Locations Help Center Education Careers Sign In Enroll in Digital Banking Blog SAVINGS Student Savings Establishing healthy financial habits from a young age can set up children and young adults for future financial success. Get a head start on savings and financial education with a Student Savings Account with Armed Forces Bank for children and young adults under the age of 23. Joint ownership with a parent or guardian is required for those under the age of 17. Interest compounds quarterly1 and there is no monthly service charge. Take advantage of our Saving Cents program that rounds up debit card purchases from an Armed Forces Bank Checking Account and applies the change directly into a Savings Account. Students can see their money grow over time by signing up for Digital Banking and setting up customized account alerts3. OPEN NOW Applying typically takes 10 minutes or less. Features .cls-1{fill:#231f20;}free No monthly service charge .cls-1{fill:#231f20;}free No minimum balance required until age 232 .cls-1{fill:#231f20;}card Free ATM card .cls-1{fill:#231f20;}saving-cents Eligible for Saving Cents Additional Features Source of overdraft protection Digital Banking with Bill Pay and Account Alerts3 Free e.Statements or $4.50 paper statements3 Student Savings Rates Account Balance Annual Percentage Yield All balances .03% OPEN NOW Applying typically takes 10 minutes or less. 1 Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items. The interest rate is subject to change daily. If the account is closed prior to the interest payment date, no interest will be paid. Fees may be charged to the account which could reduce earnings on the account. The Annual Percentage Yield (APY) is accurate as of 11/24/21. 2 After the age of 23, the Student Savings account will automatically convert to a Savings account. The minimum balance requirement is $100 or a $5 monthly service charge will apply. Enrollment in the Savings Cents program will waive the monthly service charge for the first 12 months of the Savings account. 3 Message and data rates may apply - such charges include those from your communications service providers. 4 Free e.Statements or $4.50 paper statements. Statements for electronic transfers are sent monthly. A statement showing compounded interest will be provided at the end of each quarter: March, June, September, and December. Closing new accounts within 90 days of opening will result in a $20 fee assessment. FDIC-insured up to the maximum allowed by law Checking & Savings Digital Banking Compare Checking Campaigns Access Checking Elite Interest Checking Recruit Access Checking Student Checking Business Checking Savings Account Premier Money Market Student Savings Certificates of Deposit Premier Money Market & CD IRAs Lending & Credit Personal Military Loan Auto Loan CD Term Loan Home Equity Line of Credit Visa® Credit Card Credit Builder Secured Visa® Credit Card Business Loans Mortgage Compare Mortgages VA Loan Conventional Loan FHA Loan Hero Loan Jumbo Loan Refinance About Us Privacy Policy Feedback Security Site Map © 1998-2021 Armed Forces Bank, N.A. All rights reserved. The persons pictured on this website are not actual clients of the bank.