Skip to content
  • Join PSECU
  • Refer a Friend
  • Rates
  • Find an ATM
  • Resources
  • Support
PSECU Logo
  • Explore Our Rates

    See today's checking, savings, certificate and individual retirement account (IRA) interest rates

    Have questions? Browse our FAQs
    • Account Types:
      • Checking Accounts
      • Savings Accounts
      • Money Market Accounts
      • Certificates
      • Individual Retirement Accounts (IRAs)
    • Banking Services:
      • For College Students
      • For Teens & Parents
      • For Youth & Parents
      • For Businesses
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Overdraft Services
        Check out PSECU's approach to overdraft services and fees
      • Understanding Money Market Accounts
        Learn how you can increase your savings with greater dividends
  • Explore Our Rates

    See today’s credit card rates

    Have questions? Browse our FAQs
    • Card Types:
      • Classic Card
      • Founder's Rewards Card
      • Penn State Alumni Cards
      • Secured Visa® Card
      • Business Credit Cards
    • Card Services:
      • Balance Transfers
      • Card Comparison Guide
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Dispute a Credit Charge
        Report unauthorized transactions on your card
      • Is a Balance Transfer Right for Me?
        Find out how consolidating can simplify your finances
  • Explore Our Rates

    See today’s auto loan, home equity product, mortgage, and personal loan rates

    Have questions? Browse our FAQs
    • Home & Auto:
      • Mortgages
      • Home Equity
      • Auto Loans
      • Recreational Vehicles
    • Personal & Business:
      • Personal Loans
      • Student Loans
      • Business Loans
    • Quick Links:
      • Calculators
        Estimate payments, set savings goals and more
      • Paying Your Loan
        See your loan payment options
      • Debt Consolidation
        Save money, simplify your budget and reduce stress
  • Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
    • What We Offer:
      • Investing
      • Insurance
      • Auto Warranty
      • Medicare Insurance
      • Estate Planning
    • Quick Links:
      • Set Up a Free IRA in Pennsylvania
        Check out this six-step guide to start reaping tax benefits
      • Missing Out on Insurance Savings?
        Get tips on how to spot savings in your insurance coverage
  • Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
    • Is PSECU Right for You?:
      • What's Digital-First Banking?
      • How We Serve Our Members
      • All Member Services
    • Quick Links:
      • Earn $300*!
        Open a new member account with PSECU and you can earn $300* in bonus cash when you meet promo requirements!
      • New Member Support
        Get the guidance you need to take control of your account
      • PSECU in the Community
        We’re not just about finances - we’re about making an impact.
Login
PSECU Logo
Login
  • Checking & Savings
      • Checking Accounts
      • Savings Accounts
      • Money Market Accounts
      • Certificates
      • Individual Retirement Accounts (IRAs)
      • For College Students
      • For Teens & Parents
      • For Youth & Parents
      • For Businesses
      • Calculators
        Estimate payments, set savings goals and more
      • Overdraft Services
        Check out PSECU's approach to overdraft services and fees
      • Understanding Money Market Accounts
        Learn how you can increase your savings with greater dividends
    Explore Our Rates

    See today's checking, savings, certificate and individual retirement account (IRA) interest rates

    Have questions? Browse our FAQs
  • Credit Cards
      • Classic Card
      • Founder's Rewards Card
      • Penn State Alumni Cards
      • Secured Visa® Card
      • Business Credit Cards
      • Balance Transfers
      • Card Comparison Guide
      • Calculators
        Estimate payments, set savings goals and more
      • Dispute a Credit Charge
        Report unauthorized transactions on your card
      • Is a Balance Transfer Right for Me?
        Find out how consolidating can simplify your finances
    Explore Our Rates

    See today’s credit card rates

    Have questions? Browse our FAQs
  • Loans
      • Mortgages
      • Home Equity
      • Auto Loans
      • Recreational Vehicles
      • Personal Loans
      • Student Loans
      • Business Loans
      • Calculators
        Estimate payments, set savings goals and more
      • Paying Your Loan
        See your loan payment options
      • Debt Consolidation
        Save money, simplify your budget and reduce stress
    Explore Our Rates

    See today’s auto loan, home equity product, mortgage, and personal loan rates

    Have questions? Browse our FAQs
  • Investing & Insurance
      • Investing
      • Insurance
      • Auto Warranty
      • Medicare Insurance
      • Estate Planning
      • Set Up a Free IRA in Pennsylvania
        Check out this six-step guide to start reaping tax benefits
      • Missing Out on Insurance Savings?
        Get tips on how to spot savings in your insurance coverage
    Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
  • About PSECU
      • What's Digital-First Banking?
      • How We Serve Our Members
      • All Member Services
      • Earn $300*!
        Open a new member account with PSECU and you can earn $300* in bonus cash when you meet promo requirements!
      • New Member Support
        Get the guidance you need to take control of your account
      • PSECU in the Community
        We’re not just about finances - we’re about making an impact.
    Become a Member

    Explore PSECU member benefits and learn about eligibility

    Have questions? Browse our FAQs
  • Join PSECU
  • Refer a Friend
  • Rates
  • Find an ATM
  • Resources
  • Support
Routine maintenance is scheduled for 12 AM, Sunday March 16, 2025, and will take several hours to complete. During this timeframe, members will not be able to access digital banking, membership or loan applications, or our call center IVR menu. We apologize for any inconvenience.
We apologize for the inconvenience, but our application for membership is currently unavailable. We are currently working to resolve the issue.
You’re Leaving PSECU's Site

 
 

Select “Proceed” to continue to , or close this window to return to PSECU.com.

Proceed
  1. Back to Home
  2. Resource Center
  3. Products and Services
  4. Benefits of PSECU...
Article
3 Minute Read

Benefits of PSECU Accounts for Your Kids

Share on email Share on facebook Share on linkedin Share on twitter

Financially savvy grown-ups know how important it is to practice smart savings and spending strategies, and they probably learned those skills as kids. The habits kids develop early on can affect their wallets for decades into the future.

One of the best ways to prepare kids for the financial realities of life is to help them open and maintain a savings account. To help your child make the most of their money, you’ll need to choose the right account — one that offers a good rate on savings without monthly fees that eat away at accumulated balances.

At PSECU, we’re excited to offer youth savings accounts that help your child maximize their savings and set them on the right track for a bright financial future. We also provide tools and resources to teach children about finances, another way we support the next generation. Here are some of the benefits of opening a PSECU account for your child.

You’ll Have the Opportunity to Teach Smart Habits Early On

A savings account teaches children things that will serve them well for years to come.

  • You can explain to your child how to read a monthly account statement.

  • You can use monthly account statements to show your child how to balance the amount of money they deposit vs. the amount they withdraw from the account. Explain why the deposits need to outweigh the withdrawals to avoid overdrafts.

  • You can show them how savings can grow through accrued monthly dividends.

You Can Oversee Their Account as They Learn

PSECU offers two account options for children under the age of 18 that can help them manage their money. For both options, until they turn 18, young members qualify for our special 1.00% Annual Percentage Yield (APY) on Youth Savings Account balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply.

  • Our general membership account is available to youth ages 13 and over. The child can receive a debit card in their own name, access our convenient digital banking tools, and keep the same account throughout youth and adulthood. If a parent/guardian would like account access, they can be added as a joint owner to help monitor activity. A joint owner isn’t required and does not need to be a PSECU member, but the teen must be eligible for membership.

  • Our custodial account is available to youth under age 21, though the higher-yield savings rate expires once the child turns 18. For a custodial account, the custodian is the only one who can conduct transactions on the account, and the funds must be used for the benefit of the child. The youth member must meet PSECU membership requirements, but their adult custodian doesn’t need to.

Whether as a custodian or a joint owner, a parent/guardian can have full access to the account.

They Can Earn Dividends at a Higher Interest Rate

One of the many benefits of banking with us is that our youth accounts provide a special higher-yield savings rate that helps them build savings faster. How much is a higher yield? That’s 1.00% Annual Percentage Yield (APY) on up to $500.00. Compare that to most other financial institutions, and you’ll find that your child or teen can save more, faster.

They Won’t Pay Maintenance Fees for Saving Their Money

Unlike other financial institutions, we have low minimum balance requirements when your child opens a new account. We don’t charge monthly maintenance fees, either. If your child or teen maintains a $5 minimum balance, we’ll keep the account open, free of charge. You may have seen in your own experience how expensive banking fees can be over time. We want to nurture their savings instead of chipping away at them.

You Can Maintain Oversight

For accounts opened for, or owned by, youth under age 18, you can have full access or be a joint owner of the account. This allows you to monitor activity such as withdrawals and online transactions and creates opportunities to teach smart savings and spending strategies.

They’ll Get Access to Great Loan Rates and Other Banking Products as They Grow

One of the biggest benefits of banking with a credit union is access to great banking products. You already know that savings accounts at credit unions often offer higher yields than other banking options. But your child may also get access to great rates on auto loans, home loans, personal loans, and credit cards as they grow older and are ready to progress to new financial milestones.

From saving and paying for college to applying for a first credit card, auto loan, or mortgage, a banking relationship with PSECU can take your kids — and you — through every stage of life.

Contact Us for More Information

If you’re interested in opening an account for your child or want more information about the banking options we offer older kids, contact us today.

For more money management and savings tips, visit our WalletWorks page.

Become a Member

The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.

By: PSECU
Need to talk to us directly?
800.237.7328
Routing #: 231381116
  • Facebook
  • LinkedIn
  • Twitter
  • Instagram
  • Pinterest
  • YouTube
Awards Designations
  • Get to Know Us:
    • What's Digital-First Banking?
    • How We Serve Our Members
    • Financials
    • PSECU for Employers
    • Careers We're Hiring!
    • Resource Center
    • PSECU in the Community
  • Quick Links:
    • Rates
    • Calculators
    • Downloadable Forms
    • Become a Member
    • Refer a Friend
  • Contact & Support:
    • Support
    • Browse FAQs
    • Resume an Application
    • Find an ATM
    • Contact Us
  • Download the App:
    • App Store
    • Play Store
  • Sitemap
  • Disclosures & Agreements
  • Terms of Use
  • Fraud Prevention
  • Privacy
  • © 2025 PSECU. All Rights Reserved.
  • NCUA Insured by NCUA
  • Equal Housing Lender Equal Housing Lender