Youth Savings Accounts at Community First
Early Education on the Value of Savings Can Lead to a Lifetime of Wealth
Youth Advantage Savings Accounts
Community First's Youth Advantage Program* is an excellent way to teach children the importance of saving for their future. Our Youth Advantage Accounts are tailored for anyone from the age 0 to 23.
Benefits of the Youth Advantage Program and its features include:
- Open the account with as little as $5
- Offer higher interest rates on the first $500
- Balances above $500 will earn the current share rate at Community First
- Free checking with a Visa Debit Card for students ages 15 and older
Youth Advantage Certificates of Deposit (CD)
- Open with as little as $100
- You set the term - 6 months, 12 months, 18 months - you decide!
- Add to the CD with deposits of as little as $25 anytime, up to age 23
Community First Reloadable Visa® Student Card
- For teens, college students, any child over the age of 13
- You manage the limits with a prepaid card your child can use anywhere Visa is accepted
Coverdell Education Savings(ESAs)
ESAs are accounts that allow contributions to be made for the purpose of saving for a child’s educational expenses. Qualified withdrawals are tax and penalty free.
Who Can Contribute?
There is no requirement that the contributor must be a member of the family. Furthermore, corporations and other entities (including tax-exempt organizations) are permitted to make contributions to Coverdell Education Savings Accounts. With this broad range of potential contributors, it is possible that more than one person may want to contribute for the same child. A coordinated effort should be encouraged to avoid excess contributions. Contributions are not allowed after the beneficiary reaches 18 years of age (except those with special needs).