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Student Savings

Helping young people gain financial independence

Student savings is the perfect account for helping children develop good savings habits, with a low opening deposit and no monthly maintenance charge. Interest on Student Savings accounts grows as their balance increases, making it a great option for building college savings.

Earn higher returns

Earns a variable tiered interest rate based on your balance.

Account access by phone

Unlimited 24-hour access via phone for balances.

FDIC insured

Get FDIC protection on your account for up to $250,000 per depositor for each ownership category.

Daily compounding

The interest will compound daily and credit monthly.

Get to know Student Savings

  • The minimum opening deposit is $10.
  • No monthly maintenance charge.1
  • Automatic transfer service between deposit accounts or automatic loan payments.
  • Account inquiry only on online and mobile banking.3
  • Unlimited teller service.
  • Account statement generated at the end of each month when account activity includes an electronic funds transfer (ACH).

Student Savings Rates

Balance tier

Minimum opening deposit

Minimum balance to obtain
Annual Percentage Yield

Interest rate2

Annual Percentage Yield2

and over





$50,000 to





Up to





  1. Account converts to a regular Passbook Savings account when minor reaches age of 18 years, and will be subject to the terms of the Passbook Savings, including assessment of a monthly maintenance charge if minimum balance requirement is not met.
  2. Variable, tiered rate account, the interest rate and Annual Percentage Yield (APY) may change after account opening without notice, at our discretion. The interest rate and APY paid depends on the balance tier into which the account's end-of-day balance falls. The interest rate that corresponds to the balance tier is paid on the full collected balance in the account at the end of day. Interest Rates and APYs are current as of 2024-07-17. Fees can reduce the earnings on the account.
  3. Message and data rates may apply to online and mobile banking services.
Cathay Bank

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Have a question?

Our team is happy to assist you with all your Personal Banking needs. Please reach out for more information.