Building Smart Financial Habits for Saving and Spending

You believe in teaching your child about setting financial goals and managing money wisely. We believe in that too and that’s why we’ve created banking options for the financial stages of your child’s life, from saving birthday money to a first job.
 
 

Kids Savers ClubChild with finger paint on hands.

Perfect for: Savers just starting out ages 0-16.
 
Help your child learn the importance of saving with our Kids Savers Club. It’s easy with:
  • No fees or minimum balance requirement.
  • Online Banking and Mobile Banking to check balances, transfer money and more.
  • Special prizes when making a deposit for kids 10 and under.
  • ATM access not available.
  • Account will automatically covert to a Basic Savings Account during the month your child turns 16 years old.
 

Girl counting coins.My Future Fund

Perfect for: Savers with a bigger goal ages 0-18.
 
Building your child’s savings couldn’t be easier with My Future Fund. Offering one of our highest interest rates, this account:
  • Earns 5.09% APY* on the first $2,000.00 and 1.09% APY on funds above $2,000.00.
  • Takes advantage of automatic deposits to help grow account balance grow.
  • Can be managed through Online Banking and Mobile Banking.
  • Account matures at child's 18th birthday.
* Requires a $200.00 minimum deposit to open at $50.00 automatic monthly deposit from a Merchants Bank account. Annual Percentage Yield effective May 13, 2019. 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 CheckingMom & daughter taking selfie

Perfect for: Teenagers. 
 
Give your child the tools to understand basic money management with our Student Checking account:
 

Frequently Asked Questions

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.
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 and 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 child's employer.
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.
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 or 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.
Your child can have a bank account at birth. 
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.
If your teen is a responsible spender and/or you would like to start building their credit history, visit with our credit card team about options to add them as an authorized signer on a Merchants Bank credit card. 
 
Credit cards are subject to credit approval.