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Flagstar Kids Savings

Teach your kids and teens about saving with an account designed especially for them.

A great way for kids to start managing their own money.

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Earn more on the first $500.

Give your child an incentive to save with a higher interest rate on the first $500. 

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Automatic transfers

Parents and kids can setup automatic transfers anytime if they both have Flagstar accounts.

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Worry-free savings

No monthly fees or minimum balance.

Grow your child's savings with a
kid's savings account.

It's never too early to start teaching the importance of saving. Our kids savings account can help your child learn to manage their money early and develop responsible financial habits to carry into adulthood. 

Bank on the go with Mobile Banking.2

Mobile Banking lets you pay bills, move money, deposit checks,3 and much more. Add this easy-to-use app to your Android or iPhone and manage your money on your schedule.4

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Kids Savings Account FAQs 

A kid's savings account is a great way to teach kids and teens about saving money. When you open a Flagstar Kids Savings account, specifically, you and your child will enjoy the following benefits:

  • No monthly fees
  • No minimum balance requirement
  • A higher interest rate on the first $500
  • Easy one-time and automatic transfers between child and parent Flagstar accounts

It’s up to you. There is no minimum age requirement for Flagstar Kids Savings, but the child must be 13 or older to get a debit card.

Anytime is a good time to open a savings account for your child. You can start things out with age-appropriate lessons and regular deposits. Your child can make mistakes—and learn from them—now at a small scale and avoid making them as an adult.

Visit a branch with your child to open an account. You’ll need a $1 minimum deposit and identifying information for yourself and your child.

Your child can access their account with Flagstar’s online and mobile banking.2

Parents can transfer money from their child’s account to their own Flagstar personal checking or savings account.

Open a kids savings account today.

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Visit a branch

We’ll walk you through it. Stop by the nearest branch to open an account in person.

1This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc.

2Not all devices supported. Available for eligible personal and business deposit account customers only.

3Not all devices supported. Available for eligible personal and business checking and savings account customers only. Must be an active mobile banking user. Must be a customer for a minimum of two business days. Accounts must be in good standing.

4Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android, Google Play, and the Google Play logo are trademarks of Google Inc.

Flagstar Performance Savings

5Annual Percentage Yield (APY) is accurate as of 11/9/2024. Tier 1 $0 – $9,999.99 features an annual percentage yield of 0.10%. Tier 2 $10,000.00 – $24,999.99 features an annual percentage yield of 0.10%. Tier 3 $25,000.00 – $49,999.99 features an annual percentage yield of 4.75%. Tier 4 $50,000.00 – $99,999.99 features an annual percentage yield of 4.75%. Tier 5 $100,000.00 – $499,999.99 features an annual percentage yield of 4.75%. Tier 6 $500,000.00+ features an annual percentage yield of 4.75%. The interest rate(s) and annual percentage yield(s) are variable and may change at any time before or after the account is opened. Initial minimum opening deposit to earn the higher interest rate on the Flagstar Performance Savings account is $25,000 and must be “new money,” which is defined as money that is not currently on deposit in any Flagstar Bank account (except maturing CDs). Additionally, (i) account must be funded within 90 days of the approval date, and (ii) early account closure fee may be imposed for accounts closed within 180 days. A maintenance service charge of $15 will be imposed every statement cycle if the average daily collected balance in the account is less than $10,000. The maintenance service charge will be waived if you are the tax reported owner on this account and you are an owner on a Flagstar personal checking account. Fees may reduce earnings. Personal accounts only. Limited time offer. Area restrictions may apply. If you are a Private Bank client, please contact your Private Client Group to enroll.