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If you step inside a Champion Credit Union branch, a question you might hear often from a parent is: "When should I open a savings account for my child?”
Our short answer? Sooner than you might think.
Our short answer? Sooner than you might think.
Whether your little one is just learning to walk, or your teen is eyeing their first car, helping them build smart savings habits early can make a big difference down the road. It's an important step, but don’t stress – let’s break it all down.
Why Open a Savings Account Early?
Opening a savings account for your child is kind of like planting a tiny financial tree. The earlier you start, the more time it has to grow - and so does their understanding of money. Whether they’re 6 months or 6 years old, giving your child a place to see their money grow is one of the easiest (and smartest) ways to teach them healthy financial habits. And trust us, kids love watching their “money tree” bloom.
Ages 0–12: Start Small, Dream Big
If your child is under 13, our Explore Savings Account is the perfect fit for them. Even if they’re too young to count coins, you can start putting away birthday money, holiday cash, or those random $5 bills Grandma keeps sending in the mail. You can also set up automatic transfers from your account to theirs. $5 a week adds up faster than you'd think!
Why Open a Savings Account Early?
Opening a savings account for your child is kind of like planting a tiny financial tree. The earlier you start, the more time it has to grow - and so does their understanding of money. Whether they’re 6 months or 6 years old, giving your child a place to see their money grow is one of the easiest (and smartest) ways to teach them healthy financial habits. And trust us, kids love watching their “money tree” bloom.
Ages 0–12: Start Small, Dream Big
If your child is under 13, our Explore Savings Account is the perfect fit for them. Even if they’re too young to count coins, you can start putting away birthday money, holiday cash, or those random $5 bills Grandma keeps sending in the mail. You can also set up automatic transfers from your account to theirs. $5 a week adds up faster than you'd think!
Ages 13–17: Money with Training Wheels
Teens? Oh, they’ve definitely got spending ideas. This is an ideal time to move from just saving to managing money. Our Explore Teen Accounts are made just for this age group, giving them the opportunity to start using a debit card and have access to digital banking. Teens can track their balance, set goals, and learn how to use money wisely within our Online and Mobile banking app. We’ve seen Teens save for their first car, senior trip, and even a future business! It’s great to see what they can do when they have the tools and support.
Start Now, Thank Yourself Later
So… when should you open your child’s savings account?
- When they’re born
- When they get birthday money
- When they ask for something expensive
- When they begin saying “Can I borrow $20?”
Basically, whenever you’re ready to give them a head start.
Teens? Oh, they’ve definitely got spending ideas. This is an ideal time to move from just saving to managing money. Our Explore Teen Accounts are made just for this age group, giving them the opportunity to start using a debit card and have access to digital banking. Teens can track their balance, set goals, and learn how to use money wisely within our Online and Mobile banking app. We’ve seen Teens save for their first car, senior trip, and even a future business! It’s great to see what they can do when they have the tools and support.
Start Now, Thank Yourself Later
So… when should you open your child’s savings account?
- When they’re born
- When they get birthday money
- When they ask for something expensive
- When they begin saying “Can I borrow $20?”
Basically, whenever you’re ready to give them a head start.
What You’ll Need to Open the Account
Okay, so you’re ready to open that savings account - awesome! Here’s a quick checklist of what you’ll need to bring with you when you visit a branch:
✅ Parent/Guardian and Minor Must Qualify for Membership – If you’re already a Champion CU member, great! If not, we can help you get started.
✅ ID for the Parent/Guardian – A valid government-issued photo ID (like a driver’s license or passport).
✅ ID for the Minor – Birth Certificate (if your child does not have a state issued ID yet).
✅ Social Security Number – Bring the physical SS cards for both the child and parent/guardian.
✅ Legal Guardian Paperwork – If applicable, please bring any legal documents showing guardianship.
Stop by a branch near you to learn more and open your child's Explore Account. We’d love to help your kiddo start their financial journey with confidence.
After all, the small habits your child starts today can make a big impact on their future - and we’re here to help every step of the way.