Kids Ca$h Account First Fed's new Kids Ca$h Account provides a unique savings opportunity for your child. Not only will your child receive a birthday card each year, but quarterly newsletters as well. These newsletters are filled with fun facts, games, puzzles, and coloring activities.
A $10.00 minimum balance is required to open a Kids Ca$h Account. First Fed provides the first $5.00* of the minimum opening balance! An account may be opened for any child from birth through 18 years of age. Child must have own social security number. This social security number will be required at account opening. Must be a joint-owner account, with the child listed as primary account holder along with an adult as the joint owner. As a joint owner, your child may make their own deposits and withdrawals. Your child will receive a New Account Kit which includes a bank, passbook, crayon/pencil, color sheets and puzzles. Existing accounts with a minor as the primary account holder may be converted to the Kids Ca$h account. At the time of conversion, the child will receive a $5.00 deposit and a New Account Kit. Interest accrues at First Fed's regular savings account rate. Account cannot be opened as a UTMA (Uniform Transfers to Minors Act) or as a Custodial Account. At age 18, the account will automatically convert to a regular personal account.
For more details, contact your local branch or e-mail us.
* These funds become available on the child's 18th birthday. If the account is closed prior to the child's 18th birthday, the $5.00 will revert back to First Fed.