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Youth Savings

Youth Savings

Open a starter savings account for children up to the age of 17 years old. Enjoy competitive rates and with our Mission 2 $AVE rates you can earn dividends on any balance.

  • No monthly fee or balance requirement
  • Initial deposit as little as $1
  • 24/7 access via mobile or online banking
    • Joint accounts with parent / legal guardian¹
      Ages 16 & 17 with a valid government-issued ID do not require parent / legal guardian
  • Access money from your savings account via CO-OP ATMs or Mission Fed ATMs

Our Youth Savings accounts are fully joint between the parent/legal guardian and the minor (subject to age requirements). We also offer Uniform Transfer to Minor Accounts (UTMA), which are savings accounts only accessible by the parent. For more information, visit a local branch.

Open Account

All of our savings accounts feature

  • Competitive rates
  • 24/7 access via mobile or online banking
  • Helpful customer service via phone, email or secure web chat

Compare our savings accounts and find one that best fits your lifestyle and needs.

Mission Federal Coverdell Education Savings Accounts

A savings account designed to accelerate growth of funds for school. Contribute up to $2,000 of after-tax dollars annually to accumulate funds for education. Coverdell ESA benefits:

  • Contribute $2,000 a year of after-tax money to build an education faster.
  • All earnings on your contributions grow tax-free and stay tax-free, as long as the funds are used for qualified expenses, including elementary, secondary, and post-secondary education.
  • Covers expenses for virtually all accredited public, non-profit, and private institutions: elementary, secondary, and post-secondary.
  • Eligible elementary or secondary schools include any public, private or religious schools.
  • Post-secondary education includes any college, university and vocational school expenses.
  • You can contribute funds until your child turns 18 years old and your child has until age 30 to use the funds and receive the tax exemption.
  • Transferable to eligible family members.

The Coverdell Education Savings Account is NOT a retirement arrangement. It is a trust or a custodial account created only for the purpose of paying the Education Expenses at a qualified institution of the Designated Beneficiary of the account.

Coverdell Education Savings FAQs

The designated beneficiary is the child on whose behalf the trust or custodial account has been established.

Education expenses include qualified elementary and secondary education expenses, in addition to post-secondary higher education.

Tuition, Fees, Books, Supplies, Academic Tutoring, Equipment, Special services in the case of a special-needs beneficiary, and Room and board if the beneficiary is at least a part-time student at an eligible educational institution.

Any individual may contribute to a child’s Coverdell account if they meet the following guidelines:

  • The depositor’s Modified Adjusted Gross Income (MAGI) is within IRS guidelines.
  • The maximum contribution per year per child is $2,000.
  • Contributions are NOT permitted in the year the child turns 18 or any year after.
  • Contributions will be accepted until the tax filing deadline, usually April 15th, for the previous tax year.

  • Earnings withdrawals from a Coverdell ESA are “tax-free” if funds are used
    for qualified educational expenses at qualified educational institutions.
  • The funds in this account must be withdrawn within 30 days after the beneficiary
    reaches the age 30.
  • Non-qualified distributions will incur an IRS penalty of 10% and taxation.

Topic No. 310 Coverdell Education Savings Accounts | Internal Revenue Service (

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Mission 2 $AVE

Our Mission 2 $AVE program offers a convenient and consistent way for children to learn how to save, as well as to understand the value of money2.

Learn More

JA Way to Save

For students who successfully complete the curriculum of Mission Fed Junior Achievement (JA) Finance Park, you could receive a $50 VISA gift card when you open a Mission Fed checking or savings account2.

Learn More


Must meet membership and account criteria. Rates, terms, and conditions subject to change. Mobile and data rates apply when using mobile banking.

¹Accounts for minors under the age of 16 require a person of majority age (18 and older) to be joint on the account. Ages 16 & 17 with a valid government-issued ID do not require a parent / legal guardian joint signer.

²Restrictions, terms, and conditions apply.