VOLT SPENDING & SAVINGS ACCOUNT Earn 3.00% APY* on balances up to $1,000

All of the benefits. None of the risks.

Designed for members between the ages of 13 and 18, the Volt Spending & Savings Account teaches teens to control their money by opening a savings account and learning positive lifelong personal finance skills.

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Spending Account

Build good money habits with a Volt checking account with no overdraft or ATM fees.

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Savings Account

Watch your savings add up quickly by earning 3.00% APY on balances up to $1,000.

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Credit Card

For members 16 and up, secure a beginner’s low interest rate credit card with a credit limit up to $1,000.

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What can the Volt Teen Spending & Savings Account do for your teen?

Plenty. In addition to saving money with no fees, and giving them control over their money management, we're also helping explain how online banking works, and how they can use the products and services available to be smarter about spending, saving, and their finances in general. The Spending account works like a checking account allowing you to spend with ease.

Now is the time to learn!

Periodically, we'll also put on events in schools and here at Arbor Financial, designed to explain things like:

  • How to manage savings & spending accounts
  • The difference between debit and credit cards
  • How to set SMART money goals
  • What is a credit score and why it matters
  • Budgeting basics

We've also baked in some other great benefits, such as:

  • Sending money to friends: The ability to pay friends through the Arbor Financial mobile app. There's no need to download any other software or third-party app, we've got it all right there for you.
  • Quick balances: Set up quick balances, so you can see what's in your account without having to log in.
  • Money transfers: Easily transfer funds into your teen's account.
  • ATM Access: Your Volt debit card will let you use over 37,000 CO-OP ATMs anywhere, or Fifth-Third Bank Jeanie ATMs, for free, throughout Michigan and across the nation.
  • MobiMoney Protection: The ability to turn your debit card on and off. Designate time and usage while optimizing protection.
  • Scholarship Opportunities: Being a member, you'll also hear first when we open up our annual scholarship program. We are proud to award twelve $2,000 scholarships to Michigan high school students to improve their lives through higher education.

Other important stuff

  • It Pays to Save with Volt: Volt Account members will see their savings add up quickly by earning 3.00% APY* on savings balances up to $1,000.
  • No Fees: We mean it. The Volt Spending account for members age 13-18 is more than totally FREE checking. There are no overdraft fees or ATM fees. Really.
  • Volt Credit Card: At age 16, Volt members can qualify for a Visa Rewards Card! This card will have a sensible credit limit, and a low interest rate, and will let you start building up rewards points that never expire, but just so your parents aren't worried about it, we do require a co-signer until age 18.

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Volt Teen Spending & Savings Account Benefits for the Parents

You know how the savings account helps you kid, but it has some perks for you as the parent or guardian as well.

  • Easy transfers - You can quickly transfer funds into your kid's account—no more 3rd party apps or having to get cash.
  • Card protection - You can turn the card on and off along with designating usage to provide some oversight.
  • Monitor account balance - You can set up quick balances to check the savings account balance without logging in.

Volt Credit Card

At 16, Volt members can qualify for a Visa Rewards Credit Card. It starts with a credit limit up to $1,000 and a low interest rate while letting you build rewards points that don’t expire. Until 18, parents are required to co-sign for the account.

There are many benefits to getting a credit card early such as having time to build your credit, and learn the difference between a credit and debit card in action.

Here are some tips to keep in mind for using credit cards for beginners:

  • Pay your bill before it’s due so you don’t incur interest charges.
  • You can use it to cover minor emergencies as long as you make your monthly payments on time if you can’t pay it off in full.
  • If you don’t use it correctly, you can get in trouble with your account which isn’t a good way to start your credit foundation.
  • A credit card is different from a debit card because you borrow against your balance and have to repay it vs. a debit card which deducts from the cash you have in your account. You want to practice spending using both and experience how they impact your finances.

Other Financial Resources for Teens & Young Adults

  • Savings goal calculator - You can use our savings goal calculator to help you achieve your financial goals.
  • College savings calculator - With college around the corner, our college savings calculator can help you determine how much to save in preparation for college costs.

Frequently asked questions about the Volt Teen Spending & Savings Account

Here are some of the most frequently asked questions we’ve received about our Volt Teen Spending & Savings Account.

Will my child receive an ATM card?

Yes, we issue cards in person that can be used to access the funds in your savings account. This card will not be able to be used to make purchases, just make withdrawals.

What are the age requirements for the Teen Spending & Savings Account?

Your teen can open a savings account at 13 years old and can maintain this account until 18. At 18 years old, he or she can transition into a Young Adult Volt Account.

What access do I have to my teen’s account?

As a parent or legal guardian, you can make deposits, check balances, view transactions, and receive alerts about the status of the account. However, you won’t receive a debit card.

Do I have to be on the account?

Yes, you are required to be a co-signer on the account. Once your child turns 18, they can open a Volt Account for young adults 18-24 years old. Alternatively, they can open a traditional savings account. These options don’t require you to be a co-owner.

Do you have options for my child who is younger than 13?

Yes, we have the Explorer’s Club Youth Account, which is for children 12 and under.

What’s the difference between a credit card and debit card?

A credit card lets you borrow against a line of credit that you have to repay over time. If you don’t pay off your balance, you will accumulate interest each month meaning you will wind up paying more for your purchase over time. Alternatively, when you use a debit card, it’s like using cash. The purchase is deducted from the balance of your account. Overtime, it’s good to use both a debit card and a credit card.

*Annual Percentage Yield (APY). The rate of 3.00% APY applies to balances up to $1,000 on Volt Savings accounts. Balances above $1,000 will receive the regular savings rate. Terms and conditions subject to change without notice. Account approval may be based on factors such as a qualified parent, teen’s age, and verification of income.

Volt Account
"They have been my bank for nearly 10 years and have been fantastic to work with. I do all my banking through them and even used them for my first home purchase. Highly recommended." Macaria V Read More Member Stories  

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