Youth Savings and Checking

Learn about accounts and financial literacy programs for kids.

SAVINGS ACCOUNTS

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

Primary Savings

• Child has access to the funds and becomes an SLFCU member
• Add 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.

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

WHAT DO I NEED TO OPEN A YOUTH ACCOUNT?

• The child’s name, date of birth, and address 
• The child's social security card 
• 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.
• Members aged 16 and over may open a checking account without a joint owner; however, if a debit card is to be issued, the account must have a parent or guardian as a joint owner.
• Debit cards are available for minors (under age 18) with a qualifying joint owner who is over the age of 18. The joint owner also must be a parent or guardian. 

TERM CERTIFICATES

• Open a term certificate with $500
• Build credit with a Term Certificate CreditLine
• Learn more about building credit for young adults

SLFCU SAVINGS LABORATORY^® FOR KIDS 3 TO 12

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.