Kids Savings Account and Youth Accounts

Opening a kids savings account or youth account for teens helps teach good banking habits they’ll carry with them for life. Start the first step in guiding your child to see the value of money. Open a children’s savings account today and begin their discovery of the importance of saving and spending.

Kids Savings Account - ages

Who is a kids savings account for?

Teaching your children financial health and stability is a lifelong benefit. Money FCU has two different accounts for children; Kids Savings Account and a Youth Savings Account for teens.

The kids savings account is for ages 0 to 12 and the teen or youth savings account is for ages 13 to 19. After 19 years of age, the account must be moved over to an adult savings and checking account.

Kids Savings Account - ages

Opening a checking account for teens.

By opening a checking account for your teen, you also have the ability to teach them good spending habits and how to manage an account before sending them off on their own. They’ll learn how to use a debit card properly, view their accounts online, find surcharge-free ATMs, set up direct deposit from their first job, and more. The earlier your child gets into a youth savings account, the better. Don’t worry though, we’re here to help you along the way!

Kids Savings Account - parental controls

Can I oversee my child’s account activity?

Absolutely! Both the youth account and kids savings account are opened jointly with a parent or guardian. A joint account allows the child’s banking to be monitored by the adult who signed as a joint owner. Additionally, our mobile banking allows you to view the account status from anywhere.

Kids accounts are typically opened as a savings account only. We want to teach them good saving habits at a young age. Parents can view account balances and transfer money between their accounts and the child’s savings account. Parents may make regular deposits as well as withdrawals whenever needed.

However, the youth account can be opened with a checking account. It also comes with a free debit card. Because of this, parents often monitor their teen’s accounts more closely. As a joint owner, the parent or guardian may view the account transactions and activity via online banking, our mobile app, and our debit card control app called SecurLOCK Equip. There are options for applying debit card spending limits on your youth’s account too. These include limitations on the dollar amount, transaction types (such as online or international), and transaction location.

What’s the best age to start a kids savings account?

Although there is no minimum age requirement to open a child’s savings account, it is often best to start young. Starting young builds dividends (interest) that the child sees. At the same time, the child develops healthy spending habits and savings goals. They grow and learn more about banking and the benefits of being an account holder.

Many children begin understanding the concept of money early on with coins in their piggy bank. As the child grows and starts to learn how to count money, they also begin learning early money management concepts. For instance, the idea of deposits – money coming in, and withdrawals – money going out. Deposits and withdrawals are initial concepts of money management. Further down the road, the child recognizes their money is beginning to grow and learns what compound interest is and how to reach a savings goal. They will also be prepared for when they go off on their own. They will already know how to use a debit card and balance their accounts.

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Bruce – Tallahassee, FL
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Thank you MFCU for all the work you do and for really treating your customers like family.

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I have been a member since around 1992 or so and, even though I no longer work at Mutual of New York I have had nothing but excellent service from EVERYONE and I will never stray.

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I remember when I joined the CU in 1980 and you were located in a closet upstairs, and you would write the number of members and the percentage rate on a chalk board on the wall.

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I am so grateful to have such kind and helpful people to work with on my banking needs.

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When our office moved I decided to keep my account with you because I don’t mind the 10 minute drive downtown to deal with you guys because you’re always so helpful and friendly.

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I am ready to open a kids savings account, or youth savings account for my child.

Great, let’s get you started! Want to learn more about any of our services before opening an account? Call (315) 671-4000 or chat with our friendly agents. We are ready to answer any of your questions.

**When you open a kids or youth account, the child will be the primary member and the parent/guardian will be the joint member. Please enter zeroes on the application for the child’s “driver’s license” number.**

Open Kids Account
Open Youth Account