Banking for Kids

Kids Corner | Money Matters for Students

NBK20406_650x224_Pathfinder School Banking

It is never too early to start teaching children the basics of banking and to give them the confidence that comes along with earning, saving and spending wisely. That is why we have created these specially tailored products just for them!

 

Teen Checking

This non-interest bearing account, available to teens ages 15-18, offers the following benefits:

  • Minimum to open: $10.00
  • FREE basic style checks up to conversion of account at age 19
  • FREE unlimited checking
  • FREE ATM transactions at SUM™ & MoneyPass®participating ATMs
  • FREE ATM card
  • FREE online banking
  • FREE online bill payment
  • FREE 24 hour telephone banking at 800-433-3781
  • eStatements for monthly account statement
  • Cash for good grades*

This account is available to teens aged 15 – 18 who meet these requirements, successfully complete a personal finance course and whose parent or legal guardian co-owns the account with them.

Overdraft privilege is not available for the Teen Checking account. Account converts to Free Checking Plus account when owner reaches age 19.

Cash for Good Grades

*The cash for good grades incentive is a maximum of $20.00 per school year, with a maximum of $5 per quarter. To receive cash for good grades, report cards showing a GPA of at least 3.0 or equivalent must be submitted to a North Brookfield Savings Bank branch location. The incentive will be deposited into the student’s account.

To open a Teen Checking Account:

1) Complete the online checking account responsibility course: Click Here for Course

2) Complete the online account application: Apply Online

That’s it! We will contact you to make arrangements to complete the account opening process through the mail or at the branch of your choosing.

 

High Five Savings
Annual Percentage Yield (APY) accurate as of 10/29/2014

This savings account offers a PREMIUM RATE* and is available to children and young adults under 19 years of age.

Minimum Balance to Earn
Annual Percentage Yield (APY)
Annual Percentage Yield
(APY)*
Interest Rate
$500.01 – $1,000 2.58% – 5.00% .15%
$1 – $500 5.00% 4.810%

Benefits include:

  • Minimum to open: $1.00
  • NO minimum weekly deposit required
  • NO monthly service charges
  • FREE 24 hour telephone banking at 800-433-3781
  • FREE online banking
  • Direct Deposit

*Balances of up to $500 will earn the current premium rate; balances over $500 earn the statement savings account rate. Rate is variable. Account converts to statement savings when owner reaches age 19.

The account can be in the child’s name individually (but a parent or legal guardian as co-owner is strongly encouraged).  The account can be opened at any time during the year. Limit of one account per minor tax owner. Transaction limitations apply. Rate subject to change after account is opened. Fees may reduce the earnings on these accounts. Fees may reduce the earnings on these accounts. A minimum balance of $25.00 is required in any deposit account to earn the Annual Percentage Yield.

To open a High Five Savings account:

1) Complete the online account application: Apply Online

That’s it! We will contact you to make arrangements to complete the account opening process through the mail, in person at the branch of your choosing, or at our next school banking day!

*Tier 1 – An interest rate equal to that paid on a regular statement savings account will be paid only for that portion of your daily balance that is $500.01 or more. The annual percentage yield (APY) range for this tier is shown above, and depends on the balance in the account, assuming a maximum of $1,000. Tier 2 – The above interest rate will be paid on the entire portion of your daily balance that is less than $500.01.