April 16th, 2025
Should You Start a Savings Account for Your Child?
Helping Kids and Teens Build Smart Money Habits Early
Teaching kids the value of money doesn’t have to wait until they’re adults. In fact, opening a savings account for your child can be one of the smartest financial moves you make as a parent. Whether your child is learning to count coins, or your teenager is getting their first paycheck, starting a savings or checking account with a trusted credit union like MTC Federal can build a strong financial foundation early on.
When's the Right Time to Start?
It’s never too early to teach kids about money. Many families open a savings account when their child starts receiving allowance, birthday money, or cash gifts from family. By age 13-15, teens benefit from having a checking account with debit card access to help manage part-time job earnings, online purchases, and everyday spending—safely and with oversight.
Why Choose a Traditional Bank Account Over Apps?
While money apps and prepaid cards are popular, they often come with hidden fees and fewer long-term learning opportunities. A real bank account with MTC Federal teaches budgeting, saving, and responsibility while earning interest and offering parental guidance and protection.
How MTC Federal Can Help Your Family:
- Youth & Teen Accounts with no monthly fees and age-appropriate access
- Digital Banking with real-time alerts for parents and teens
- Financial Education to teach the value of saving and responsible spending
- Local Support from a credit union that knows your family by name
Give your child the tools they need for a stronger financial future. At MTC Federal, we’re working hard for hardworking families—every step of the journey. Let’s build traction for your child’s financial success, starting today.