BMI Federal Credit Union
Empowering the Next Generation of Savers
Planting the Seeds for Financial Success
At BMI Federal Credit Union, we believe in empowering the next generation of savers and helping them establish healthy financial habits from a young age. Our Youth Savings and Checking accounts offer a safe and supportive environment for kids and teens to learn about money management while having fun.
Start Saving Early with a Youth Savings Account
Open a Youth Savings account with as little as $5 and watch your child's savings grow. This account is a fantastic tool to teach children the importance of saving for their future goals, whether it's a new toy, a special experience, or even college.
To open your minor's account, the following information will be required:
- Minor's legal name
- Social Security Card and Birth Certificate or Government Issued ID and Social Security Card
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Building Independence with Youth Checking
For teenagers ages 13 and up, their first Checking account will provide a stepping stone towards financial independence. This account allows teens to manage their own money within Online Banking, learn responsible spending habits, and gain valuable experience using a debit card. Parents can set limits and monitor account activity, ensuring a safe and controlled environment for teens to learn and grow.
They must provide a picture ID (government or school). If you do not currently have a BMI FCU account, please open an account above.
Investing in Their Future
Youth Certificates: Start with just $50 and add funds anytime. These Youth Certificates offer a higher dividend rate than the regular savings accounts, making them a great option for teaching children about growing their money over time.
Coverdell Education Savings Accounts: Start saving for your child's education expenses with a Coverdell ESA. Contributions and earnings grow tax-deferred and can be withdrawn tax-free for qualified education expenses. Learn more about the benefits within our brochure.
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*Enter promo code GET5 when opening a savings account online or in person for a youth account ages 0-17. Cash bonus of $5 will be deposited into the savings account within 10 business days after account opening. Cash bonus may be considered income and reported on 1099-MISC or 1099-INT. Membership eligibility and account requirements apply. BMI FCU is open to everyone who lives, works, worships, or attends school in Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware, or Morrow County. This credit union is federally insured by the National Credit Union Administration. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company. BMI FCU may amend, suspend, or discontinue this offer at any time without notice. Offer ends June 30, 2025.