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Youth Savings Accounts

Get your kids started on the right path for financial success.

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Helping your children learn to save their money can teach them some powerful life lessons:

  • How to stay focused on goals
  • How to plan ahead
  • How to save for the things they want until they can afford it
  • The value of money and not to waste it
  • Basic math skills

Magnifi Financial has several different types of children's savings accounts available for kids ages 0 to 17 with a parent or guardian as a co-signer.

Check out the various savings accounts you can choose from and get started by applying totally online!

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Calculate Your Savings

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*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

Little Scholars Savings

Help teach your child how to start saving with this account. They can watch their money grow and get rewarded along the way.

  • 0-12 years old
  • Earns higher dividends than personal savings
  • No monthly fees or penalties
  • Birthday Gift each year
  • Free gift with deposits $25+
  • At age 13, funds will automatically transfer to a Boom! Savings Account
Little scholars savings account

Boom! Savings

Keep the savings habit strong with this savings account for teens.

  • 13-19 years old
  • Earns higher dividends than personal savings
  • No monthly fees or penalties
  • Can be used as overdraft protection on a Youth Checking account
Boom Savings account for teens

Boom! Certificate

A youth certificate that helps grow their money even faster!

  • 0-19 years old
  • 24-month term
  • Earns higher dividends than a regular certificate of the same term
  • Minimum opening deposit of $250
  • Maximum deposit of $7,500
  • Can be used as overdraft protection on a Youth Checking account
Boom certificate

Rates

Effective Date 5/12/2022

Account Type Dividend Rate APY Min. Opening Deposit Min. Balance to Earn Stated APY
Little Scholars &
Boom! Savings
1.00% 1.00% $0.00 $0.00
Boom! Certificate* 1.094% 1.10% $0.00 $0.00

APY = Annual Percentage Yield
*Boom! Certificate is a youth account for ages 0-19 years. Term is 24 months. Minimum opening deposit of $250. Maximum deposit of $7,500. Penalty for early withdrawal.
Rates are subject to change without notice. Dividends compound monthly. 

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Local Branch

Magnifi Financial has 22 local branches throughout Minnesota.

Branch Locations

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Video Banking

Video call with a Magnifi Financial team member. Learn More
Mon-Thurs: 8 AM - 5 PM
Fri: 8 AM - 6 PM
Sat: 8 AM - 12 PM

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Personal Savings
 

Personal Savings

Check out the variety of savings accounts Magnifi Financial has to offer. Plus get started easily by applying totally online.

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Certificates
 

Certificates

Put your money into a higher yielding certificate account. Your money is safe and secure with a variety of terms.

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Health Savings Accounts
 

Health Savings

Save for health expenses while earning tax-free dividends. Now earn even more money with no service fee!

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IRA
 

IRA

Plan for retirement with IRA accounts and other retirement planning accounts. Open an account or work with an advisor.

Learn More 
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At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.

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