Highest Youth Savings Account Rates in Illinois
24 Illinois-specific products

The account converts to a regular statement savings account on college graduation or the holder's 25th birthday, whichever comes first. Closing it within 180 days of opening costs $20.

For minors, persons under the age of 21.

No interest is paid for a statement cycle in which the minimum balance of $100 is not maintained. The first cycle is excluded. The account maintenance fee is waived while that balance is maintained; the bank does not publish the fee amount online.

The stated APY applies to balances up to $1,000. Balances above $1,000 earn a lower rate.

Three debit transactions are free in a monthly statement cycle. Each debit transaction above three costs $1.50.

Withdrawals are limited to six per quarter, and each debit above that is charged $1.00.

Custodial account for ages 21 and under. The higher rate applies to the first $2,500. The portion of the balance above $2,500 earns a lower rate.

A $1.00 fee applies to each withdrawal over four in a month.

The stated top rate applies to daily balances up to $5,000. Balances above $5,000 earn a lower rate.

For ages 17 and under. An adult joint account holder is required. The account converts to Statement Savings at age 18.

For a child under age 12, opened at a branch with a parent or guardian age 18 or older. The account converts to an Essential Savings account when the child turns 13.

An adult must open the account jointly with the minor, and any transaction needing a signature needs both the adult's and the minor's.

The account is a custodial account under the Illinois Uniform Transfers to Minors Act. An adult custodian holds it for the minor, and the money belongs to the minor.

A parent or legal guardian must be present at account opening and must be a joint owner. Withdrawals over $25 need a parent signature.

Only the custodian may transact on the account. When the child reaches age 18 the account automatically becomes a regular savings account in the minor's name.