Youth and children Savings Account: Ages 16 & Under
It is never too early to start saving for your children!
Have you ever wished you had started saving earlier?
Have you ever wondered where would you be financially if your parents had a savings account for your earlier?
Well, your children can certainly do what you wished was done for you, they can own their own Youth Savings Account.
FND Credit Union offers children from age 0 to 16 years the opportunity to grow financially as they grow physically. Giving your child an early start in financial life will teach them the importance of Money management, financial literacy and the values associated with being financially stable at an early age.
Start your children off on the right foot by allowing them to make deposits to their account regularly.
How to make savings fun with your child:
– Make the FND Credit Union your Child’s first place to save by opening an account
– Allow your children to earn the money they save
– Encourage them to deposit some of their monies themselves
– Let your children spend some of the money they earn
– Show your child their savings passbook. They will see their money growing with them
– Enroll in the FND Credit Union fun programs to encourage saving
o Pennies Have Power
o Report Card Reward
– Allow your child to save ANY AMOUNT they earn. $1.00 per week, is not too small
– Restrict withdrawals or special occasions only. For example: let your child save towards a school’s fieldtrip, or to have spending money for their Summer vacation, etc
Opening is as easy as 1,2,3…
1. Visit our office with EC$5.00 or more
2. Have your child’s identification document (passport, birth paper, or other relevant government issued documents)
3. Parents identification document (SSN, National ID, DL, etc) as well as to sign disclosure agreement and signature cards
4. Set up payroll deduction from your salary or transfer directly from your savings account