CT bank launches youth banking program with high-yield savings

Danbury-based Union Savings Bank has introduced “GoalGetter,” a new banking program aimed at helping children and teens build financial skills. Designed for ages 5 to 17, the program pairs a no-fee checking account with a savings account that offers 5.12% APY on the first $2,000. It also includes a debit card in the child’s name that parents can manage through the bank’s mobile app, allowing them to set spending limits, receive transaction alerts and freeze or unfreeze the card. Union Savings, which has $3.2 billion in assets and more than two dozen branches in western Connecticut, is offering a $105 bonus for families who open a new GoalGetter checking account. The account can be opened with as little as $5 and has no monthly service or overdraft fees. Accounts must be opened in person with a parent or legal guardian.