How to Teach Kids About Money With Savings and Checking Accounts

Financial literacy is one of the most important life skills parents can pass down to their children. Teaching kids how to save, spend, and budget early on sets them up for a financially secure future.

One of the most effective ways to build these skills is through a youth savings or checking account. Instead of just talking about money, kids get to practice with real tools while parents stay involved.

At Scott Credit Union, we offer three options designed to grow with your child:

• Kidz Club Savings (ages 12 & under)
• Teen Share Savings (ages 13–17)
• Student Checking (ages 13–17)

These accounts make learning about money safe, simple, and rewarding for both kids and parents.

What Are Youth Savings and Checking Accounts?

A youth account is a financial tool created for kids and teens to practice managing money under the guidance of a parent or guardian.

• For young savers (12 & under): The Kidz Club Savings Account helps children learn the basics of saving with a $5.00 minimum balance, no monthly fees, and a higher rate of interest on the first $1,000.
• For growing independence (13–17): The Teen Share Savings Account lets teens manage their own savings responsibly, with the same low $5.00 minimum, no fees, and digital banking access.
• For real-world practice (13–17): The Student Checking Account introduces teens to everyday money management with a debit card, no monthly service fees, and built-in parental oversight.

Each option is designed to fit a stage of life, giving kids a safe way to learn as they grow.

Benefits of Opening a Youth Account

Opening an account for your child or teen has both short- and long-term advantages:

• Financial literacy early on – Kids learn how deposits, withdrawals, and balances work.
• Safe spending and saving – Better than keeping cash at home and practical in today’s cashless world.
• Parental oversight – Joint account options keep you connected.
• Rewards and perks – SCU makes saving fun with features like our Great Grades Program. Student members can earn money for every “A” (or equivalent) on their report cards!

At What Age Can Kids Get a Debit Card?

Many parents wonder: “When should my child get a debit card?”

With SCU’s Student Checking Account, teens ages 13 and older can have a debit card tied to their account. Parents remain joint owners, so they can monitor activity, set alerts, and transfer funds as needed. This balance of independence and guidance helps teens learn responsibility without being overwhelmed.

Youth Accounts vs. Regular Accounts: Key Differences

Youth accounts aren’t just smaller versions of adult accounts. They’re designed to teach and protect:

• No monthly service fees.
• Parental controls and oversight.
• Digital tools that make saving and spending easy to track.

At Scott Credit Union, our Kidz Club, Teen Share, and Student Checking accounts all provide the right mix of independence and oversight.

Tips for Parents: Using Accounts to Teach Financial Literacy

Here are a few simple ways to use an account to build money skills at home:

• Deposit allowance or paychecks and let kids watch their balance grow.
• Set savings goals by encouraging them to save for a special item.
• Review monthly statements and talk about spending habits together.
• Use digital banking alerts to track balances in real time.

By practicing with real accounts, kids learn how to make choices and build good habits.

How to Open a Youth Account at Scott Credit Union

Opening a youth account is easy. Families in Illinois or the St. Louis area can stop by any Scott Credit Union branch or visit scu.org/youth to open an account.

Frequently Asked Questions About Youth Accounts

Can I open a bank account for my 10-year-old?
Yes. SCU’s Kidz Club Savings Account is designed for ages 12 and under.

Do youth accounts have fees?
No. SCU’s Kidz Club Savings, Teen Share Savings, and Student Checking all come with no monthly service fees.

At what age can my child get a debit card?
Teens age 13 and older can get a debit card through SCU’s Student Checking Account, with a parent or guardian as a joint account holder.

Can I monitor my child’s spending?
Yes. SCU’s digital banking lets parents set up account alerts, view transactions, and transfer money instantly.

Why not just give kids cash?
Using real accounts helps children learn to budget, save, and spend responsibly in a safe environment. It’s a practical way to prepare them for financial independence in today’s increasingly cashless society.

Teaching Kids About Money Matters

Teaching kids about money doesn’t have to be complicated. With Scott Credit Union’s Kidz Club Savings, Teen Share Savings, and Student Checking, kids and teens gain age-appropriate tools to learn, save, and spend wisely while parents stay involved.

Whether your child is saving their first $10 or swiping their first debit card, SCU is here to help families build brighter financial futures. Visit your local branch or get started online today.