Newsletter 2025 V2 Article - Start Their Financial Journey

We’re excited to announce the launch of our Youth and Teen Banking program—with products specially designed to help young members start smart and stay strong on their financial journey.

Whether you’re helping a child save birthday money from grandma, or introducing your teen to responsible spending with their first debit card, UMassFive is here to support your family every step of the way. Our lineup of products reflects our commitment to equipping parents and guardians with the tools and resources they need to help children and teens build healthy financial habits from day one.

Base Savings
Start simple, start strong. Our Base Savings account lays the foundation for Credit Union membership and encourages early saving with a higher rate on the first $500—perfect for teaching the value of an emergency fund.

Goal Savings
Whether it’s a new bike, buying a gift for a family member or friend, or concert tickets, our Goal Savings account helps young members set aside money for short-term goals, while keeping funds accessible.

Youth Term Deposit Savings* (Ages 0–12)
Jumpstart long-term savings with a term deposit that matures on their 13th birthday. This unique account offers the flexibility to add funds at any time, while the balance earns dividends monthly, with the best rate earned on balances up to $10,000. You’ll have a 30-day window after maturity to make changes before it automatically rolls into a Graduate Term Deposit account.

Graduate Term Deposit Savings* (Ages 13–17)
Continue their savings momentum with a Term Deposit that matures on their 18th birthday. Whether rolling over from a Youth Term Deposit or opening a new one, this account offers the same flexibility to add funds throughout the term for steady growth. Earn the best dividend rate on balances up to $15,000. You’ll have a 10-day window after maturity to make changes before it automatically rolls into the teen’s Base Savings account.

Co-op Advantage Checking (Ages 10+)
Empower your child with real-world money management tools. Our primary checking account includes a debit card, optional savings round-up, and built-in parental controls—all accessible through our mobile app. Enroll in our Debit Card Round-up Program (opt-in to round each transaction to the nearest dollar, and we’ll automatically put that change into their savings account). No paper statement charge until age 18 (also waived if they have enrolled in eStatements) and no premium overdraft allowed until age 18 (overdraft protection from a linked savings account may be elected).

At UMassFive, we believe financial education should begin early—and that smart habits formed today can lead to financial confidence tomorrow. With our Youth and Teen Banking program, we’re proud to partner with parents in helping the next generation grow into thoughtful savers, smart spenders, and financially empowered adults.

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*Co-op Points are not available to increase rate on Youth and Graduate Term Deposit accounts. One Youth Term Deposit allowed per UMassFive member, member must be age 0-12. One Graduate Term Deposit allowed per UMassFive member, member must be age 13-17. Youth and Graduate Term Deposit accounts must be in the child’s name and can be added to at any time. Account must be opened with a minimum of $100; maximum account opening balance of $5,000 for Youth Term Deposit, $7,500 for Graduate Term Deposit. For Youth Term Deposit, penalty of 100% of earned dividends will be imposed for withdrawal before child’s 13th birthday. For Graduate Term Deposit, penalty of earned dividends will be imposed for withdrawal before child’s 18th birthday as follows: If the Term Deposit is less than one year into the term, the penalty is any dividends accrued. If the Term Deposit is one year or more into the term year, the penalty is 12 months of dividends. Fees could reduce earnings on this account.