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Youth Savings Promotion

Questions & Answers

Youth Savings

Do you have special savings programs for my children?

Yes.  AgFed offers an All-Stars account for children up to 12 years of age and a Young Millionaires Club for children ages 13 to 17.  Both of these programs offer savings accounts with no fees and other advantages.

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Is there a minimum balance requirement or monthly service fee to maintain a Youth Savings account?

A $5 minimum share must be maintained to receive dividends. There are no monthly service fees for Youth Savings accounts.

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What happens to my child's All-Stars account when they turn 13?

The account will automatically convert to a Young Millionaires savings account on the first day of the month after the child's 13th birthday.

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What happens to my child's Young Millionaires account when they turn 18?

The account will automatically convert into a regular share savings account on the first day of the month after the teen's 18th birthday.

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Can I open multiple youth savings accounts for my child?

Only one youth savings account may be opened per Social Security number.

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Can my child enroll in Online and Mobile Banking?

Young Millionaires accountholders ages 13-17 may enroll in Online and Mobile banking.

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Can my child get a debit card?

Your 16-year or older child may get a debit card for their account with a $250.00 limit.

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How can deposits be made into Youth Savings accounts?

Deposits can be made by electronic transfers, at any ATM accepting deposits, at any AgFed or shared branch and by mobile deposit.

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Does a Youth Savings Account require a joint owner?

Youth Savings accounts require a parent, legal guardian or grandparent as a joint owner on the account. 

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If a member is under the age of 18, can they apply for a loan, Visa debit card or overdraft protection?

If a member is a minor, they cannot apply for a loan or for overdraft protection. However, members who are 16 to 17 years old may have a checking account with a debit card, with a $250.00 daily limit, when a parent or guardian is joint on their membership.

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Can't find what you are looking for?

All Aboard the Savings Express!

Set your child on a path to financial success! For a limited time, for every new All-Stars or Young Millionaires account opened, AgFed will contribute $45 to the account.* This is a limited-time offer valid only for youth accounts opened between November 1 and December 31, 2024.

After the membership has been established, email us at marketing@agfed.org with your name, your child's name and your telephone number.

 

All-Stars Account

We developed the All-Stars account to help young kids, age 12 and under, learn basic money management skills. You can open the account with just $5. All deposits earn dividends, so your child can watch their savings grow. Statements are mailed quarterly, which provide an excellent teaching opportunity about dividends and savings for young children. Additionally, each child will receive our All-Stars Newsletter twice a year.  

Open an All-Stars Account

 

Young Millionaires' Account

Our Young Millionaires account was developed to help teenagers, ages 13-17, get started on a lifetime of good money management skills. You can open the account with just $5. All deposits earn dividends. There are no monthly maintenance fees no matter how small your balance is and statements are mailed quarterly. Other benefits include free online and mobile banking. If you are 16 years or older, you may be able to open a free checking account and get a debit card with your parent as joint owner.

Open a Young Millionaires' Account

 

 

*Promotion valid from November 1, 2024 - December 31, 2024. To qualify for the $45 incentive, the All-Stars or Young Millionaires account must be established between November 1 and December 31 and funded with a minimum share of $5 no more than 14 days after account establishment. Limited to one incentive per child. Existing All-Stars/Young Millionaires account holders are not eligible. Upon verification, the incentive will be paid within 30 calendar days after the new youth savings account is established. The bonus incentive is considered interest and will be reported on IRS 1099-INT. This is a limited-time offer. Certain conditions or restrictions may apply. AgFed reserves the right to withdraw this offer at any time without notice.