Bank for the future.
Bank Maspeth.
Choose Teen Checking & Savings for convenient access to your money now, and a solid financial education for the future.
Introducing Teen Checking & Savings, for ages 13 to 17.
At Maspeth Federal Savings, we think a teen's first bank account should be more than a place to keep money. With our new Teen accounts, they'll have the tools they need to conveniently access and manage their money.
These accounts include access to budget and goal-setting features, plus a wealth of financial education and literacy resources from MFS.
With our Teen accounts, you’ll enjoy your growing freedom and independence even more by keeping track of your spending and learning how to manage your finances (parents will be happy about that, too).
With Teen Savings you’ll earn interest on your savings balance—and discover the power of saving and watching your money grow.
Effective Date: 12/21/2024
| Minimum Balance | Interest Rate | APY (Annual Percentage Yield) |
|---|---|---|
| NONE | 0.49% | 0.50% |
The minimum balance shown is required to achieve the stated Annual Percentage Yield. All above Annual Percentage Yields are accurate as of today's date. Rates are subject to change without notice. Above rates on non-term accounts may change after the account is opened. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Applicable fees could reduce earnings on account. Please ask one of our customer service representatives for further information regarding the fees (if any), terms and conditions for the above-mentioned accounts. Disclosure statements are available at all branch locations. FDIC Insured.
Convenient and safe money management features for teens and parents:
- Direct deposit makes it easy to get your paychecks in the bank; mobile deposit1 lets you deposit birthday and other checks right from your phone
- Use your debit card to get cash—or use it to make purchases and skip the ATM
- Parents can quickly and easily transfer funds into the Teen Checking account as payment for chores, or for gas and other expenses
- Depending on your age and mobile device, link your debit card to your phone’s digital wallet for even more convenience and security
Easy-to-use tools that support budgeting, financial literacy and responsibility:
- MX Money Management, where you can create budgets, track expenses, manage your goals and more
- Access to online and mobile banking2 promotes diligence and responsibility (and includes parental monitoring)
- Debit card transactions make it easy to see where your money is going
- Access to 95,000 surcharge-free ATMs3 at popular stores like 7-Eleven, Walgreens, CVS, Rite Aid, and Target
There are no minimum balance4 requirements or monthly maintenance fees.
And when you turn 18, your Teen Checking account will automatically convert to Perks Checking.5 (It’s a checking account with great perks, and a milestone to look forward to!) Your Teen Savings account will automatically covert to Statement Savings.6
A commitment to financial education—with helpful tools you can use right now.
MFS continues our tradition of offering financial education, resources and advocacy in the communities we serve. Our website features helpful calculators and articles to help with day-to-day money management and planning long-term goals. These resources are available to everyone.
- How do bankers teach their kids to be savers? Find out here.
- How much savings a college-bound student will need? Calculate it.
- Life in New York is expensive, but college students can save money. Discover 7 ways here.
- Scammers don’t just target older people. Protect yourself and your money.
1Customers in good standing for 30 days may enroll in Remote Check Deposits. Contact ibanking@maspethfederal.com to enroll. Standard charges from your cell phone provider may apply for text messaging or Mobile Web access.
2Must possess a valid social security number to use mobile banking or to view your account. Standard charges from your cell phone provider may apply for text messaging or mobile web access.
3Please note that other ATMs may charge transaction fees. International fees may apply.
4$1.00 deposit is required to open account, plus check printing charges if any.
5Account is joint between parent and child. When the child turns 18, the Teen Checking account will convert to a Perks Checking account. The parents/guardians from the Teen Checking account will remain as a co-owner of the Perks Checking account unless removed. In order to remove the co-owner, both account owners will be required to visit a branch to change account ownership.
6Account is joint between parent and child. When the child turns 18, the Teen Savings account will convert to a Statement Savings account. The parents/guardians from the Teen Savings account will remain as a co-owner of the Statement Savings account unless removed. To remove the co-owner, both account owners will be required to visit a branch to change account ownership.
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