Part of PSCCU’s commitment to socially responsible banking is our commitment to getting our youngest members started down the path to financial independence and responsibility. As a joint owner on an account with a person under age 18, you can help them choose the right accounts for their goals and set them up for financial success with the credit union you know and trust.

Start early with a Savings Account

Parents, guardians, and other relatives (like grandparents) can open a Savings Account for a minor. Savings Accounts allow the youngest credit union members to learn about the concepts of depositing money in a financial institution, saving over time, and earning interest (dividends).

Coverdell Education Savings Account

Often called an Educational IRA, a Coverdell ESA allows you to deposit up to $2,000 per year into an account for educational purposes for children aged 18 and under. Contributions to a Coverdell ESA are not tax-deductible, but amounts deposited in the account grow tax-free until distributed. The beneficiary will not owe tax on the distributions if they are less than a beneficiary’s qualified education expenses at an eligible institution.

Checking Account with Debit Card

When your child is older and ready to start spending some of their money on their own, it may be time to get them a Debit Card linked to a Checking Account. As a joint owner on the account, you can monitor their spending and guide their developing financial habits.

Benefits for them:

• Use their debit card to make purchases
• Learn to monitor their account balance(s)
• Allocate and move money between Savings and Checking Accounts
• Share the cost of something with friends using Zelle®
• Build healthy financial habits

Benefits for you:

• Monitor your child’s spending
• Deposit money into their account instantly through an Online or Mobile Banking transfer
• Help your child develop their independence and healthy spending habits

Checking Accounts with Debit Cards are available to members as young as 13 with a parent or guardian as a joint owner.

Visa Credit Card for those 18 and older

When your child turns 18 and is looking to leave home, whether for travel, studies, or work, it’s a good idea to help them start developing a solid credit history. As a co-signer on a Visa Credit Card, you can ensure that your child develops a healthy understanding of loans and credit cards, pays off their purchases in a consistent and smart manner, and has access to money in the event of an emergency. New cardholders should start off with a low borrowing limit that reflects their income and ability to repay any borrowed money. By learning to borrow and repay money responsibly, your student can build a solid credit score quickly.

If you have questions about which accounts are right for your children and teens, please contact your local branch. We’ll be happy to discuss your needs and help you open the right account.