Opening an account for your child is a great first step to getting them comfortable with banking and prevent the intimidation that can come later in life. Depending on their age and needs, there are a variety of options here at WECU.
BY Savings Account
This account is designed for parents or grandparents to manage but benefits a minor. To “benefit” basically means is a savings account that is in the child’s name, but not accessible to them. Except for deposits!
Education Savings Account (ESA)
An account designed to save for a child’s education where the interest earned is not taxed. For more details, check out our Education Savings Accounts page.
Joint Savings Account
A joint savings account gives you child control over their account while keeping parental oversight. Both parent and child have full access. A savings account is less responsibility than a checking account where challenges like overdrafts and bounced checks can happen.
Joint Checking Account
With a similar set up to the joint savings account, this account helps youth to learn about a checking account under their parent’s supervision. Checking accounts allow your child to manage a debit card, checks, and much more. Consider a Joint Checking Account when your child starts working summer or after school jobs.
If you are interested in learning more or opening any of these accounts, stop into any branch, give us a call at 360-676-1168 or complete an application online.