Help your children learn the importance of finances and how to manage money at a young age by giving them the gift of opening a Youth Account for Valentine’s Day. It’s a way for you to share your love for them for many years to come. For your child to open an account they must be eligible for membership. Let’s dive into the different types of accounts and benefits, as well as a few pointers for you to help your kids save and budget for their financial goals.
Benefits of Club Accounts
If you are considering opening a club account for your child, it's important to ask yourself why you want them to have one. Education is a major reason to open an account because they have the potential to learn about different financial accounts, products, and services. Creating good financial habits and goals are another reason. These accounts can help your child manage their money now and down the road. Depositing their allowance for example, could build those saving habits and lead to them depositing their earnings from a part time job.
Financial goal setting is an important lesson to teach your children early in life. How many times have you walked into a store with your child and they fall in love with a big-ticket item like a video game or new toy? Help them create a goal to save for so they can deposit money in their club account each week to save up for their special item.
- Ages 0-12 years old
- $5 minimum opening deposit
- Free piggy bank for opening club account
- Small toy from the treasure chest each time they make a $5 deposit at a local branch
- Ages 13-19 years old
- $5 minimum opening deposit
- Eligible to open a Checking Account
- Eligible for a Visa debit card
- Eligible to apply for a Visa credit card
To help your children get into the savings habit, start by having them cut out pictures of something they'd like to have someday and post the images where they'll see them often. Then help them open a savings account at Members 1st Federal Credit Union! Encourage your child to make regular small deposits each week. Tell them their money will earn interest while it's in their account. If they keep this routine going, they'll quickly see their savings grow.
For your kids to budget successfully, it's important for them to understand their values and what is important to them. When setting financial goals, we recommend being realistic and specific with spending and saving as well as having a timeframe in mind to keep them on track. Creating the perfect budget is only half the battle—actually following the budget is the other half. Impulse purchases can wreck your budget, so be sure your kids don't get derailed on their budget journey.
Open a Youth Account for your kids today! Have questions? Our members have access to a personal concierge—your go-to financial advisor. It's their full-time job to help you navigate the details of spending, saving, and planning for the future. Best of all, they're here whenever you need them.
Not yet a member of Members 1st? Open an account to get started.
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