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4 things to know about credit union kids and teen accounts

By Civic Credit Union
2 min read
March 28, 2024
4 things to know about credit union kids and teen accounts

Gaining confidence about money starts when children are young and with practice — just like their other activities require practice. Early experiences with money help kids understand how their decisions influence their earnings, savings, and available spending money.

Here are 4 ways credit union youth accounts can help your child now and in their financial future.

Prepare them to use digital services safely

Mobile phones are a constant and familiar source of information and social connectivity for kids (and grown-ups). Introducing a digital banking experience when they are young can help them learn and adopt helpful and safe money skills. Right from a familiar place (their phone) and in a way they are used to interacting with information (digitally).

Practice to help them do their best

In a world of influencers, parents are possibly the most influential teachers of all, including about money. From birthday money to small job earnings, your kids need guidance about money and opportunities to practice. Teen savings and checking accounts help you give them the space they need to learn, understand, and practice their money skills.

Show them how their money grows

The concept of dividends can be confusing for young children and teens. By having a youth account, they can see how their savings grow over time. With your guidance and as they learn, they can use digital tools to help set savings goals, and more.

Give them access to membership

Most credit unions are for specific types of professions, such as local government with Civic. That could be a barrier for young adults if they choose a different career path than you down the road. Setting up a youth savings account gives them a lifetime of credit union benefits such as access to college scholarships, personal loans, and mortgages for example.

Building money confidence takes practice and parental guidance. And we’re right here with you for guidance and support when you open a youth account at Civic.

The advice provided is for informational purposes only and not intended to replace a financial, legal or accounting advisor.

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Civic Credit Union Simple, Affordable Banking

We think banking should be two things: simple and affordable. Civic was created to serve the hard-working people who keep the cities, towns and villages of North Carolina moving forward. With full-service banking right at your fingertips, great rates, fee-free ATM usage options, and more, Civic lets you take control of your money.

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