Youth Accounts
Building lifelong financial habits.
At Maps, we believe that good financial habits start young. That’s why we offer accounts and programs for every stage of life – whether they are in diapers or college sweatshirts.
With practice, we believe our youngest members can grow into financially successful adults. So, we’ve designed a series of youth accounts (and fun incentives) that will help them build lifelong skills. Want to teach them how to stay on budget? Our Youth Free Checking is a great first step. Are they saving for a bike? Building a college fund? We’ll help them realize those goals.
Youth Savings
Make saving fun with our Youth Savings program. All young members start with this savings option, which requires no minimum balance to earn dividends. Members 16 and older can open their account independently (those 15 and younger will need a parent or legal guardian to sign as a joint owner).
- $5 minimum balance
- No initial membership fee
0.02%APY*$5 minimum opening balance
Youth Savings Rewards
Youth members (aged birth to 17) can earn monthly rewards when making a deposit of $10 or more each month. For every $10 they deposit, they will earn one Maps stamp. Redeem Maps stamps for prizes at any branch.
| Reward | Maps Stamps |
|---|---|
| Amazon $10 Gift Certificate | 20 |
| Movie Ticket | 12 |
| Maps Piggy Bank | 8 |
| Ice Cream $5 Certificate | 8 |
| Maps Mini Piggy Bank | 4 |
| Salem Waterfront Carousel Ticket | 2 |
First Step Certificate
“Lock in a lifetime of savings.”
Start your young saver on a path to financial success with a savings option that grows as they do. Add funds as often as you can (minimum $10 deposit) and see how much you earn over the life of the certificate.
- Minimum $100 deposit
- Our highest youth APY earning option
0.65%APY*$100 minimum balance
Free Community Checking
“Set the stage for smart spending habits”
When your teen is ready for some financial independence, our Youth Free Checking is a great next step. Your child gets the freedom of a debit card with just a $25 minimum opening balance. Members older than 16 can open a Youth Free Checking account on their own, but those 15 or younger must have a parent or legal guardian sign on as a joint owner.
- No monthly service fees
- No minimum balance
- Online banking
- Direct deposit
- Free debit card with debit Mastercard benefits
N/A$25 minimum opening balance
Platinum Mastercard
“Begin the financial journey toward strong credit.”
Help your teen build a solid credit history and learn the importance of financial responsibility with the Maps Youth Platinum Mastercard. Youth Program members 16 or older can open a credit card with a $200 line of credit (co-sign of a parent or legal guardian required). It’s a great way to learn how to budget and spend wisely.
- $200 line of credit
14.00-22.00%APR**
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Rates good as of effectivedate and are subject to change without notice.
*APY = Annual Percentage Yield. Fees can reduce earnings.
**APR = Annual Percentage Rate.
Platinum Mastercard: Platinum Credit Card APRs for purchases and balance transfers range from 14.00% to 22.00%, based on creditworthiness and the rate will vary based on Prime rate. Cash Advance APR will be 19.00% to 27.00%, based on the creditworthiness and the rate will vary based on Prime rate. Cash Advance Fee: 4% of cash advance $10.00 minimum / no maximum. Balance Transfer Fee 3% of balance transfer with a $10 minimum/no maximum. Foreign Transaction Fee is 2.1% of the U.S. dollar amount of the foreign transaction. All loans are subject to credit approval.
Except as specifically described, the following disclosures apply to all accounts:
- Rate Information. The Dividend Rate and Annual Percentage Yield (APY) on your accounts are set forth above. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. For dividend-bearing accounts, the Dividend Rate may change periodically as determined by the Board of Directors. *On all Free Community Checking accounts, one cent per debit card transaction will be donated to the non-profit Maps Community Foundation. No dividends will be earned on the account and no donations will be deducted from the account.
- Nature of Dividends. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. On dividend-bearing accounts, the Dividend Period is based on a calendar month. The Dividend Rate and Annual Percentage Yield set forth above are accurate as of the Effective Date.
- Compounding and Crediting. Dividends will be compounded and credited as set forth on the Schedule. The Dividend Period for all dividend-bearing accounts begins on the first calendar day of the Dividend Period and ends on the last calendar day of the Dividend Period.
- Accrual of Dividends. Dividends will begin to accrue on cash and noncash deposits (e.g. checks) on the business day you make the deposit to your account.
- Balance Information. The minimum balance required to open each account, earn dividends and avoid a service fee is set forth on the Schedule. On all Maps checking accounts, Share Savings accounts, and Youth Savings accounts, the dividends are calculated and the minimum balances required to earn dividends are determined using the actual daily balance method.
- IRA Information. The Monthly IRA Share Accounts-Traditional or Roth periodic deposits are required in the form of direct deposit, payroll deduction, or automatic transfers. Deposits shall be a monthly minimum of $50.00. Additional contributions may be made at any time as long as monthly contributions are still made. Once monthly contributions end the account will be transferred to a regular IRA Savings Account. Monthly IRA Share Accounts-Traditional or Roth are current year contributions only; prior year contributions, rollovers and transfers, internally or externally are not eligible. Premier IRA accounts will be assessed a $10 annual fee between January 15 and January 31. The fee will be deducted from the IRA principal, and does not count as a withdrawal for IRS purposes.
- Account Limitations. For a Christmas Club account, the account balance will be withdrawn or transferred automatically to you the first week in November (balance withdrawal date), and the account will remain open. On Christmas Club accounts, there is a withdrawal fee if you withdraw any of the account balance prior to the withdrawal date.
- Member Reward Accounts. Deposits into your Member Rewards account can only come from three sources: Round Up, Cashback Credit Card, and Reward Bonus (you cannot make deposits directly into a Member Rewards account).