Savings for Child
A savings account for ages 0-17, managed entirely by parents or guardians. With no direct youth access, you can grow their savings.
Kids Savings Account
Start your child’s financial journey early by opening a First Step Savings Account. A savings account for kids teaches smart habits and financial responsibility. With regular contributions and 7.00% APY* on the first $500, watch their understanding of money and banking grow—along with their savings!
Open a Kids Savings Account Book AppointmentOpen a Kids Savings Account Online Today
A First Step Savings Account from WECU helps kids build savings. With no monthly fees or minimum balance, it’s the perfect savings account for kids. When you open a children’s savings account in branch or online, you’ll get tools to track progress together.
Step up with First Step
Youth Savings Account Features
From baby’s first savings account to helping teens save for college, WECU offers flexible options for every stage.
7.00% APY*
Get a head start with 7.00% APY on the first $500.*
No Monthly Fees
Never pay a monthly fee for your child’s savings account.
Parent Alerts
Keep an eye on account activity with real-time updates on balances.
Linked Accounts
Linked accounts with parents to make deposits and transfers.
Automate Savings
Set up recurring deposits to build consistent saving habits.
Get Banking On-The-Go
Parents and Teens love WECU Mobile
Download our 4.8-star app‡ today to check balances, move money, and deposit checks anytime, anywhere. Learn more about online services.
Beyond a First Step Kids Savings Account
On your child’s 20th birthday, their First Step Savings Account will automatically convert to a Regular Savings account with updated terms. At that time, they can also start exploring the full range of WECU savings accounts, checking accounts, and other options that make the most of their credit union member benefits.
This transition is a great time to discuss financial independence and consider opening a First Step Checking Account if they’re still within the age requirement. A checking account allows them to manage everyday expenses while continuing to build solid financial habits.
Learn more about WECU and the advantages of banking with a credit union.
Benefits of Opening a Kids Savings Account & Starting to Save Early
Save for the future
Build a financial foundation early for college education, travel, or other big goals.
Manage money
Teach kids real-world money skills like budgeting and saving.
Reach financial goals
Set goals and show them how saving leads to success.
Watch savings grow
Let kids see their money grow and understand the concept of interest.
Kids and Youth Savings Account FAQs
Which is the best savings account for kids, teens, and students?
Kids, teens, and students can learn early financial responsibility and start building a savings with a First Step Savings Account.
Do you have a savings account for a young child or baby?
Parents can start a First Step Savings Account with no youth access in their baby’s or young child’s name. This enables them to start saving on their behalf without allowing transaction privileges until a child is more mature.
What’s the minimum age a child can have a Kids Savings Account?
Children and young adults ages 6–19 are eligible to open a kid bank account. If they are under age 16, a parent or other adult must open the account with them as a co-owner. If they are under age 6, a parent or other adult can open a youth savings account in their name.
Can a minor open a savings account without a parent?
Yes. Minors ages 16 and up can open a First Step youth savings account without a parent or guardian.
What do I need to start a Kids Savings Account for my child?
Identification is required to open a kids savings account at WECU. Minors can use a current school year ASB card, Student Record, or a current work ID with a photo, while those over 18 must have a government-issued photo ID. Additionally, you will need to provide your child’s Social Security number.
What access do kids have to their savings account?
All kids with a First Step Savings Account in their name can view all transactions, balances, and other details of their account. Many can also make deposits and withdrawals, unless their account’s adult co-owner has restricted youth access.
What happens to the savings account after my child turns 18?
Once a child turns 20, their First Step Savings Account automatically converts to a Regular Savings account. We also offer other savings account options that offer additional advantages.
Do you offer a kids checking account?
Yes. WECU offers a full suite of youth banking options, including a First Step Checking Account.
Do First Step Savings Accounts come with an ATM or debit card?
No. Kids and teens are not issued debit cards with their savings account.
Can I open multiple savings accounts for my child?
Yes. It’s common for parents to open different savings accounts for one child, especially if each account is meant for saving toward a particular financial goal, such as college or a car. Limit of 5 First Step Savings accounts per child.
Online Banking Resources for Kids & Teens
Check out these resources to learn more about how WECU supports financial empowerment for young people, helping them establish responsible spending and savings habits before adulthood:
Let’s Talk Money: Earning
One of the most defining aspects of your child’s financial future will be how much they earn. Like it or not, it’s a lot easier to make ends meet when you are bringing in more money. Keep an open mind...
Read More >Let’s Talk Money: Spending
Finances can be very private, but that doesn’t mean they should be. Talk openly about money with and around your children. Let them see you paying your monthly bills, budgeting, and saving...
Read More >Let’s Talk Money: Saving
Saving is a habit, and like any other habit, it takes practice to develop. Writing out savings goals with a timeline and keeping them somewhere visible is a great way to keep them at the front of your...
Read More >Building Your Child’s Financial Foundation
At what age should my child have a bank account? When is the right time to set them up with their own debit card? Children mature...
Read More >*Annual Percentage Yield (APY). See <a href=”https://www.wecu.com/truth-in-savings/”>Truth-In-Savings</a> and our <a href=”https://www.wecu.com/wp-content/uploads/Rates-and-Fees-Schedule-Consumer.pdf”>Rate and Fee Schedule</a>. Fees may reduce earnings. First Step Savings is available for ages 0-19 years with a parent/guardian joint signer. It earns 7.00% APY on balances up to $500. Regular savings rate applies to balances above $500; dividend rate of 0.25%, APY of 0.25%. Dividend Period for balances above $500 is quarterly and dividends compound quarterly. No monthly fee or minimum balance. $1 to open. APY is accurate as of April 01, 2024.
**Individual management available for ages 16-19.
‡ WECU Mobile is rated 4.8 in the Apple App Store and 4.7 in Google Play, as of December 2024.