Teen Savings

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Designed for Teens

Want to teach your teen money skills through experience?

Teen Savings is designed just for teens 13-17. Teens are required to have a qualified adult joint owner on this account. This offers a great foundation for money management while providing peace of mind to parents.

  • Convenience – 24/7 access through Online, Mobile Text and Mobile App Banking (free service – check your cell phone plan for possible fees)
  • Dividends – On balances as low as $5
  • Financial Education – South Carolina Federal hosts financial education workshops at financial centers and schools

To open a Teen Savings account, you need:

  • A qualified adult joint owner
  • Tax Identification Number with proper ID for the teen (social security card or military ID) – note a picture ID is required for teens 13 and older
  • Opening deposit of $5

Youth and Money Related Calculators

Ready to Start Your Teen Saving?

Accounts require personal attention and specific documentation and, therefore, are opened in a financial center.

Teen Savings Rate (13-17 years)

Minimum Balance to Earn Interest
Rate
Annual Percentage Yield1
$5.00
0.10%
0.10%
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1Rates are subject to change after account opening. Fees and withdrawals may reduce earnings on account.
Dividend Rates are accurate as of 3/15/2023 and are subject to change daily.