Father and son working on homework together

Student Savings

Give your students a head start on good financial habits like saving money.

No minimum balance, no service charge; nothing but an upper hand on learning financial responsibility.

Applying typically takes 10 minutes or less.

What's your spare change worth? Plenty over the long haul.

Using our Saving Cents option, every debit card purchase rounds up and the change is automatically transferred to your Armed Forces Bank Savings Account.

Student Savings Rates

Account Balances Annual Percentage Yield
All Balances 0.03%

Sound good, so far? Here are some things you should know.

  • Minimum opening deposit of $25 is required
  • Joint ownership with a parent/guardian is required for those under 17
  • Interest compounds quarterly1 and there is no monthly service charge
  • Student Savings automatically converts to a Savings Account at the age of 232
  • Free eStatements or $5 paper statements3

  • Closing new savings accounts within 90 days of opening will result in a $20 early closure fee

Learn how much you need to save for higher education by using our College Savings Financial Calculator.

Related FAQs

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 .  
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 Free eStatements or $5 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.
FDIC-insured up to the maximum allowed by law