn how to manage their money across spend, save and give categories, you’ll want to look at the top debit cards for kids.

How do I open a Pen Air Savings account?

Open a Level Up account online following these steps:

  1. Go to the provider’s site and follow the steps to apply.
  2. Choose the menu bar. Under Bank, select Youth, then select Open a Level Up Account.
  3. Enter your name and your child’s name.
  4. Fill in your ZIP code and choose your eligibility qualification.
  5. Select the plus symbol to add a Level Up Savings account.
  6. Complete the missing information for you and your child, including Social Security numbers and current physical address.
  7. Enter your banking details to fund the account.


You’ll need to satisfy the following requirements to qualify for a Pen Air Savings account:

  • Parent or guardian must be at least 18 years old
  • Child must be under 18 years old
  • $25 minimum deposit
  • Must qualify for Pen Air membership

Required information

In addition to verifying your eligibility, you’ll need the following info to complete your Pen Air application:

  • Full name
  • Date of birth
  • Social Security number
  • Residential mailing address
  • Government-issued ID

Who qualifies for a Pen Air membership?

To be eligible for a Pen Air membership, you or a family member must belong to one of the following groups:

  • An employee of a Select Employer Group
  • Active duty or retired military
  • Civil service employee

What are the benefits of a Pen Air Savings account?

Here are six perks of a Pen Air Savings account:

  • Competitive interest rate. Your child will earn 0.45% APY on any balance.
  • Savings incentives. Get a bonus each time you meet a savings milestone, including $10 at account opening, $20 when you’ve saved $250 and $30 when your account balance reaches $0.
  • Unlocks other banking products. Pen Air requires a savings account before you can open its other banking products, including checking accounts and CDs. This account unlocks your eligibility to apply for other Pen Air accounts.
  • Converts to an adult account. Like most savings accounts for kids, once your child turns 18, the account converts to an adult account. But this one converts to a Pen Air Savings account, which also has no monthly fees.

What should I look out for?

As with any bank account for a minor, a parent or guardian needs to be an owner listed on the account.

  • Opening deposit. You’ll need at least $25 to open a Pen Air Savings account. While this isn’t high, there are other savings accounts like Capital One Kids Savings Account that require $0.
  • Inactive account fee. Like most accounts, if your child hasn’t used the account for a year, you may see a $15 monthly charge for inactivity.
  • Educational resources. Although Pen Air has blogs and videos to help your kids learn how to manage their money, it lacks teaching your child healthy money habits by way of quizzes or by managing their money through spend, save, give and invest categories.
  • Membership required. You can’t open this account unless you meet Pen Air’s membership eligibility requirements. You or your immediate family member must be an employee of a Select Employee Group, active duty or retired military or a civil service employee.

Compare Pen Air Savings with other savings accounts for kids

Compare other kids’ savings accounts by fees and interest rates.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Alliant Kids Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Alliant Kids Savings Account
$1 per month
(can be waived)
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
Finder Rating: 4.7 / 5: ★★★★★
Capital One Kids Savings Account
Kids Savings Accounts are fee-free and don’t require a minimum balance.
BECU Early Saver Youth Account
Finder Rating: 4.7 / 5: ★★★★★
BECU Early Saver Youth Account
Offers your child a premium interest rate on the first $500 in deposits.
Justice Federal Credit Union Young Savers
Finder Rating: 4 / 5: ★★★★★
Justice Federal Credit Union Young Savers
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
Finder Rating: 3.6 / 5: ★★★★★
Bank of America Minor Savings Account
Help a child build a savings account and learn about banking.

Compare up to 4 providers

How do I deposit or withdraw my money?

Your deposit and withdrawal choices are limited to:

  • ACH transfers, including direct deposit
  • Wire transfers
  • Mobile check deposit

What other savings options does Pen Air Federal Credit Union offer?

Pen Air has six other savings account options to choose from:

  • Pen Air Savings account. The adult version of the Pen Air Savings account with no monthly fee and a $25 opening deposit.
  • Pen Air Money Market account. You can earn dividends and write checks from this money market account. But it has a high minimum opening balance of $2,500.
  • Pen Air Round It account. A savings program that rounds up your debit card transactions to the next dollar and puts those funds into a secondary savings account.
  • Pen Air FCU CDs. Certificates of deposit with varying minimum deposit requirements that depend on your term. Pen Air offers terms from 90 days to 5 years and interest rates that range from 0.20% to 0.65% APY.
  • Pen Air Christmas Club account. A savings account with automatic deposits and transfers, and earns a slightly higher dividend than its traditional savings account. But you’ll need to contact Pen Air to learn more and open an account.

How to contact Pen Air Federal Credit Union customer service?

You can always stop by your local Pen Air Federal Credit Union branch for in-person support. Or you can:

  • Phone. Call 850-505-3200 to speak to a Pen Air representative.
  • Live chat.Connect with customer service on weekdays from 7 a.m. to 7 p.m. ET and Saturdays from 9 a.m. to 1 p.m. ET.

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