What Is a Youth Savings Account and Why Should Your Child Have One?

What Is a Youth Savings Account and Why Should Your Child Have One?

If you’re a parent in northern Minnesota, you might be wondering: What is a youth savings account, and how can it benefit my child? At Northwoods Credit Union, we believe in empowering our young members with the tools they need to build strong financial habits early on.​

Understanding Youth Savings Accounts

A youth savings account is a financial tool designed specifically for children and teenagers. It offers a safe and structured way for young individuals to learn about money management, the importance of saving, and setting financial goals.​

At Northwoods Credit Union, we offer two specialized programs: the Kids Club for children aged 12 and under, and the Teen Club for teens aged 13 to 17*.​

Benefits of the Kids Club (Ages 12 and Under)

Our Kids Club is more than just a savings account; it’s an engaging program that makes learning about finances fun: 

• Low Minimum Balance: Start with just $5!

• Lullaby Card Offer: For newborns, we’ll make their first deposit!

• Online Access: Free online and mobile banking with access eStatements.

• Fun Promotions: Participate in coloring contests and other activities throughout the year in the branch or on our social media.

• Birthday Gifts: Receive a movie pass to Premier Theatres in Cloquet, a bowling pass to Route 61 in Moose Lake, or a $5 coupon you can redeem at any branch location.

• Savers Booklets: Earn stamps for each $5 deposit; redeem for prizes after collecting 10 or 20 stamps.

Benefits of the Teen Club (Ages 13 to 17)

Our Teen Club is designed to provide teenagers with the financial tools they need as they approach adulthood:​

• Savings and Checking Accounts: $5 minimum for savings; free checking with no minimum balance.

• New Account Gift: A special gift when you open your account.

• Online Access: Free online banking and eStatements.

• Promotions: Exciting offers and events throughout the year.

• Scholarships: Opportunities available through MNFIC.

• 18th Birthday Offer: Receive a $50 cash offer upon turning 18, after meeting with an NCU employee to discuss credit.

• Birthday Gifts: Receive a movie pass to Premier Theatres in Cloquet, a bowling pass to Route 61 in Moose Lake, or a $5 coupon you can redeem at any branch location.

• Financial Education: Access to classes and free resources, like our education station or financial calculators. 

Why Choose Northwoods Credit Union?

Serving communities in Cloquet, Moose Lake, Floodwood, Duluth, and across Carlton County, Northwoods Credit Union is committed to fostering financial literacy among local youth. Our youth savings accounts are designed to grow with your child, offering age-appropriate benefits and educational opportunities every step of the way.

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Ready to Open a Youth Savings Account?

Embark on your child’s financial journey today:​

• Call Us: Reach out at 1-888-458-0975

• Visit Us: Stop by your local Northwoods Credit Union branch.

• Learn More: Explore our Kids Club and Teen Club pages today.​

Empower your child with the financial skills they need for a successful future.

*Membership eligibility required. NCU is insured by NCUA. Data carrier rates may apply.