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Teen Savings Account

Start your finances out on the right foot.

Your teenage years are an exciting time to grow, learn, and develop good habits. Invest in your future with a teen savings account designed to support the formative years of banking.

Our Varsity Club savings account is designed for teenagers who are between 13 to 17 years of age, and offer some of the following benefits:

  • Quarterly dividend payments
  • Waived membership fees
  • Helpful online banking access
  • Financial resources & support
  • Building good financial habits over time

Not A Member?

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View Member Eligibility Requirements

Current Members

Open An Additional Account

or contact us to upgrade your account today

Teen Savings Account Rates

Account Type Opening Balance Minimum Balance Dividend Credited/ Compounded Dividend Rate Annual Percent Yield (APY)
Varsity Club Savings $5.00 $5.00 Monthly 0.05 % 0.05 %

*APY=Annual Percentage Yield. Rate subject to change without notice.

Rates Effective: 12/31/2022

Teen Savings Account FAQs

Q: What do I do when I age out of the teen savings account?

A: Before you turn 18, RRCU will mail you a letter with options for converting your teen savings account to another account type, or your account will be automatically transitioned into a regular share savings account. Be sure to request eStatements to avoid a maintenance fee for a regular checking account.

Q: What is the minimum opening balance for a teen savings account?

A: Varsity Club savings accounts waive your initial membership fee, so you are only required to keep an ongoing minimum balance of $5.00. Once you have opened an account, your membership with our credit union is official!

Q: How much money could I save from age 13 to 17?

A: Believe it or not, you could save hundreds of dollars between the ages of 13 and 17 using a teen savings account. Check out our Varsity Club savings account calculator to determine your balance after four years of dedicated saving.

*APY=Annual Percentage Yield. Rate subject to change without notice.

Checking & Savings Options To Meet Your Financial Needs

Not signed up for Online Banking? CLICK HERE, call us at 903-735-3000 / 800-822-3317, or visit a local branch to get started.

Lending Options To Meet Your Financial Needs

Not signed up for Online Banking? CLICK HERE, call us at 903-735-3000 / 800-822-3317, or visit a local branch to get started.