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Grow Account

Teach your kids how to save and manage money, while boosting their future with youth savings.

Download a Membership Application to Get Started

Or call 1-800-621-2105

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Grow Account Dividend Rate  APY 
$100 and Above 0.25% 0.25%

Grow Account Annual Percentage Yield (APY) effective as of May 1, 2023, and may change after account opening without notice. Minimum daily balance of $100 required to earn dividends. If you maintain a minimum average daily balance (ADB) of $500 for a quarter, you will receive a bonus dividend, paid at the end of the quarter. The bonus dividend will be equal to the cumulative dividends paid during that quarter. Effective July 1, 2023, the bonus dividend will be discontinued. To offset this change, the annual percentage yield will be doubled. The dividend rate and annual percentage yield will continue to be variable and can change at any time. The ADB is calculated by adding the full amount of the principal in the account each day for the period and dividing the figure by the number of days in the period. Fees may reduce earnings. At least one account owner must be 18 years of age or older, and one account owner must be below the age of 18.

Questions?

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Grow Account

Laying the foundation for lifelong financial wellness.

KEY FEATURES

  • Special account just for children under age 18
  • No monthly maintenance or Inactivity Fee
  • Maintain a minimum daily balance of $100 to earn dividends
  • Average daily balance of $500 and above per quarter receives a quarterly bonus dividend1

Download a Membership Application to Get Started

MAY BE GOOD CHOICE IF

  • You are setting up an account for a child under age 18
  • You want to teach your kids how to save and manage money

Compare to Other Savings Accounts

What are the advantages of a Grow Account?

A father and daughter saving money in a piggy bank

Their Own Money

It’s never too soon to begin teaching your children about handling money responsibly. Opening a savings account in their name is a great way to start. They can put their hard-earned allowance in there or perhaps part of their birthday gifts from relatives. Then they can see how they earn a bonus dividend1 by keeping their money in the account. And they will also have the thrill of watching their balance grow to the amount needed for a special purchase they have in mind. You can also request an ATM card so they can learn how to responsibly use that to access their funds.

Earn Dividends

A Grow Account requires a minimum daily balance of just $100 to earn dividends. Plus, if you maintain an average daily balance of at least $500 per quarter, you will receive a quarterly bonus1 deposited directly into your Grow Account.

With the Grow Account, you'll also enjoy:
  • No monthly Maintenance Service Charge
  • No Inactivity Fee
  • A simple rate structure, which means it offers the same dividend rate on a minimum daily balance of $100 and above
  • Option to request an Elements ATM card to use at more than 78,000 surcharge-free ATMs worldwide
  • Shared branch access at more than 5,000 branches nationwide
  • Ability to manage your account in Online Banking or the Mobile App from any device

Download a Membership Application to Get Started

How does a Grow Account compare to other savings options?

The Grow Account is just for members under age 18. See below for other differences among our savings options.

  Grow Account Member Savings High Yield Savings Certificates
  Open an Account Open an Account Open an Account Buy a Certificate
Key Benefits

No monthly Maintenance Service Charge or Inactivity Fee

Potential to earn bonus dividends1

No monthly Maintenance Service Charge

No monthly Maintenance Service Charge

Higher rate than most regular savings accounts
A Good Option If You

Are setting up an account for a child under age 18

Want to teach your children how to save and manage money

Want a simple Savings account to establish your Elements membership

Like to earn higher dividends on your higher balances

Want a more predictable savings balance

Want to diversify your investments
APY 0.25% on balances $100 and above1 0.20% on balances $50,000 and above2 4.25% on balances $10,000 and greater until October 31, 20233 Varies by term
Rate Structure Simple rate structure on all daily balances of $100 and above Tiered dividend rates that increase as your account balance grows Tiered dividend rates that increase as your account balance grows Dividend rates that increase with the length of the Certificate term
Minimum Balance to Earn Dividends $100 $100 $0.01 —
No Monthly Maintenance Service Charge
Minimum Balance to Open $5 $5 — —
Available Terms — — — 6 months to 5 years
Available Amounts — — — $1,000 or more ($500 or more if under age 18)4
No Monthly Inactivity Fee — —
Unlimited Transactions Per Month Allowed —
  Open an Account Open an Account Open an Account Buy a Certificate

What fees can I expect?

A family of three having breakfast

No Maintenance or Inactivity Fees

There is no monthly Maintenance Fee or Inactivity Fee on a Grow Account; however, it can fall dormant after three years of no activity. Please refer to our Fee Schedule for details about fees on savings products.

Can a Grow Account be the member (primary) share account for members under 18?

A young man with headphones on working on homework on his couch

Yes, the Grow Account is intended to take the place of the Member Savings account for members under 18 (having a savings account with us is the part that makes your membership in the credit union official). When it is the member (primary) share account for credit union membership, the account will receive $5 from Elements Financial.

What happens when the account holder surpasses the age of 18?

A group of friends sharing a pizza

As mentioned above, to open an account, the child must be under the age of 18. When the primary account owner reaches the age of 25, the funds must be moved to another savings account type. The member will be notified of other options prior to their 25th birthday.

Is Elements Online Banking easy to use?

A couple girlfriends hugging on the couch

Yes! It’s easy to do your banking and budgeting with Elements — no matter where you are. Our goal with Online Banking is simple: to provide you with a state-of-the-art digital banking experience that you can count on and is consistent across all devices.

With Elements Online Banking and our Mobile App, you can:
  • Check your balances, make loan payments, and transfer money between accounts
  • Deposit checks using your phone or computer camera
  • View check images online
  • Pay your bills online 24/7/365
  • Review your account history with a 14-month electronic archive of statements
  • Locate branches and ATMs near you
  • See your SavvyMoney credit score with any checking account or loan
  • Pay friends and family conveniently with Zelle® plus other digital wallet options
  • And more

Learn More about Online Banking & Mobile App

Why should I choose Elements for my savings account?

A woman with her phone and a bag of shopping items

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates, and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves on being a trusted source for financial education. Your financial wellness expert will come to your workplace to answer questions and provide you with one-on-one assistance as you navigate the changes that come with each of life's stages.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 4% of credit unions nationally5. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I open an account?

A family of four working together to make cupakes

Complete & Send Us These PDF Forms

To open a Grow Account for your child, complete these forms:

Return these forms to an Elements location or email them to us at customerservice@elements.org. If you need help filling out the forms, please call us at 1-800-621-2105.

Online Banking & Mobile App

Once your Grow Account is open, you can enroll in Online Banking. Online Banking allows you to easily check your balances, deposit checks, and transfer money between accounts from your smartphone, tablet, laptop or desktop. Learn more about Online Banking.

Download Membership Application Download Membership Addendum

How Much Should I Save to Reach My Goal?

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Results

Each year, you will need to save $____

Trusted Savings Advice. Fresh Approach.

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Other Savings Options
  1. 1 Grow Account Annual Percentage Yield (APY) effective as of May 1, 2023, and may change after account opening without notice. Minimum daily balance of $100 required to earn dividends. If you maintain a minimum average daily balance (ADB) of $500 for a quarter, you will receive a bonus dividend, paid at the end of the quarter. The bonus dividend will be equal to the cumulative dividends paid during that quarter. Effective July 1, 2023, the bonus dividend will be discontinued. To offset this change, the annual percentage yield will be doubled. The dividend rate and annual percentage yield will continue to be variable and can change at any time. The ADB is calculated by adding the full amount of the principal in the account each day for the period and dividing the figure by the number of days in the period. Fees may reduce earnings. At least one account owner must be 18 years of age or older, and one account owner must be below the age of 18.
  2. 2 Member Savings Annual Percentage Yield (APY) effective as of May 1, 2023, and may change after account opening without notice. 0.10% APY on balances $100.00-$2,499.99; 0.15% APY on balances $2,500.00-$49,999.99; 0.20% APY on balances $50,000.00 and Above. Minimum daily balance of $100 required to earn dividends. $5 required minimum balance to open the account. No monthly Maintenance Service Charge. Fees may reduce earnings. 
  3. 3 High Yield Savings promotional Annual Percentage Yield (APY) accurate as of May 1, 2023. High Yield Savings is a tiered savings account paying a variable dividend rate, that may change at any time, on the entire balance in your account based on the rate for the tier corresponding to each day’s daily balance. Balances of $10,000.00 and above will earn a fixed promotional Annual Percentage Yield (APY) of 4.25% until October 31, 2023. The APY is 0.10% on balances up to $9,999.99. The promotional APY is available for new money only which are funds not on deposit at Elements for 90 days prior to opening the High Yield Savings account. Existing Elements members with savings accounts are eligible for the promotional APY upon depositing $25,000.00 or more of new money within 10 days of opening the High Yield Savings account. Existing Elements members with savings accounts with combined daily balances of $2,500.00 or less for the 90 days prior to account opening are excluded from the new money requirement. On November 1, 2023, the promotional APY will automatically convert to the then current non-promotional APY which is variable and may change at any time without notice. Additional information for each tier: A promotional APY of 0.10% applies to accounts with balances from $0.01 to $99.99; from $100.00 to $2,499.99; and from $2,500.00 to $9,999.99. A promotional APY of 4.25% applies to accounts with balances from $10,000.00 to $24,999.99; from $25,000.00 to $49,999.99; from $50,000.00 to $99,999.99; from $100,000.00 to $249,999.99; and $250,000.00 and above. At least one account holder must be 18 years of age. Other qualifications may apply. Promotional offer may be discontinued at any time. Fees may reduce earnings.
  4. 4 Minimum certificate deposit of $1,000. Minimum required to open a child’s certificate is $500; child must be under 18 years of age. Minimum of $500 balance required to earn dividends. We may impose a penalty if you withdraw any of the principal before maturity. Elements reserves the right to limit the balance of a certificate at any time.
  5. 5 Based on asset size as of 12/31/2021