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Youth Accounts and Financial Literacy Programs

Savings Accounts

Open a primary Share Savings or custodial account with just $5. Ages 15 and under earn dividends on any balance. SLFCU can also help you teach kids & teens about money.

 Primary Share Savings

  • Child has access to the funds and becomes an SLFCU member
  • Add a parent or guardian as a joint owner to help oversee the child's funds and provide guidance; however, a joint owner is not required
  • Can be used as a tool for teaching kids about money by transacting on their own account

 Custodial Account

  • Opened with the intent to transfer ownership from the designated custodian to the minor when he or she reaches the age specified by state law, usually 18 or 21*
  • Custodian is obligated to access and maintain funds only for the benefit of the child
  • Funds are controlled by one custodian, with no joint owners allowed, and the child cannot transact on the account

Learn more about opening the right account for your child.


What Do I Need to Open a Youth Account?

  • The child’s name, social security number, date of birth, and address. (You may need to bring the child's social security card and/or birth certificate for verification.)
  • A photo ID for children 16 and older
  • For children under the age of 16, a photo ID is required for the parent or guardian
  • If a parent or guardian is established as a joint owner: name, social security number, date of birth, and address for the joint owner is required. (Verification may be required.)

Checking Accounts

  • Checking accounts for members age 15 and under require a joint owner who is a parent or a guardian
  • Ages16 and over may open a checking account without a joint owner, however the account must have aparent or guardian as a joint owner to receive a debit card

Share Certificates

SLFCU Savings Laboratory for 12 and Under

  • Kids can earn stickers for making deposits of $5 or more into their primary SLFCU account. Stickers can be redeemed for exciting prizes.

Teaching Kids & Teens About Money

Teaching kids and teens about money can be easy with help from SLFCU. From youth accounts to free education for teens, we’ve provided recommendations to help teach money management at any age.

SLFCU also offers seminars focused on financial literacy for both teens and parents. Visit the events page to learn more and register for seminars like various financial seminars for teens, Basic Budgeting, and Planning for College.

*SLFCU offers custodial accounts as permitted by the Uniform Transfers to Minors Act, or UTMA.

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Rates

Share Rates
Share SavingsShare Savings
0.20% APY 0.20% DR

APY = Annual Percentage Yield
DR = Dividend Rate
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