Financially savvy grown-ups know how important it is to practice smart savings and spending strategies, and they probably learned those skills as kids. The habits kids develop early on can affect their wallets for decades into the future.
One of the best ways to prepare kids for the financial realities of life is to help them open and maintain a savings account. To help your child make the most of their money, you’ll need to choose the right account—one that offers a good rate on savings without monthly fees that eat away at accumulated balances.
At PSECU, youth savings accounts can help your child maximize their savings and set them on the right track for a bright financial future. PSECU offers two account options for children under the age of 18 that can help them manage their money. For both options, until they turn 18, young members qualify for a special youth savings rate of 4.00% APY1 on youth savings account balances of $.01 to $500.00. For balances of $500.01 and over, the Regular savings share Annual Percentage Yield will apply.
Unlike other financial institutions, PSECU has low minimum balance requirements when your child opens a new account. Your child won’t be charged monthly maintenance fees, either. If your child or teen maintains a $5 minimum balance, their account will remain open, free of charge. You may have seen in your own experience how expensive banking fees can be over time. PSECU wants to nurture their savings instead of chipping away at them.
For accounts opened for, or owned by, youth under age 18, you can be a joint owner of the account. This allows you to monitor activity such as withdrawals and online transactions and creates opportunities to teach smart savings and spending strategies.
One of the biggest benefits of banking with a credit union, like PSECU, is access to great banking products. Savings accounts at credit unions often offer higher yields than other banking options. But your child may later get access to great rates on auto loans, home loans, personal loans, and credit cards as they grow older and are ready to progress to new financial milestones.
Credit unions also have tons of resources available to help educate young savers. Recently, PSECU partnered with Greenlight to bring families a unique way to teach kids about money management. Greenlight is a financial technology company that offers an app and debit card issued by Community Federal Savings Bank, Member FDIC, for kids and teens that’s now available for parents and guardians who are PSECU members for free2. Kids will be able to learn how to earn, save, and spend wisely, while parents or guardians can control and monitor their spending.
From saving and paying for college to applying for a first credit card, auto loan, or mortgage, a banking relationship with PSECU can take your kids—and you—through every stage of life.
If you’re interested in opening an account for your child or want more information about the banking options PSECU offers older kids, visit psecu.com/banking/for-youth-and-parents. Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.
1APY denotes Annual Percentage Yield. To be eligible for the Youth Savings rate, the primary account owner must be under the age of 18. All eligible Youth Savings Share accounts earn 4.00% APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply. Rates and information are subject to change at any time. Fees could reduce earnings on the account (s). The disclosed dividend rates are variable and may change after the member opens the account (s). Find our current dividend rates at psecu.com/rates. PSECU requires a $5 minimum balance to open and maintain a Regular share account. This $5 share account deposit is also required to be eligible to receive the Youth Savings rate, and the member must be in good standing as defined byPSECU's Bylaws, Article II, Section I. PSECU will make a $5 minimum share purchase on behalf of the member.
2PSECU members are eligible for the Greenlight SELECT plan at no cost when they connect their NCUA-insured PSECU checking account as the Greenlight funding source for the entirety of the promotion. PSECUdebit cards are not eligible for this promotion. Upgrades will result in additional fees. Plans start at$4.99/mo. This Promotion is subject to change without notice and may end at any time. Starting with the next month after termination of the promotion, Greenlight customers will be responsible for associated monthly fees. See terms for details. Offer subject to change.