The teenage years are an ideal time to introduce young people to hands-on financial experiences. Earning money from part-time and summer jobs and developing smart money habits go hand in hand.
Credit unions are a great place to teach your teens how to manage their money. SLFCU offers the same products and services as banks, but because members are our first priority, we focus on service and financial education, better rates, and lower fees.
Your teen can become an SLFCU member by opening a primary savings account in their own name with just $5. Although not required, joint owners can help oversee their funds and provide guidance.
Members 15 and younger earn dividends on any balance; starting at age 16, a $100 balance is required to earn dividends. For balances of at least $1,000, consider opening a term certificate to earn higher dividends. While access to cash in a certificate is limited, it is a useful tool for demonstrating how interest compounds.
SLFCU’s checking accounts have no minimum deposit requirement and no monthly fees. Teens 15 and younger may open a checking account with a parent or guardian as a joint owner. At ages 16 and 17, teens are not required to have a joint owner on their checking account, although a parent or guardian joint owner is necessary for them to receive a debit card.
SLFCU’s no-fee Mastercard® debit card can be used to make purchases anywhere Mastercard is accepted and to withdraw cash at 28,000 surcharge-free ATMs nationwide. Teens can use it with Apple Pay® and set controls with the CardNav℠ app.
Mastercard Zero Liability means they won’t be responsible for any fraudulent activity on a lost or stolen debit card if it’s reported to SLFCU promptly. Being an SLFCU debit cardholder also means they can take advantage of Mastercard’s Identity Theft Alert program. This service monitors more than just financial accounts – it also watches for fraud on information such as social security numbers, driver’s license numbers, and medical information. Visit our debit card page to learn more.
SLFCU teens can keep an eye on their money and set up savings goals and budgets in online banking. They can request account alerts sent by email, text message, or push notification when a deposit or withdrawal occurs, their balance drops below a predetermined amount, they’ve exceeded a budget category, and more. See all of the options in online banking at Settings > Notifications.
The mobile app makes it easy to check account balances, make transfers, and deposit checks by taking a picture.
EXTRA CASH FOR TEENS
SLFCU invites members age 13-17 to share their money experiences with other teens. They may submit an article on a financial topic to be considered for publication in our Dollars & Sense newsletter and at slfcu.org. SLFCU will award teens $100 for published articles. Get the details here.
SLFCU also provides scholarships to college-bound teens. In 2018, we will award a total of $10,000 with a top prize of $3,000. Watch slfcu.org and the Dollars & Sense newsletter next spring for information about our 2019 scholarship.
Apple Pay is a registered trademark of Apple, Inc.
GETTING STARTED WITH SLFCU
To open a teen savings or checking account, apply online, call 505.293.0500 or 800.947.5328 or visit any branch. You will need to provide:
- The teen’s name, social security card, date of birth, and address
- A photo ID for teens 16 and older
- For teens under 16, a photo ID for the parent or guardian
- To establish a parent or guardian as a joint owner: name, social security number, date of birth, and address of the joint owner. (Verification may be required.)
To use SLFCU’s online banking, enroll at slfcu.org or download the app.
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