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Start young. Start right
Teaching kids the ins and outs of savings sets them up for a bright future. As for parents, teaching finances to your children can be a bit challenging.
The good news…
With the financial education resources we have available for young kids and teens, the task becomes a lot easier!
For kids 12 and younger. Upon opening an account, children will get a coloring and coin book. Once the book is full, kids get a fun gift from U1 to encourage future savings.
For Kids 17 and younger (ideal for ages 13-17).
Members 13 to 15 are eligible for a checking account, ATM or VISA Debit card; all these services must be joint with a parent. Members 16 and over may have a single checking account, ATM or VISA Debit card. There is no monthly service charge on Checking accounts
Our Teen members also have the opportunity to open a holiday or “spring break” account. The “spring break” account operates like a vacation club account but is renamed “spring break” for our Teen members.
Open An Account
Enhance your financial education journey with our blog post: Discover Resources on How to Educate Savings to Kids. Get valuable insights and practical tips for teaching kids about savings.
Start your child's financial journey on the right foot with U1. Together, we empower them to make smart money choices for a prosperous future.
Kids 12 and under
Teach savings to kids and have fun while doing it! Educating your children with fun age-appropriate activities is effective in making what can seem a dull subject more exciting. Take a look at how Practical Money Skills breaks down the basics of money management into specific age groups with familiar mediums like, video games, comics and apps.
Teen Accounts 13-17
Gain Access to Money Smart Teens. This online lesson is designed and geared toward teens between the ages of 12-17. Questions on opening a checking account, building a credit history or budgeting goals – all of the answers can be found here. On top of that, you can practice setting short-term and long-term financial goals and then take a quiz at the end to test your knowledge.
Need help choosing a Youth Account? Our dedicated member services team is here to help! Send us a chat message, schedule an appointment, email or give us a call.
SCHEDULE AN APPOINTMENT
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APY = Annual Percentage Yield. Dividends paid monthly. Early withdrawals of Certificates are subject to substantial dividend penalties.
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A Custodian (minor) account is available for any child who is under 18 years of age. The Custodian signs the Member Service Card for the child who cannot yet sign his own name. The child must have a social security number before this account can be opened! This will be opened as a completely separate account from the parent’s account, as the IRS reporting will be done in the child’s social security number. The child cannot withdraw or cash checks from this account but may make deposits. Only the Custodian can make withdrawals.
The Ohio Transfers to Minor Act specifies that only one parent and one child may be on a custodian account. The custodian may specify who they would like to become the custodian in the event of the custodian’s own death; this person is the “successor custodian.”
Children 12 years of age or younger who open a savings account will receive a coin book to save their quarters. When the book is filled, the child deposits it to their Credit Union savings account. When the child deposits their filled coin book they are awarded a piggy bank at that time. Only One Coin book is given per child. This is an excellent way for young people to learn the advantages of saving at an early age.
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