Kids & Students

Teach your child basic money management with our savings and checking options for every age.

Kids Savers Club

We believe learning the importance of saving should begin early. That's why we have the perfect savings account for savers just starting out.

  • For ages 0-16 years old
  • No fees or minimum balance
  • Check balances, transfer money and more with Online & Mobile Banking 
  • Special prizes when making a deposit for kids 10 and under
  • ATM access not available
  • Account will automatically convert to a Basic Savings Account during the month your child turns 16 years old

My Future Fund

Start your child off earning more with one of our highest interest rates while they save with My Future Fund.

  • For ages 0-18 years old
  • 5.09% APY* on the first $2,000. 5.09%-1.75% APY on balances over $2,000
  • Takes advantage of automatic deposits to help grow account balance
  • Teach money management skills with Online & Mobile Banking
  • Account matures at child's 18th birthday

* Requires a $200.00 minimum deposit to open and $50.00 automatic monthly deposit from a Merchants Bank account. Annual Percentage Yield (APY) effective March 23, 2022. Rates may change after the account is opened. Fees could reduce account earnings. Account converts to Basic Savings the month of primary owner's 18th birthday. Funds are available for withdrawal at that time.

Student Checking

Equip your child early with our Student Checking Account, giving them the tools to understand basic money management. Perfect for teenagers, this account has the same features as our Free Checking Account.

At what age can my child have a bank account?

Your child can have a bank account at birth.

How does my child make a deposit?

Adding money to your child's account is easy:
  • In person - Stop by your local Merchants Bank branch and deposit in person with one of our tellers.
  • Transfers - Move money between accounts through electronic transfer, which can easily be done through Merchants Bank Online Banking & Mobile Banking.
  • Mobile deposit - Snap a picture of a check and deposit it with Merchants Bank Mobile Banking.
  • ACH deposit - Have money automatically added to the account through an ACH deposit with your employer or your child's employer.

How does my child make a withdrawal? How often are withdrawals allowed?

Each account has different parameters built in to help build account balances, encourage savings goals or teach good money management habits.

Withdrawals can be made with a debit card at an ATM, through electronic transfers or in-person with one of our tellers.
  • Kids Savers Club - 6 electronic withdrawals allowed per month.
  • My Future Fund - Withdrawals are not allowed until child is 18 years old.
  • Student Checking - Unlimited withdrawals.

What access does my child have to their account?

Children are considered joint owners on their accounts. This means they have equal ownership rights with the adult listed on their checking or savings account.
Access to account information may be granted in person, over the phone or through Online Banking & Mobile Banking depending on your preference. If you would like to set up specific limitations on your child's account, please ask your Customer Service Representative how those limitations may be accommodated.


What do I need to bring to open an account for my child?

Opening an account is easy. Just set up an appointment with a Customer Service Representative. Please have the following information with you:
  • Social Security Number of adult and child.
  • Please note: The adult owner on this account does not need to be a parent, just an approved applicant over the age of 18.
  • Valid photo ID of adult.
  • Basic personal information, such as contact information and address.
Call your local branch to set up a time today.

When can my child be issued a debit card?

When your child opens a Student Checking Account, he or she will receive a debit card.

This account can be opened by children as young as 13 years old, but children under 18 must have an additional adult account owner.

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