A Trusted Financial Partner for Life
Starting early is the best way to master money. Our Youth Checking and Youth Savings accounts give your child the hands-on practice they need to build lasting, real-world financial skills. From their first missing tooth to their first real paycheck, we help you guide them toward true financial independence - with parental peace of mind. Teach your child lifelong money habits and simplify money management with us as your family's trusted financial partner.
Start by opening a Youth Savings account for your child and when they turn 11, open a connected Youth Checking account. Maintain both accounts and when your child turns 13 Teen Access is enabled. Under parental monitoring Teen Access your child's next level of financial independence with features like mobile and online banking, which allows funds to be transferred between the Youth Savings and Youth Checking accounts - and eligibility for Mobile Check Deposit and Direct Deposit.
Our accounts include access to budget and goal-setting features, plus a wealth of financial education and literacy resources from our Financial Wellness Program.
Start by opening a Youth Savings account for your child and when they turn 11, open a connected Youth Checking account. Maintain both accounts and when your child turns 13 Teen Access is enabled. Under parental monitoring Teen Access your child's next level of financial independence with features like mobile and online banking, which allows funds to be transferred between the Youth Savings and Youth Checking accounts - and eligibility for Mobile Check Deposit and Direct Deposit.
Our accounts include access to budget and goal-setting features, plus a wealth of financial education and literacy resources from our Financial Wellness Program.
Youth Savings1, ages 0-17
Earn up to 10.00% APY2 on your savings balance— and discover the power of saving and watching your money grow.
It is never too early to start learning the value of a dollar. Secure your child's future by starting their financial journey early while teaching them about the importance of saving. Let them tuck away birthday money, allowances or a portion of their paychecks – and own their financial future. With no minimum balance3 or monthly maintenance fees, and our current 10.00% APY2, your child's savings grows with them.
Teen Access enabled at age 13 features:
- Access to online and mobile banking4 with parental monitoring.
- Mobile deposit5 and direct deposit for everything from paychecks to birthday checks.
- MX Money Management tools.
- ATM card with access to over 95,000 surcharge-free6 ATMs within the Allpoint and MoneyPass networks, including 7-Eleven, CVS, Target and Walgreens.
Effective Date: 10/12/2026
| APY (Annual Percentage Yield) | Interest Rate | Balance | |
|---|---|---|---|
| Youth Savings | 10.00% | 9.57% | $1 - $6000 |
| 0.50% | 0.50% | Above $6000 |
Youth Savings Disclosures
1 Account is joint between parent and child. When the child turns 18, the Youth Savings account will convert to a Statement Savings Account. The parents/guardians from the Youth Savings account will remain as a co-owner of the Statement Savings account unless removed. To remove the co-owner, both account owners will be required to visit a branch to change account ownership.
2 The Youth Savings rates are tiered. The Bank pays the stated interest rate and Annual Percentage Yield (APY) only on that portion of the balance within a specified tier. For illustrative purposes, for an account with a balance of $10,000, the bank would pay interest of 9.57% on the first $6,000 and 0.50% on $4,000 (the difference between $10,000 and the first tier cut-off of $6,000). The APY on the first $6,000 would be 10%. The combined APY for the second tier will be 10% on a balance of $6,000.01 and an APY of 6.20% on a balance of $10,000. The 10.00% Tiered APY is limited to 1 (one) Youth Savings Account per Child, additional savings accounts owned by the same child are subject to the Standard Youth Savings Account Rate of 0.50% APY. The APY may change at any time without notice.
3 $1.00 deposit is required to open account.
4 Must possess a valid social security number to use Mobile Banking or to view your account. Standard charges from your cell phone provider may apply for text messaging or Mobile Web access. Youth online access is available only for members ages 13–17. Eligible users can view account information and transfer funds between Youth savings and checking accounts. Online services are not available or intended for users under the age of 13.
5 Customers in good standing for 30 days may enroll in Mobile Check Deposits. Contact ibanking@maspethfederal.com to enroll. Standard charges from your cell phone provider may apply for text messaging or Mobile Web access. Not available for members under 13 years of age.
6 Please note that other ATMs may charge transaction fees. International fees may apply.
The minimum balance shown is required to achieve the stated Annual Percentage Yield. All above Annual Percentage Yields are accurate as of today's date. Rates are subject to change without notice. Above rates on non-term accounts may change after the account is opened. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Applicable fees could reduce earnings on account. Please ask one of our customer service representatives for further information regarding the fees (if any), terms and conditions for the above-mentioned accounts. Disclosure statements are available at all branch locations. FDIC Insured.
Youth Checking1, ages 11-17
Celebrate your child’s eleventh birthday with the gift of a little financial freedom. Teach them to take their control of their finances by setting a budget and monitoring their spending. No minimum balance2 or monthly maintenance fees.
Teen Access enabled at age 13 features:
- Access to online and mobile banking3 with parental monitoring.
- Mobile check deposit4 and direct deposit for everything from paychecks to birthday checks.
- MX Money Management tools.
- ATM card or Debit card with access to over 95,000 surcharge-free5 ATMs within the Allpoint and MoneyPass networks, including 7-Eleven, CVS, Target and Walgreens.
Youth Checking Disclosures
1 Account is joint between parent and child. When the child turns 18, the Youth Checking account will convert to a Perks Checking account. The parents/guardians from the Youth Checking account will remain as a co-owner of the Perks Checking account unless removed. To remove the co-owner, both account owners will be required to visit a branch to change account ownership.
2 $1.00 deposit is required to open account.
3 Must possess a valid social security number to use Mobile Banking or to view your account. Standard charges from your cell phone provider may apply for text messaging or mobile web access. While we don’t charge you to use another bank’s ATM, other banks may charge a fee. International fees may apply. Youth online access is available only for members ages 13–17. Eligible users can view account information and transfer funds between Youth Savings and Youth Checking accounts. Online services are not available or intended for users under the age of 13.
4 Customers in good standing for 30 days may enroll in Mobile Check Deposits. Contact ibanking@maspethfederal.com to enroll. Standard charges from your cell phone provider may apply for text messaging or Mobile Web access. Not available for members under 13 years of age.
5 While we don’t charge you to use another bank’s ATM, other banks may charge a fee. International fees may apply.
The Goal: Full Financial Independence
They grow up so fast! At age 18, your child is ready to fully take their finances into their own hands. Don’t worry, we’re still standing right by their side as their Youth Checking becomes a Perks Checking account – still fee-free but with a lot of rewards from shopping and travel and leisure discounts to 24/7 fraud watch and access to Zelle®.
Their Youth Savings Account becomes a Statement Savings account with no minimum balance, quarterly applied interest and unlimited deposits and withdrawals. They will also have access to MX Money Management tools - our adult budgeting tool that allows users to see all of their accounts in one place, create custom budgets and set goals.
Parental Monitoring
While your child's financial independence is the goal, we also want provide a safe financial training ground for your child's development. By providing digital guardrails that gradually expands as your child gets older, they are eased into money management and lifelong financial discipline is instilled along the way.
Features that parents like:
- Parents are able to view their child's accounts via mobile and online at all times.
- Parents can quickly and easily transfer funds into the Youth Checking as payment for chores or for other expenses.
- Purchases are kept transparent, allowing you to monitor your child's spending.
A commitment to financial education—with helpful tools you can use right now.
MFS continues our tradition of offering financial education, resources and advocacy in the communities we serve. Our website features helpful calculators and articles to help with day-to-day money management and planning long-term goals. These resources are available to everyone.
- Learn how to manage your finances while balancing school
- How do you prevent identity theft? We have your guide.
- Learn how to book a financial literacy session in your school using our financial literacy page.
- Want to know how you can afford, how to budget, and if you qualify for certain loans? Check out our financial calculators.
