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.
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!
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.