PSECU Youth Account: A Secure Financial Start

The PSECU Youth Account is a fantastic way for young people to start their financial journey on the right foot. This account is designed specifically for kids and teens, teaching them important money management skills from a young age.

With the PSECU Youth Account, parents can help their children learn to save, spend, and manage their money wisely. The account is designed to be user-friendly and accessible, making it easy for kids to understand and navigate their finances.

The PSECU Youth Account offers a unique feature that allows parents to set up automatic transfers to their child's savings account, teaching them the importance of saving and setting financial goals. This feature can be especially helpful for kids who are just starting to learn about money management.

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A joint or custodial checking account is like a bank account with training wheels, allowing teens to develop essential money skills they'll need in adulthood. This type of account gives teens the opportunity to manage their money with the guidance of an adult, teaching them how to balance a checkbook and check a balance.

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Having a joint or custodial checking account also allows teens to learn healthy financial habits, such as wise spending habits and account security. For example, they can learn how to lock their card if they've temporarily misplaced it, create a secure PIN, and keep their card in a safe place.

Teens can easily deposit allowances, gifts, and more directly into their own account, making it a convenient way to manage their finances. This can include cash or checks for an allowance, birthday, or other occasion.

Opening a teen checking account is a great way to teach your teen about the importance of keeping their money safe. With a debit card, teens can learn about responsible money management and make smart decisions throughout adulthood.

Here are some benefits of getting a debit card for your teen:

It's never too early to teach your teen how to manage their money responsibly, and a teen checking account is a great place to start.

You can choose from two types of accounts for your child, both of which are savings shares that require a minimum $5 share balance.

A regular account can be opened by youth age 12 and over, and an adult can serve as joint owner until the child reaches age 18. This allows for greater control and supervision of your child's finances.

Both the youth and joint owners are eligible for PSECU debit cards in their own names with a checking account, which can be added once the account is opened.

A custodial account, on the other hand, is opened by an adult 18 or older on behalf of the teen. The adult does not need to be a PSECU member to open the account, but the teen does need to be eligible for membership.

You can add a debit card to a regular account in online banking by following these steps:

Regular and custodial accounts are two types of savings accounts offered by PSECU for youth under 18. Both qualify for a higher-yield savings rate, but there are some key differences to consider.

With a regular account, youth age 12 and over can open their own account and receive a debit card in their name. This allows them to have direct access to their account and learn valuable skills about managing their money.

The joint owner of a regular account can also receive a debit card, but only the custodian can access a custodial account through digital banking. This means the custodian must conduct all transactions on the account.

Youth with a regular account can have their own online access, which is a great way to teach them about monitoring their account. Custodial accounts, on the other hand, can remain open until the youth turns 21, but the higher-yield savings rate will expire once they turn 18.

Here's a quick comparison of the two account types:

You have several options when it comes to choosing a youth savings account for your child. You can open a regular savings account, which is available for youth age 12 and over, and an adult can serve as joint owner until the child reaches age 18.

Both regular and custodial accounts qualify for a higher-yield savings rate, which is available on accounts opened for or owned by youth under age 18. Youth Savings Accounts will earn a 4.00% APY for balances of $.01 to $500.00, while balances of $500.01 and over will earn the Regular Savings Share APY.

A custodial account is a type of account that an adult 18 or older opens on a teen's behalf, and the adult does not need to be a PSECU member to open the account. The custodian can withdraw money from the account, but the teen can't have access to their own debit card with a custodial account.

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Youth accounts can be opened with a minimum $5 share balance, and once an account is opened, a checking share that comes with free checks and a debit card can be added. However, the checking share does not qualify for the higher-yield dividend rate.

Here's a summary of the two account options:

Opening a checking account at PSECU can be done in just a few minutes, and youth age 12 and older can apply to open a regular account.

A youth savings account can be opened with a deposit of only $5 and offers a 4.00% APY for savings accounts opened for, or owned by, those under the age of 18 and have a balance of up to $500.

A joint or custodial checking account is like a bank account with training wheels, allowing youth to develop and put into practice the money skills they'll need to navigate adulthood later in life.

For another approach, see: What Is a Checking Account

Youth can manage their money with the financial guidance of an adult, speaking with a parent or custodian about their financial decisions and learning how to handle responsibilities such as balancing a checkbook and checking a balance.

Opening a PSECU youth account requires youth to be at least 12 years old, and they can continue to learn smart money habits as they age and enjoy the many benefits that come with credit union membership.

For another approach, see: Credit Union Youth Account

With a PSECU Youth Account, your child can earn a competitive interest rate on their savings. The special youth savings rate of 4.00% APY is a great way to encourage your child to start saving early.

This rate applies to account balances up to $500 for children under age 18, making it a fantastic opportunity to kickstart their savings.

A different take: Custodial Bank Account for Minors

Having a job with benefits can be a total game-changer. Benefits like health insurance, retirement plans, and paid time off can give you peace of mind and financial security.

Some employers also offer perks like free food, gym memberships, and on-site childcare, which can save you money and increase your productivity.

Having a flexible schedule can be a huge perk, allowing you to balance work and personal responsibilities. This can be especially helpful for caregivers or those with family obligations.

Free or discounted parking and transportation perks can be a big money-saver, especially in urban areas.

Our youth savings accounts offer a special youth savings rate that helps kids build savings faster. This higher-yield savings rate is 1.00% Annual Percentage Yield (APY) on up to $500.00.

You can compare this to other financial institutions and find that your child or teen can save more, faster. This is a big deal, especially for young savers who are just starting out.

Our youth accounts provide a special higher-yield savings rate that's available to children under age 18. This means kids can kickstart their savings with a higher APY of 4.00% on account balances up to $500.

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Teaching kids about money is an essential life skill that can benefit them for years to come. You can start by opening a savings account for your child, which teaches them valuable lessons about money management. A savings account statement can be used to show your child how to balance their deposits and withdrawals, and explain why deposits need to outweigh withdrawals to avoid overdrafts.

You can also use everyday situations, like going to the store to buy groceries, as an opportunity to teach your child about budgeting. For example, you can discuss how to prioritize needs over wants and make smart financial decisions.

A joint or custodial checking account can be a great tool for teaching your child financial responsibility. This type of account allows youth to develop and practice money skills, such as balancing a checkbook and checking a balance, under the guidance of an adult.

Some benefits of a PSECU youth account include a special youth savings rate, a PSECU debit card, and independent access to manage their accounts. Here are some key features of a PSECU youth account:

By teaching your child about money and opening a PSECU youth account, you can help them develop good money habits and set them up for financial success in the future.

Debit cards can be a valuable tool for teens to learn healthy financial habits, such as balancing a checkbook and wise spending habits. You can get a debit card for your teen when you're a joint owner on their account.

With a debit card, your teen can easily deposit allowances, gifts, and more directly into their account. This can help them understand the importance of keeping their money safe and the features of their account, such as locking their card if they've temporarily misplaced it.

PSECU offers two account types for youth: a regular account that grants your teen their own debit card access, and a custodial account that an adult 18 or older opens on a teen's behalf. If your teen wants a debit card with a custodial account, they won't have access to it.

Here are the account options for youth:

It's essential to consider your teen's responsibility level before getting them a debit card. Make sure they understand the importance of not overdrawing their account and how to manage their funds wisely.

Getting a debit card for your 13-year-old can be a great way to teach them about money management. This can give them valuable experience with handling their own finances while giving you peace of mind about their safety.

Having a debit card is a big responsibility, but it also offers a great way to teach your teen about account security. You can show them how to lock their card if they've temporarily misplaced it, create a secure PIN, and keep their card in a safe place.

To get a debit card for your teen, you can choose to be a joint owner on their account for greater control and supervision. Alternatively, they can open their own account and get a debit card in their name. Either way, they can enjoy the benefits of having a debit card, such as being able to deposit allowances, gifts, and more directly into their account.

If your teen is not already familiar with money management, you should sit down with them to talk about this new responsibility before setting up their account. This is crucial to ensure they understand that they can't spend more than they have and that they're mindful of not overdrawing their account.

Here are some key things to consider when getting a debit card for your 13-year-old:

By considering these factors and choosing the right account type, you can help your teen develop healthy financial habits and set them up for success in managing their finances.

If you're looking for a debit card for your teen, PSECU offers two account options: a regular account and a custodial account. Both accounts require a minimum $5 share balance.

A regular account can be opened by youth age 12 and over, and an adult can serve as joint owner until the child reaches age 18. This way, the adult can monitor the child's spending and help guide them towards financial independence.

Youth can enjoy a special 4.00% APY on savings account balances of up to $500.00 until they turn 18. For balances over $500.00, the remainder will earn dividends based on the Regular share rate.

With a regular account, youth and joint owners are eligible for PSECU debit cards in their own names, and both cards will share the same PIN.

Here are the main differences between regular and custodial accounts:

A custodial account is a type of account that an adult 18 or older opens on a teen's behalf. The adult does not need to be a PSECU member to open the account, but the teen does need to be eligible for membership.