Have you been thinking about setting up a first bank account for your child? If so, Resource One Credit Union has the ideal account for you. Our youth accounts are easy to manage and can be tailored to suit kids of different ages and responsibility levels. Opening a youth account at credit unions such as Resource One is a terrific way to give kids or teens a look into how banking and money management work. As your child grows older, these lessons will prove invaluable to their overall maturity, responsibility, and independence.

When Is the Right Age to Establish an Online Savings Account for a Child?

At Resource One, the first question we typically get from parents considering youth accounts is something along the lines of “When is a child old enough to have a bank account?”

In truth, there is no minimum age requirement for a youth online savings account. Some parents wait until their kids are six or seven years old; others establish accounts for their infants at birth. There is no right or wrong answer here, apart from perhaps waiting too long. The lessons of finance, savings, interest, and money responsibility are all fundamental, lifelong values. Teaching them sooner rather than later might mean they take root more deeply. However, what matters most is, undoubtedly, your comfort level. If you’d rather wait a few years and start teaching your kids how to save money in piggy banks rather than online savings accounts, there is no shame in that decision.

The good news is that opening a youth account for your child is a very low-risk endeavor—especially with Resource One. Parents retain access to the accounts, which means that mom and dad can help their kids manage their money. There are no monthly maintenance fees. Kids and their families can enjoy online account access through our online banking system, our mobile app, or TeleSource. All accounts are insured by the National Credit Union Administration to at least $250,000, as is the norm with our standard accounts. Perhaps best of all, kids who start their bank accounts with us in youth are full credit union members, which means they can enjoy the benefits of membership both now and as they grow older.

Our Youth Accounts at Resource One

If you are interested in opening a youth account for your son or daughter at Resource One, the next question is what type of account is right. We organize our youth accounts by age, which makes it pretty easy to figure out which account is ideal. Here are the three options we offer:

• The Roary’s Den Savings Account

This account is intended for kids aged 12 and younger. It’s a savings account with many fun perks that younger kids will enjoy. Even if your child seems largely disinterested in the idea of learning how to save money, he or she will probably love the gift we give out for opening a new account (a piggy bank) or the way we encourage the gamification of saving money. After the initial deposit (we require an opening deposit of $25 or more), kids will receive what we call a “Roary Stamp” for each additional $10 they deposit. They can save the stamps and redeem them later for cool prizes, including sunglasses, wallets, earbuds, frisbees, phone wallets, and USB wall adapters. Kids who collect 50 stamps can redeem them for the grand prize: Roary the stuffed lion! Also, kids will receive a $10 gift from us on their birthday every year.

Simply put, this account is the most fun way for kids to learn how to save. They’ll even receive the same competitive dividend rates that we offer to our standard savings account holders, so they can start learning about the concepts of interest and accrual.

• The CU Succeed Savings Account

This account is good for kids who are a little older. We typically recommend it for ages 13-17. The CU Succeed Savings Account operates more or less precisely as our standard savings accounts do. The goal is to ween teens off the stamps and rewards that come with the Roary’s Den account so that they can start seeing that savings and responsible money management are their own rewards. Again, the minimum opening deposit is $25, and there are no monthly maintenance fees required. Account-holders are limited to six withdrawals per month.

• The CU Succeed Checking Account

A savings account is the optimal bank account for younger kids. It gives them a way to start saving money, learning about finance, and earning interest at a time in their lives when they don’t need to have access to that money consistently. For kids in the 13-17 age bracket, though, it might make more sense to establish a checking account. As teens get older, they are more likely to have jobs or sources of income that go beyond birthday money and allowance money. They also have more need to access and spend money—whether it’s for going to movies with friends or buying gas for their first car.

The CU Succeed Checking Account is ideal for these needs. While the account won’t earn dividends, it does come with a Resource One VISA debit card, which is easy to use for spending. Account-holders enjoy three ATM rebates per month and one overdraft protection per quarter. They also get the same online access features as we provide with our Savings Account, which is terrific for helping teenagers track spending and see how their finances look right now.

Get Started Today

Are you interested in learning more about the youth accounts we have to offer? Are you ready to set up your son or daughter’s first-ever checking or savings account? No matter where you are in this process, we are happy to talk you through the benefits of our accounts and help you get started. We invite you to contact us or visit a branch location today.