A Youth Savings Account from NY TEAM Federal Credit Union is an excellent educational tool for learning how to set savings goals. You can conveniently transfer your child’s allowance directly into their account, monitor their progress towards achieving savings goals, and assist them in depositing birthday or holiday checks using our mobile banking app on their phone or tablet.
Youth Savings Account
Get them started on the right path.
- Available for family members up to age 18.
- Open account with as little as $1.
- Grow savings account balances via in-person deposit, by mail or from parent direct deposit or transfer.
Youth Checking Account
Teach your child thrift with our Minor Checking Account and Debit Card. As your child becomes a teenager and has a job, and begins to spend more of their own money, they will need new financial skills to prepare for these life experiences. Opening their first checking account can be a great new tool to help them understand cash flow, and learn how to balance their budget.
- This account is for ages 15 to 17. (Joint with a parent or legal guardian)
- No minimum balance
- Debit card issued with checking accounts for 24/7 access.
- Give your teen a checking account that meets their needs: mobile app, ATM card and spending limits.
Open an Account Today
Opening account is easy, visit a branch today!
What is needed to open a Youth Savings Account?
- Social Security Card of Minor and if they attend school a School ID too.
- Parent’s Government Identification
- $1.00 deposit
Frequently Asked Questions
Is it worth opening a bank account for my kids?
Yes. It is never too early to start saving for your child’s future or teaching them smart financial habits. Plus, the earlier you start, the more dividends they’ll earn in the long run.
Can a minor open a bank account?
Youth Accounts must be opened by a parent or legal guardian.
What is the age requirement to own a debit card?
Youth Account Members who open up a checking account (with an adult joint member) can start using their debit card at age 15.
As a joint owner on an Youth Savings account, will I be able to view it in online banking?
Yes, as a joint owner, you can view your child’s Youth Savings account once given access.