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Youth AccountsSLFCU is the trustworthy place for young members to learn about money.
Opening an account at SLFCU is a smart way to start a young person on the path to financial success. SLFCU offers various accounts and services to meet the financial needs of our young members and their parents. Savings and Checking accounts and Share Certificates, can be opened online. Simply click the “Open a New Account Online” link to the right. If you need more information or want to open a different type of account, please call us at 505-293-0500 or 800-937-5328 or visit any branch.
Savings Accounts and Share Certificates
Regular Share Savings and Share Certificate accounts may be opened in the child's own name. Dividends will be earned on any balance if the member is age 14 or younger, or at a balance of at least $100 over the age of 14. The child has no restriction on access to the funds and the account is insured to at least $250,000.
Custodial Share Savings and Share Certificate accounts can be established by any parent, adult family member, or guardian of a minor child. The minor does not have access to the account although the minor's social security number is used for tax reporting purposes. To open the account, either the child or the adult custodian must be eligible for credit union membership. Funds are held under the custodian's control for the benefit of the minor until the minor reaches the age of majority as defined by state law. Dividends will be earned on any balance if the member is age 14 or younger, or at a balance of at least $100 over the age of 14. The account is insured to at least $250,000 separate from any other accounts owned by the custodian or the minor.
Checking Accounts
SLFCU members are eligible to open a checking account if they are at least 16 years old. Members may also open a checking account under the age of 16 as long as there is a joint owner over age 18 on the account. Coupled with good parental guidance, it’s a great way to instill responsibility and teach a young person about money management.
A Check Card may also be linked to the account if the member is at least 16 years old and has a joint owner over age 18 on the account. The no-fee Check Card can be used anywhere MasterCard is accepted. It’s also an ATM card so money can be accessed at over 170 CU Anytime locations and more than 28,000 CO-OP ATMs nationwide, surcharge free.
If the teen has a job, he or she can set up free direct deposit of paychecks. Additionally, teens can access the Budget Blueprint online worksheet to build a budget. Simply use the “Budget Blueprint" Helpful link to the right. Together with in-branch teen courses and the CU Succeed website, any teen will be on track to succeed financially.
CU@home® Online Account Access
All SLFCU accounts allow free transfers. Use CU@home Online to transfer a child’s allowance, set up a savings match program or make use of transfers in the manner that bests suits your needs. Of course, transfers may also be made on the phone or in any branch.
Use CU@home Online to view eStatements with your young person to help teach money management. Set up account alerts to be received via email or text message to monitor certain activities on accounts, such as deposits, withdrawals, low balances and more. CU@home Online also lets you provide nicknames for accounts to easily track the purpose of money in an account.
Credit Cards
Here’s a smart way to establish credit and have additional financial flexibility. Our no annual fee Visa Student Card permits up to a $2,000 credit line with a 0.50% rebate on purchases. Applicants under age 21 must demonstrate the ability to repay the credit line or have a cosigner with that ability.
Auto Loans
Open a loan account with a financial institution you can trust. Auto loans with flexible terms are available for new or used vehicles. Loans are subject to credit approval, and applicants under age 18 must have a cosigner.
Investment Accounts
Talk with a MEMBERS Financial Services* Representative to discover the wide variety of investment options that are available. Purchasing stocks with your child or opening an investment fund for him or her can be a great way to learn about the stock market.
A MEMBERS Financial Services Representative can also suggest investments that will help parents save for a child’s education or other future needs. Learn more about the MEMBERS Financial Services Program at SLFCU by clicking the Helpful link to the right.
Financial Education
The Savings Laboratory teaches kids age 10 and younger about saving money while earning prizes. CU Succeed teaches SLFCU members age 11-17 how to prepare for a bright financial future, including in-branch Teen Seminars. Learn more about these programs by clicking the links to the left.
Thrive by Five and the CU Succeed website are great online tools for financial education activities and information. Access either one through the Financial Education Helpful link to the right.
College-bound Members
If college is in the young member’s future, keep in mind that SLFCU offers student loans and scholarship opportunities. Learn more about these services by clicking the links to the left.
*Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/SIPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Nondeposit investment products are not federally insured, involve investment risk, may lose value, and are not obligations of or guaranteed by the credit union. 1385-P1786G21 (0904)
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