Student Savings Accounts

Experience the joy of watching your money “grow” with this starter savings account.¹

• LUSO funds the first $5 to open your account
• Converts to Smart Start Share Account (L-U-S-O Share) with ATM card at age 12

Designed to give more financial flexibility to students in middle school and up.²

• $5.00 minimum deposit
• Free SUM network ScoreCard Rewards ATM card
• Free Mobile Banking App and Mobile Check Deposit

First, the why: Saving money helps you get more of what you want out of life: gas money, concert tickets, and the occasional sushi night.

Now, the how: When you save, you’re saving money for a future goal. The trick is to break it down into small achievable goals. Start slow, one $10 deposit a week. Before you know it, you’ll have accumulated over $100!

Keep in mind: This is about attaining a financial goal, NOT limiting your spending. When you have a goal, you save for it. You’re saving with a purpose.

The simple definition: An interest rate is a percentage a financial institution gives you based on how much you deposit and for how long. On a savings account (or “share account” at credit unions), that percentage might be 0.05% or 5.00%. Your balance gets multiplied by the rate, and that amount (“the yield”) gets added to your account.

Want to make saving more fun? Use a savings calculator. You’ll have an amazing visual of how fast your savings can grow!