When kids finally reach their teenage years, life starts handing them new responsibilities. Whereas before they were carefree children, now they have to start thinking about their future. Adults start asking them questions like, where are you going to college, what extra-curricular activities are you doing, and do you have a job? That last one is important, because many teens are just starting out at their first jobs. And with a job tends to come money.
Help Your Teen Learn to Save
It can be difficult to demonstrate the importance of saving to teens. There are so many cool things to buy! And they will be tempted to immediately start spending their newly earned cash. But you parents can help by opening a teen savings account for your teen. Their money will be safe and secure, and you can monitor their spending because you will be a joint owner of the account. Savings accounts help teens develop valuable money management skills that will come in handy as they grow into young adults. Plus, many teen savings accounts are free of service charges or balance requirements, and often earn interest.
Check Out Your Local Credit Union
When it comes to finding a teen savings account, we recommend your local credit union. Credit unions are not-for-profit, and they can offer more personal service because they are member-oriented. They often provide helpful financial education resources to improve your teen’s financial skills. We’ve found free teen savings accounts at credit unions across the country. Visit the branch nearest you to sign up.
Teen Accounts – MCT Credit Union (Port Neches, TX)
MCT Credit Union offers a special savings package just for teens ages 16 – 19. Teens will be able to save their money and learn what financial tools work for them. MCT Credit Union has branches in Port Neches, Bridge City, Orange, Nederland and Lumberton, Texas. Membership is open to anyone living or working in Hardin, Jefferson and Orange counties, Texas.
My2Cents Teen Savings Account – Pen Air Federal Credit Union (Pensacola, FL)
The My2Cents Teen Savings Account at Pen Air Federal Credit Union offers teens ages 12 – 17 the chance to earn a little bit of financial independence, while also earning a great dividend rate on their funds. Every time your teen passes a certain saving level, they get a cool prize. They can get tips about saving and learn about finance at the Guide to Independence website. And with the My2Cents club blog, they can find out about events and activities at the credit union. Pen Air Federal Credit Union is located in Pensacola, Florida. Membership eligibility information can be found here.
Teen Savings – Cornerstone Credit Union (Freeport, IL)
Help your teen develop good savings habits with a Teen Savings account at Cornerstone Credit Union. It’s easy to open, earns a great interest rate on balances over $100, and comes with both online and mobile banking. The account is available to teens ages 13 – 17. Cornerstone Credit Union has branches in Freeport, Sterling and South Beloit, Illinois. Membership eligibility information can be found here.
Get Started Teen Savings – Santa Clara County Federal Credit Union (San Jose, CA)
Santa Clara County Federal Credit Union wants to help teens ages 13 – 19 “get started” on the path to financial success. Their Get Started Teen Savings account is part of a financial education package dedicated to teens. They get access to the Elements of Money website, which is full of financial tips and advice, as well as a variety of other financial resources. Teens 13 – 16 get an ATM card (16+ get a check card), plus all teens get free online banking and access to education scholarships. The account earns a competitive interest rate. Santa Clara County Federal Credit Union has branches in San Jose, Campbell and Gilroy, California. Membership eligibility information can be found here.
Teen Savings – Pacific Marine Credit Union (Oceanside, CA)
Pacific Marine Credit Union will help your teen prepare for the future with their Teen Savings account. With just a $5 minimum deposit, your teen will get unlimited deposits and withdrawals, free Internet and mobile banking, and a competitive interest rate for their money. Pacific Marine Credit Union has branches in 29 Palms, Barstow, Camp Pendleton, Oceanside, San Diego, San Marcos, Temecula, Vista and Yucca Valley, California. Membership is open to anyone who lives, works or worships in San Diego, Riverside or San Bernardino counties, California.
Teen Savings – Oregon Employees Federal Credit Union (Salem, OR)
Saving can be fun with Teen Savings at Oregon Employees Federal Credit Union. It is available to teens ages 13 – 18, and can be opened with a $5 minimum deposit. The account earns interest, and teens get a punch card and gift card for every $200 they deposit. Oregon Employees Federal Credit Union is located in Salem, Oregon. Membership is open to those who work, live, worship or attend school in Marion, Polk or Yamhill counties, Oregon.
Teen Accounts – Montana Health Federal Credit Union (Billings, MT)
Teens ages 13 – 19 can build their savings with a Teen Account at Montana Health Federal Credit Union. They get online banking and a newsletter, in addition to access to the CU Succeed Teen Financial Network, where they can get helpful financial advice. Teens will earn rewards for reaching savings milestones. Montana Health Federal Credit Union is located in Billings, Montana. Membership eligibility information can be found here.
Generation Next – Service 1 Federal Credit Union (Muskegon, MI)
Generation Next is a special teen savings club account at Service 1 Federal Credit Union. The account is free and comes with a VISA card (upon parent approval), a quarterly teen newsletter, and financial guidance from the credit union. Service 1 Federal Credit Union has branches in Muskegon, Michigan, and satellite branches in Alabama and Missouri. Membership eligibility information can be found here.
CU Succeed Teen Savings Account – Family Horizons Credit Union (Indianapolis, IN)
Teens ages 13 – 17 can learn vital money management skills and begin investing for the future with the CU Succeed Teen Savings Account at Family Horizons Credit Union. They also get a VISA ATM/debit card, and free online banking and bill pay. The account provides access to the CU Succeed website, which offers helpful financial advice for teens. Family Horizons Credit Union has branches in Indianapolis and Greenfield, Indiana. Membership eligibility information can be found here.
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