APPLE BANK SMARTSTART SAVINGS
SmartStart Savings for Youth (6-17)
Youth savings that grows with your child and helps them learn smart money habits.
Can be opened as a Joint Account that you and your child ages 6-17 both own and have equal access to or as a Custodial Account that you manage for your child ages 0-21.
Earn 5.00% APY1
Apple Bank SmartStart Savings pays 13x the national average2 on balances from $1.01 to $10,000. That means your child could earn more interest in one month than they may in a year banking someplace else.
Fee-free debit card for teens3
Teens 13+ can enjoy greater independence with their own debit card and they can get cash at any ATM regardless of where they are with no fees4.
Financial literacy starts with the right savings account.
Learn the importance of saving money.
Apple Bank SmartStart Savings is a great starting place for teaching kids and teenagers about saving their money for the things they want — such as a new bike, video games, concert tickets, and putting aside money for college. Having conversations about money with your child when they’re young can help them feel more confident as they grow into financially independent adults.
Gain greater financial responsibility.
Apple Bank SmartStart Savings helps your child build strong money skills and get hands on experience banking online or at a branch. With your oversight, they can learn to use a debit card responsibly, manage spending, and develop smart financial habits—like saving consistently and avoiding impulse purchases.
Turn allowance, birthday gifts and paychecks into savings.
Apple Bank SmartStart Savings makes it easy for your child to deposit birthday checks, allowance, and paychecks through mobile deposits5 or via transfers from Venmo or CashApp. Help your child learn the habit of saving a portion of each deposit and watch their balance grow over time.
Learn to use digital tools.
Apple Bank SmartStart Savings has great digital tools that can help you and your child keep track of the account balance. Transactions are automatically grouped into categories such as Food, Entertainment, and Transportation to see exactly how money is being spent. Use these categories to talk with your kids about their spending and ways to save money.
Boost confidence and savings smarts!
A first savings account can help create a strong foundation for a lifetime of successful saving.
Learn more about how interest works.
Interest is the secret sauce for your child to help build their savings. It’s their BFF as they continue to save and helps their money grow faster. The longer they save, the more they earn.
Example is based on saving $10 a week for 12 years vs 6 years based on 5.00% APY1 on balances up to $10,000.00 with interest compounding daily.
For illustrative purposes only and may not apply to your individual circumstances.
Why Parents Love Apple Bank SmartStart Savings.
Why Parents Love Apple Bank SmartStart Savings.
- 5.00% APY1 helps money grow faster than most bank accounts and provides safety from market volatility – making it a great account for both smaller near-term goals and bigger goals like college savings.
- No maintenance fees and no ATM fees worldwide4—means you keep and save more of your money.
- Quickly transfer money for allowances, lunch, or emergencies—providing convenience and greater peace of mind knowing they are covered.
- No need to hand over cash or your own credit or debit card. Teens 13+ get a free Apple Bank Visa debit card3 with zero-liability6 for unauthorized transactions and they can easily turn the card off7 if lost or stolen.
- Link your Apple Bank debit card to digital wallets and payment apps (Apple Pay®, Google Pay™ and Venmo, among others) to make on-the-go purchases faster and more securely.
- Easily monitor saving and spending activity with real-time notifications. No need to log in.
Everyone can help your child save.
No more forgotten toys, outgrown clothing, or unused gifts. Grandparents, family, and friends can contribute directly to your child’s future by sending money to their Apple Bank SmartStart Savings account with Zelle®8. Plus, you and your child can easily deposit birthday checks or other gifts using mobile deposit.
Ready to get started with Apple Bank SmartStart Savings?
Choose how you want to open your Apple Bank SmartStart Savings account.
Joint Account
Open an account online for teens 13-17 or in a branch for kids 6-17.
Open an account online or in a branch for kids 0-21.
Download the App
Once you’ve opened your account, download the Mobile App9 from the App Store® for Apple devices or the Google Play™ Store for Android™ devices.
SmartStart Savings FAQs
Answers to frequently asked questions.
This account is available to children and young adults between the ages of 6 and 25. A parent or guardian must open the account jointly for those between the ages of 6 and 17. For those between the ages of 18 and 25, you can open the account individually or jointly. The account is also available for the parent or guardian to open the account as a Uniform Transfers to Minors Act (UTMA) for minors up to 21 years of age.
Once the account holder turns 26, it will automatically convert to an Apple Bank Simple Savings account within the quarter following their 26th birthday.
The minimum amount to open this account is $1.
The minimum amount to earn interest on this account is $1.01.
No! The account has no monthly maintenance fees.
Yes, account holders ages 13 through 17 are eligible to request an Apple Bank Visa® Debit Card as long as their account is joint parent or guardian. Account holders ages 18 through 25 will be issued a debit card at account opening.
No, the debit card does not have any fees!
- ATM: There are no fees when using non-Apple Bank ATMs. Plus, Apple Bank will reimburse all surcharges imposed by the ATM owner/operator during each statement cycle period.
- Point-of-Sale Transactions (POS): There are no fees for domestic and international POS transactions.
The money in your checking, savings, CDs, and money market deposit accounts are protected by FDIC insurance up to $250,000 per depositor, for each account ownership category. Learn More
An Interest Rate is the basic percentage of interest earned on the principal amount over a specified period, usually a year.
An Annual Percentage Yield or "APY" measures the total amount of interest paid on an account based upon the interest rate and the frequency of compounding. The APY is expressed as an annualized rate. It assumes all principal and interest remains on deposit for the entire year or term of the account.
Essentially, an interest rate is a simple percentage of interest earned on the principal, while APY reflects the total interest earned over a year, including the effects of compounding.
For example, the rate for the SmartStart Savings is 4.88% and if you deposited $1,000 into your account, and left your balance and let the monthly interest credited to your account monthly remain in your account as well for one year, you will earn 5.00% APY.
In terms of interest, “compounding” means that once credited, interest earns interest when left in the account. The SmartStart Savings account compounds interest daily, using a 365/365 computation factor. Once credited, interest is added to the principal balance and thereafter, if not withdrawn, the amount credited will earn interest (i.e., it will compound) each month or quarter. Specific interest compounding methods for your account are outlined in our Truth in Savings account disclosures.
You can send money to friends and family you trust with a daily transaction limit of $2,000 and a monthly limit of $10,000. If you would like to request a higher limit, please contact us at 914-902-2775 and we can evaluate if you meet the criteria for a higher limit. For more information on Zelle, visit Zelle’s FAQs.
You can deposit check(s) up to $10,000 a day through the mobile deposit service with a maximum of $25,000 a month. If you would like to request a higher limit, please contact us at 914-902-2775 and we can evaluate if you meet the criteria for a higher limit.
You can schedule a transfer to or from your account at another bank for up to $10,000 a day with a maximum of $10,000 a month. If you would like to request a higher limit, please contact us at 914-902-2775 and we can evaluate if you meet the criteria for a higher limit.
The Apple Bank SmartStart Savings account is available to minors and young adults ages 6 through 25. Accountholders must be able to write their name and provide one form of identification, such as a birth certificate or school photo ID. The Apple Bank SmartStart Savings account is available to minors ages 6 through 17 with a parent or guardian as a joint owner. A parent or guardian may also open the Apple Bank SmartStart Savings account as a Uniform Transfers to Minors Act (UTMA) account for minors and young adults up to 21 years of age. There is a $1.00 minimum deposit to open an account. There is no minimum daily balance requirement to maintain the account and no monthly maintenance fee regardless of account balance.
1 Annual Percentage Yield (APYs) disclosed are effective as of June 1, 2026 and may be changed by the Bank at any time, including after account opening. This is a tiered rate account. Minimum daily balance to earn interest is $1.01. Tier 1 – An interest rate of 4.88% will be paid on the entire portion of your daily balance up to, but not exceeding, $10,000.00. The APY for this tier is 5.00%. Tier 2 – An interest rate of 0.75% will be paid only for that portion of your daily balance that is above $10,000.00. The APY for this tier will range from 5.00% to 2.87%, depending on the balance in the account. APY range computation is based on an assumed account balance of $20,000.00. If your balance exceeds $10,000.00, a blended rate will be used to reflect the APY on your account statement and will be based on the number of days in your statement cycle. The blended APY decreases as your account balance increases above $10,000.00.
2National Average is based on the APY average for savings and interest-bearing checking accounts with a minimum balance of at least $2,500.00 as reflected in the FDIC’s published National Rates and Rate Caps for savings deposit products, accurate as of May 18, 2026. See the FDIC website for more information.
3 Account holders ages 13 through 17 are eligible to request an Apple Bank Visa® Debit Card for this account where the account is joint with a parent or guardian. Accountholders 18 years and older may request a debit card without a parent or guardian.
4 There are no fees when using non-Apple Bank ATMs, and Apple Bank will reimburse all surcharges imposed by the ATM owner/operator during each monthly statement cycle period. There are no fees for domestic and international Point-of-Sale Transactions when using an Apple Bank Visa® Debit Card.
5 Mobile check deposits are subject to verification and to Apple Bank’s rules governing funds availability. For Apple Bank’s funds availability schedule, see the About Your Apple Bank Accounts Rules and Regulations, “Funds Availability”.
6 U.S. issued cards only. Visa’s Zero Liability policy does not apply to ATM transactions or PIN transactions not processed by Visa. See your Cardholder Agreement for details.
7 When you place a lock on your debit card, it will prevent most types of card transactions from being processed until you take action to unlock your card. However, locking your card will not stop card transactions presented as recurring transactions, transactions that occurred prior to locking the card, or the posting of refunds, reversals, or credit adjustments to your account. Locking your card is not a replacement for reporting your card lost or stolen. This feature is available on the Apple Bank Debit Card app for Apple and Android devices. Data connection required. Wireless carrier fees may apply.
8 U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes.
9 Data fees from your mobile carrier may apply.
Venmo is a service of PayPal, Inc., a licensed provider of money transfer services. All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2021 PayPal, Inc.
CashApp is a mobile payment service provided by Square, Inc. (now known as Block, Inc.). Use of the CashApp name on this site does not imply any affiliation or endorsement by Square/Block.
Apple, Apple Pay® and App Store are registered trademarks of Apple Inc. Android, Google Play and Google Pay™ are trademarks of Google LLC.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Visa is a registered trademark of Visa International Service Association and is used by the issuer pursuant to license from Visa U.S.A Inc.