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Youth Accounts


State Credit Union offers a special savings account just for kids.  You can start them off on the right foot by establishing regular deposits and showing how money grows when you save systematically.


National Credit Union Youth Month is April, 2014

Catch the Save Wave or Wipe Out

Like surfers, savers have tools and techniques to improve their skills, so dig your toes in the sand and take advantage of our $20 Savings Reward!

Open a Youth Savings Account, Set Up Automatic Deposits, Get $20

When you open a Youth Savings Account and set up automatic deposits of at least $5 monthly we will deposit a bonus of $20 into that account next April. Your regular deposits will add up quickly and kids will learn the value of consistent saving.

Already Have a Youth Savings Account? And Automatic Deposit Set Up?

Make a $60 deposit in April to get a $20 reward also!

$5 minimum monthly pre-authorized transfer into a minor account for 12 months or a one-time $60 deposit into a minor account that already has a pre-authorized transfer set up required. The $20 bonus will be deposited into the Youth Savings Account in April 2015 and will appear as dividends. Annual Percentage Yield on minor savings accounts is .15%APY as of April 1, 2014. It will also be included on the 1099-DIV form provided for 2015 tax reporting. This offer applies to each minor account when you meet the qualifying deposit requirements. Minor savings account requires a $5 opening deposit. Federally insured by NCUA.


A Few Tips

  • While you're not required to set up automatic deposits to open a Youth Savings account, it's the easiest way for your child to see progress. After all, why open an account if you aren't going to put money into it?
  • Your regular deposits don't necessarily need to be additional funds--you might just deposit all or a portion of an existing allowance into the account.
  • You might also consider supplementing your deposits with a matching game for older children. Offer to match every deposit they make themselves of gifts or money they've earned.
  • For transfers from your paycheck each pay period, complete this Direct Deposit request form and give it to your HR or Payroll department at work.

  • For transfers from another SCU account or an account at another financial institution, complete this Transfer Request form.  Fax to the number shown on the form and we will contact you.  NOTE: If your transfers are made from an SCU savings account, please be aware they are subject to Reg D limitations.
You’ll be teaching your child the importance of regular saving plus your deposits will prevent unexpected dormant fees.

Youth Certificates

Once your child's account balance has reached $105 or more, it's time to teach the value of investing.  Members under age 17 can open a special 12-month Certificate for only $100 and make additional deposits of $25 at anytime.  (You're required to keep $5 in the savings account as the membership deposit.)

Your child must keep the funds in the certificate for a full year and in return, will earn a higher dividend rate.

It's a good way to teach financial self-discipline.  (If there's an emergency, funds can be withdrawn, but there may be a penalty.  See the Term Share Certificate section in our Consolidated Disclosures for all the details.)
Youth Certificates102/11/2012
Term Annual Rate Annual % Yield Dividends Credited
& Compounded
12 Months.35%.35%Quarterly
1Available to members under age 17. Minimum to open is $100. Additional deposits of $25 or more may be made at any time.
Educational Tools

For Children Younger than Age 5Visit the Thrive by Five web page.
Click here for printable tips on what young children can learn.

Visit this "Thrive by Five" web page for lots of activities to help teach your preschooler about spending and saving.

Ages 5 to 10

  • Give a weekly allowance to offer hands-on money management experience. When children know they’ll regularly get a set amount of money, it's easier to learn how to save.
  • Let children save for, and buy, something they really want. Rewards reinforce young children’s savings habits, so tie saving to spending.
  • Use three containers labeled “Spend,” “Save,” and “Share.” Suggest that children contribute a portion of their allowance and cash gifts to each to teach how to spend wisely, save regularly, and give to others.
  • When the “save” container builds up, bring your child to State Credit Union to open a savings account.
  • Provide children with opportunities to earn extra money by doing jobs not included in their regular responsibilities.
Ages 11 to 14
  • Include children on shopping trips to teach them what things cost and smart shopping techniques. Let them help compare product qualities, prices, return policies, and warranties.
  • Encourage odd jobs: babysitting, yard work, or pet care.
  • Encourage children to use their own money to buy beyond-the-basics clothing and accessories.
  • Give an SCU Youth Certificates as a birthday or holiday gift to encourage longer term savings.
  • Consider a reloadable Visa Prepaid Card.  It's a great way to teach money management without the risk of mistakes.
  • Introduce your child to Biz Kids, a public television program about kids, money and business.  Click here to find your local ETV programming information.  Click here to visit the very comprehensive and fun Biz Kids Web site.  It also includes great tools for teachers.
Ages 15 to 18 and older
  • Discuss saving plans for long-term goals, such as education and cars.
  • Ask if the High School Financial Planning Program provided by the National Endowment for Financial Education® (NEFE®) is taught at your child's school.  You can view the course materials your child will learn at the High School Financial Planning web site.
  • Consider giving teens a seasonal clothing allowance beyond their regular allowance. After setting guidelines and limits, let them make their own choices.
  • Help a financially responsible teen open an SCU checking account and debit card.  Demonstrate using an ATM, debit purchase and show him or her how to access the account online.  Have your teen balance the account monthly and show you the results.
  • Include teens when planning a large purchase, such as a car.
  • When your teenager begins driving, review car insurance, maintenance, and repair costs.


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SC State Credit Union 800-868-8740 | 803-343-0300