Father explaining the value of money to his young son

Kid’s Statement Savings

It’s true. Children learn what they live.

Opening a First Northern Bank and Trust Kid’s Statement Savings Account for your child, at an attractive interest rate, is an incredible teaching opportunity. It’s never too early for the next generation to learn to appreciate the value of a dollar.

Create a firm foundation for the future by helping them understand the fundamentals of budgeting, saving, and how compound interest works. Whether you and your child are looking at a short-term achievement like saving up for a bicycle or a long-term goal like putting money away for college, you’ll enjoy watching the balance grow together.

Account Details and Features

  • Minimum opening deposit $1.00
  • Account must be opened by an adult who will serve as the custodian and maintain exclusive control of the account (maximum age of the child is 16 years old)
  • Online Banking (balance views and in-house transfers only, no electronic transactions)
  • The First Northern Bank and Trust Co. Mobile App for iPhone®, iPad®, and Android® devices is available for download from the App Store® and Google Play® (balance views and in-house transfers only, no electronic transactions)
  • Express Banking (access your account by phone)
  • Quarterly Paper Statements by mail
  • eDocs (includes optional eStatements)
  • Direct Deposit
  • No monthly service fee
  • Whenever a minimum balance of $1,000.00 accumulates in the account, it may be converted into a 5 Year CD with a Premium APY (a higher APY than the one offered on our regular 5 Year CD).
  • View competitive interest rates.
  • See additional details

If your Account does not currently include Online Banking and you'd like to set it up, please enroll now

Open a Kid’s Statement Savings Account.

Call 1-800-344-2274 or visit any branch location.

There is no fee for the First Northern Bank and Trust Co. Mobile App but connectivity and usage rates by your carrier or internet provider may apply. Contact your wireless service provider for more details. Deposits are subject to verification and are not available for immediate withdrawal. Deposit limits and other restrictions apply. iPhone®, iPad®, and App Store® are registered trademarks of Apple Inc. Android® and Google Play® are trademarks of Google LLC.

Eligibility Requirements. The maximum age of the child is 16 years old.

Rate Information. View current rates. Your interest rate and annual percentage yield may change.
• Determination of Rate: At our discretion, we may change the interest rate on your account.
• Frequency of Rate Changes: We may change the interest rate on your account at any time.
• Limitations on Rate Changes: There are no maximum or minimum interest rate limits for this account.

Compounding and Crediting. Interest will be compounded daily and will be credited to the account quarterly. If you close your account before interest is credited, you will receive the accrued interest. If you close your account before interest is paid, you will (if over $1.00) receive the accrued interest.

Minimum Balance Requirements. You must deposit $1.00 to open this account. You must maintain a minimum daily balance of $1.00 in the account each day to obtain the disclosed annual percentage yield.

Balance Computation Method. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual on Non-Cash Deposits. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).

Transaction Limitation. No transaction limitations apply to this account.

Additional Information Regarding Your Account. Upon obtaining the age of 17, the Kid’s Savings Account will revert to a regular custodial Statement Savings Account, with all associated fees and requirements. Whenever a minimum balance of $1,000.00 is accumulated in the account, the option exists for the account holder to convert this balance into a 5 Year Certificate of Deposit with a premium APY that is higher than the APY offered on the Bank's regular 5 Year Certificate of Deposit.

Check Standards: You agree to only write or deposit checks that are written in an ink type or color (blue or black) that reproduces clearly when imaged or copied. You also agree that you will not write or deposit checks that bear designs, security features, or other elements that prevent the check from being imaged or copied with all of its necessary elements being reproduced clearly.

Substitute Checks: You agree that you will not, without the Bank's express written consent, deposit any substitute check into an account.

Fees and Charges. For information about fees and charges associated with this account, view our Schedule of Service Fees.