Bank Accounts for Kids - First Internet Bank - Savings for Kids

Bank Accounts for Kids

Better than a piggy bank! Our savings options let you put your little ones on a path to a brighter financial future, with FDIC insurance and rates that are hard to beat. As a joint account holder, you can watch their savings grow when you use your own online or mobile banking login.

Tomorrow’s Tycoons

A savings account with no monthly fee that converts to a Regular Savings account when the minor accountholder turns 18. There is no limit on deposits to this account.

Tomorrow's Tycoons1Open
Open Account with as little as
$100
APY (Annual Percentage Yield)
0.60%
Interest Rate
0.60%
Monthly Maintenance Fee
None
Average Daily Balance to Avoid Fee
None
Transactions Allowed per Month2
6  
ATM Card
None
For further details, refer to the Schedule of Fees Common to All Personal Accounts, Truth in Savings Disclosure - Tomorrow's Tycoons.

1This account is available only to customers under the age of 18. A parent or legal guardian must be a joint account holder. The account will be transferred to Regular Savings when minor turns 18.

2You may make up to six transfers or withdrawals by means of a preauthorized, automatic, PC, or telephonic transfer to another account of yours or to a third party during any calendar month (or statement cycle of at least four weeks).

Rates last updated __DATE__. Rates are subject to change on any day and will be updated by 10 AM Eastern. Please be sure to check this page after 10 AM Eastern for the rate that will be honored today. Fees may reduce earnings on account. The period used to calculate average daily balance is monthly.

Coverdell Education Savings

A Coverdell Education Savings Account is a tax-advantaged savings arrangement in which contributions are invested for the purpose of funding a student’s education. There are limits to the amount you may contribute per child, per year. For more information about the benefits of ESAs, click here.

Term
Interest Rate
Annual Percentage Yield (APY)
Early Withdrawal Penalty
12 Months Open
Interest Rate
1.32%
Annual Percentage Yield (APY)
1.33%
Early Withdrawal Penalty
180 Days interest
18 Months Open
Interest Rate
1.38%
Annual Percentage Yield (APY)
1.39%
Early Withdrawal Penalty
180 Days interest
24 Months Open
Interest Rate
1.56%
Annual Percentage Yield (APY)
1.57%
Early Withdrawal Penalty
360 Days interest
36 Months Open
Interest Rate
1.75%
Annual Percentage Yield (APY)
1.76%
Early Withdrawal Penalty
360 Days interest
48 Months Open
Interest Rate
1.95%
Annual Percentage Yield (APY)
1.97%
Early Withdrawal Penalty
360 Days interest
60 Months Open
Interest Rate
2.20%
Annual Percentage Yield (APY)
2.22%
Early Withdrawal Penalty
360 Days interest
Money Market Open
Interest Rate
0.80%
Annual Percentage Yield (APY)
0.80%
Early Withdrawal Penalty
None
Rates above apply to all balance levels. Rates last updated __DATE__. Rates are subject to change on any day and will be updated by 10 AM Eastern. Please be sure to check this page after 10 AM Eastern for the rate that will be honored today. IRA CD rates are guaranteed as of the postmark date on the envelope containing the signed application and funding for the account. APYs assume interest is reinvested. You have the option to use our online banking, mobile banking, and telephone banking systems to get information about your CD. First IB will send you an annual recap of your Coverdell ESA activity shortly after the first of each year. First IB does not issue monthly statements for Coverdell ESAs, unless you have other checking and/or savings accounts with us.

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