Early Start Savings Account
It's Never Too Soon to Teach Children the Benefits of Saving
Early Start Savings Account
Designed for kids and young adults 17 and under, the Early Start Savings Account helps young people save while learning the basics of financial literacy. With an opening deposit of just $25, no minimum balance requirement, and tiered interest rates, the Early Start Savings Account helps kids make the most of their savings. Account features include:
- $25 Minimum deposit
- No minimum balance requirement
- ATM card (not valid for point-of-sale purchases)
- Complimentary financial literacy kit
- Up to 9 years old - Coloring book, piggy bank, and rocket pen
- From 10 to 17 years old - Teen's Guide to Money and phone wallet
- Variable, tiered interest rates. Current interest rates are:
| Balance |
Interest Rate |
| $1-$500 |
.60% APY* |
| $501-$999 |
1.00% APY* |
| $1,000 - and up, no maximum |
1.50% APY* |
To Open an Early Savers Account
Visit a 1st Colonial Community Bank branch to open an Early Start Savings Account. Minors need a Social Security Number/Tax Identification Number, as well as a joint signer (family member or legal guardian) who is 18 or older.
- Our Early Start Savings account comes with a host of features designed to help your savings grow:
- Interest-Bearing Account: Your money works for you. Earn interest on every penny in your account.
- Daily Compounded Interest: Your interest is compounded daily and credited monthly, maximizing your earnings.
25th Anniversary Bonus
We’ll deposit a $10 bonus into each new Early Start Savings Account opened before our anniversary on June 30.**
*APY= Annual Percentage Yield. APY may vary after account opened. Fees may reduce earnings.
**The $10 credit will be deposited into the account within 45 days. Limit (1) $10 bonus per customer. Offer ends June 30, 2025.
Frequently Asked Questions About Savings Accounts
What is a savings account?
A savings account is a bank account where you can store money you don't need immediately and earn interest over time.
What is the difference between a checking account and a savings account?
A checking account is typically used for daily transactions, such as receiving paychecks, paying bills, and making debit card purchases. a savings account is designed for money that you don't need to access frequently. It's a place to store funds for future needs or emergencies.
How is the interest on my savings account calculated?
Interest is calculated using the daily balance method, which applies a daily periodic rate to the collected balance in the account each day.
Can the interest rate on my savings account change?
Yes, the interest rate and annual percentage yield on your account may change.