How to Start a Kid’s Savings Account: A Guide for Future Champions

Teaching children the value of a dollar is one of the most impactful lessons a parent can provide. At Scott Credit Union, we believe every child has the potential to be a “Future Champion” of their own finances. Opening a youth savings account isn’t just about storing money; it’s about building a foundation of financial literacy that lasts a lifetime.

Whether they are saving tooth fairy money or their first paycheck from a summer job, here is your step-by-step guide to starting their journey.

How do I open a kid’s savings account at Scott Credit Union?

To open a youth savings account at Scott Credit Union, you can apply online or visit any of our local branch locations. You’ll need a $5 minimum deposit, the child’s Social Security Number, and a valid ID for the adult joint owner. 

Why open a kid’s savings account early?

The earlier a child starts saving, the more they benefit from the power of compound interest. A kids’ savings account provides a “sandbox” for them to learn:

• Goal Setting: Saving for a specific toy or milestone. 
• Financial Literacy: Understanding how money grows over time. 
• Security: Knowing their money is safe at Scott Credit Union.

Types of Savings Accounts for Kids

We offer specialized accounts designed for every stage of your Future Champion’s development.

• Kidz Club (Ages 12 & Under): Our best savings account for kids who are just starting out. It features our “Big Barkers” theme to make saving fun and offers a higher interest rate on the first $1,000.
• Teen Share (Ages 13–17): A youth savings account designed for independence, allowing teens to manage their money while still having parent/guardian oversight. This account pairs perfectly with our Student Checking and debit card options, giving your teen the tools they need for real-world money management.

What You Need to Open a Kids Savings Account

To make the process seamless, have these items ready before you start your application:

• The Child’s Information: Full name, birth date, and Social Security Number.
• Parent/Guardian Information: Since minors cannot open accounts alone, a parent or guardian must be a joint owner. You’ll need your government-issued ID (Driver’s License) and proof of address.
• Opening Deposit: At SCU, you can start their financial legacy with as little as $5.00.

How to Open a Savings Account for Your Child (Step-by-Step)

• Choose Your Account: Select between the Kidz Club or Teen Share. 
• Apply Online or In-Person: Visit any SCU branch to make it a milestone for your child.
• Submit Documentation: Provide the IDs and SSNs listed above. 
• Fund the Account: Deposit your initial $5.00 to activate the account.

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When to Transition to a Teen or Student Account

As your Future Champion grows, their financial needs will evolve. At age 13, your child’s account transitions to a Teen Share account, marking the perfect time to explore new features designed for their age group:

• Student Checking: A low-friction way for teens to manage daily spending.
• Debit Card Access: Real-world practice with electronic payments under your guidance.
• Mobile Banking: Teach them to monitor their balance and track transactions on the go with the SCU mobile app.

This transition gives them the autonomy to manage their own money while you continue to provide oversight as a joint owner.

How to Teach Kids to Use Their Savings Account

Once the account is open, use Scott Credit Union’s Great Grades Program to keep them engaged! Student members can earn up to $10 per semester for getting “A”s (or the highest equivalent grade). It’s a great way to show them that “investing” in their education literally pays off. 

Start Your Child’s Financial Journey Today

Ready to set your “Future Champion” on the path to success? It only takes $5 and a few minutes to change their financial future. Open a youth savings account online today or find a Scott Credit Union branch near you.

Written by Scott Credit Union