There’s no better way to help a child learn the value of saving money than to actually help them save money.
One way to get them started: Make three jars. Label one for “playing,” one for “saving,” and one for “sharing.”
When they get a little older, it will be time to introduce them to the credit union, particularly Unity One Credit Union.
Obviously, children can’t enter into contracts with financial institutions on their own. As a parent or guardian, you retain overall control of your children’s accounts. You can set parameters to grant your children more control and more access to their accounts as they grow older and more mature, and you can revoke it at any time.
Children’s savings accounts are generally designed to accommodate smaller account sizes. At Unity One, there are no monthly or annual fees, for example, and only $5 is needed to open a savings account.
Keeping Children in Mind
Remember that children may want to make a lot of small deposits. For example, they may want to visit the teller every week, when they get their allowance. Your child can visit Unity One as much as he/she wants to. The best thing about most credit unions is that they don't charge teller fees.
Children will also frequently walk or ride their bikes to do their banking. If your child isn’t old enough now, it will happen soon enough! Look for a local branch in a location that is safe and bike friendly. Unity One's North Richland Hills location is located in a Birdville ISD facility with a security guard present during school hours. Talk about convenience, students at Fossil Ridge High School only to go as far their cafeteria to do their banking at Fossil Ridge Credit Union, sponsored by Unity One Credit Union.
Small children grow up to be teenagers. Eventually, they will need a checking account. Is your child old enough for a checking account yet? When he/she is, can the savings account you open now be linked to a checking account?
Remember that young people make mistakes with money. Will there be an overdraft protection feature available to cover the cost of the expense and spare them the embarrassment should they accidentally overdraw that account? If so, what fees are associated with it? Unity One's Lifeline package creates that oversight for parents so that teens learn about proper banking, instead of being penalized repeatedly.
Also, ask what will happen to your child’s account if you have to move. With the Unity One's online banking and mobile app, you can access your accounts whenever and however you prefer. Traveling is not an obstacle.
For information about Unity One Credit Union's savings accounts for kids or Ukids accounts, click here.