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Youth Savings: The Grow Account

Teaching your kids how to save and manage money, while boosting their future.

Call to Open an Account 1-800-621-2105 Download a Membership Application

Youth Savings Dividend Rate  APY 
$100 and Above 0.25% 0.25%

The Grow Account Annual Percentage Yield (APY) effective as of December 1, 2020, and may change after account opening without notice. Average 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. 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. For opening the Grow Account, the age restriction is under 18 years old.

Youth Savings: The Grow Account

Laying the foundation for lifelong financial wellness.

KEY FEATURES

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

Call to Open an Account 1-800-621-2105

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?

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 dividend 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 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 bonus deposited directly into your Grow Account.

With the Grow Account, you'll also enjoy:
  • No monthly maintenance fee
  • No inactive fee
  • A simple, single-tiered rate structure, which means it offers the same dividend rate for any average daily balance
  • 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

Call to Open an Account

How does a Grow Account compare to other savings options?

As its name suggests, Youth Savings: The Grow Account is just for members under age 18. See below for other differences among our savings options.

  Youth Savings: The Grow Account Member Savings Helium Savings Hideaway Savings
Key Benefits

No monthly maintenance or inactive fees

Potential to earn bonus dividends

No monthly maintenance fee

No fees

No monthly maintenance fee

No minimum balance

A Good Option If You

Are setting up an account for a child under age 18

Want to teach your kids how to save and manage money

Want to establish your Elements membership

Plan to maintain less than $2,500 daily balance

Plan to maintain a $2,500 daily balance to earn dividends

Like the idea of out of sight, out of mind

Want to stash some cash away for a special goal

APY 0.25%1 0.10% - 0.20%2 Up to 0.55%3 0.10% - 0.20%4
Rate Structure Average daily balance of $500 and above per quarter receives a quarterly bonus Tiered interest rates that increase as your account balance grows Simple, single-tiered rates Tiered interest rates that increase as your account balance grows
Minimum Balance to Earn Dividends $100 $100 $2,500 $100
No Monthly Maintenance Fee
Minimum Balance to Open $5
Available Terms
Available Amounts
No Monthly Inactive Fee
Unlimited Transactions Per Month Allowed

What fees can I expect?

No Maintenance or Inactive Fees

There are no monthly maintenance fees or inactive fees 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 primary membership savings account for members under 18?

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 primary account for credit union membership, the account will receive $5 from Elements Financial.

What happens when the account holder passes age 18?

As mentioned above, to open an account, the youth must be under 18. When the child named on the account turns 25, funds in the Grow Account will automatically transfer to a Member Savings Account at the Member Savings Account rates and terms.

Is Elements Online Banking easy to use?

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 Pay a Friend from Elements, plus other digital wallet options
  • And more

Learn More about Online Banking & Mobile App

Why should I choose Elements for my savings account?

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 in 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 3% 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?

Complete & Send Us These PDF Forms

We regret that federal banking guidelines for minors prevent students under age 18 from opening a Youth Savings Account online. To open a Youth Savings: 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 Youth Savings 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

I started saving for my daughter with a Youth Savings account from Elements back in 2009. Now, we are about to use some of the money to pay for her first year of college!

- Katie H. | Member since 2006

How Much Should I Save to Reach My Goal?

Savings Calculator

Results

  1. 1 The Grow Account Annual Percentage Yield (APY) effective as of December 1, 2020, and may change after account opening without notice. Average 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. 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. For opening the Grow Account, the age restriction is under 18 years old.
  2. 2 Member Savings Annual Percentage Yield (APY) effective as of December 1, 2020, and may change after account opening without notice. Average daily balance of $100 required to earn dividends. Fees may reduce earnings. No monthly maintenance fee. $5 required minimum balance to open the account.
  3. 3 Helium Savings Annual Percentage Yield (APY) effective as of December 1, 2020, and may change after account opening without notice. Average daily balance of $2,500 required to earn dividends. Fees may reduce earnings.
  4. 4 Hideaway Savings Annual Percentage Yield (APY) effective as of December 1, 2020, and may change after account opening without notice. Average daily balance of $100 required to earn dividends. Fees may reduce earnings. No monthly maintenance fee. No minimum balance requirements apply. 
  5. 5 Based on asset size as of 1/31/2020