It’s never too early to begin planning for your child’s future. A youth savings account is a simple, powerful way to introduce kids to money management while building a foundation for lifelong financial success. At First Source, we believe that saving isn’t just about setting money aside—it’s about building confidence, responsibility, and smart habits that grow right alongside your child.
What Is a Youth Savings Account?
A youth savings account is designed specifically for children and teens, typically opened jointly with a parent or guardian. It provides a safe place for your child to save money while learning how finances work in a hands-on, age-appropriate way.
Unlike a standard savings account, youth accounts often include educational tools, incentives, and programs that make saving engaging and rewarding. At First Source, our youth members gain access to programs that turn financial learning into something fun, interactive, and meaningful.
Why Start a Youth Savings Account?
Starting a savings account early gives your child a head start on financial wellness. Here’s why it matters:
-
Builds Strong Financial Habits - Introducing saving at a young age helps children develop discipline and patience. They learn the value of setting money aside for future goals rather than spending it right away.
-
Makes Money Concepts Real - When kids can see their savings grow over time, money becomes more than just an abstract idea. Deposits, dividends, and goal-setting become real experiences they can understand and appreciate.
-
Encourages Goal Setting - Whether they’re saving for a toy, a bike, or something bigger down the road, a savings account helps children connect effort with reward.
-
Prepares Them for the Future - As children grow into teens and young adults, they carry these lessons with them—better preparing them for managing checking accounts, loans, and everyday financial decisions.
Not sure where to begin? Our team is always here to help guide you and your family every step of the way.
Growing with First Source: Youth Programs by Age
At First Source, our youth programs are designed to grow with your child—meeting them where they are and helping them build confidence at every stage.
Ages 0–4: Start Early with the Penny Program
It’s never too soon to start saving—even before your child is born. We help parents set meaningful savings goals that can evolve as their child grows.
When you open a youth account, your child automatically becomes part of our Penny Program, which includes:
-
Fun savings incentives and prizes
-
Free quarterly youth events
-
Educational tools to introduce early money concepts
-
Encouragement to build positive savings habits from the very beginning
This early exposure helps make saving feel exciting and rewarding right from the start.
Ages 5–12: Learning Through Rewards and Play
As kids grow, they become more active participants in their savings journey.
Our program keeps them engaged with:
-
Penny Passport Cards – Kids earn stamps each time they make deposits
-
Rewards – Completed cards can be turned in for fun prizes
-
Dividends – They can watch their money grow over time
-
Free quarterly youth events
For kids ages 8 and up, we offer interactive Banzai financial education games that make learning about saving and budgeting fun and goal-oriented. These age-appropriate games challenge kids to reach financial goals while building confidence in their decision-making.
And when children begin earning their own money—through allowance, chores, babysitting, or lawn mowing—they gain an even deeper appreciation for having a safe place to save and grow their earnings.
Ages 13–17: Building Independence with Penny University
As your child becomes a teen, their financial needs—and opportunities—begin to expand.
At age 13, youth members transition into our Penny University Account, where they gain access to:
-
Quarterly educational modules on money management
-
Lessons on cybersecurity and financial responsibility
-
Rewards for completing learning milestones
As teens take on new responsibilities, they can also:
This stage is all about preparing teens for real-world financial decisions—giving them tools, knowledge, and confidence before adulthood.
Setting the Stage for a Bright Financial Future
Helping your child build strong savings habits today can make a lasting impact tomorrow. A youth savings account isn’t just about money—it’s about teaching responsibility, building confidence, and setting your child up for long-term success.
At First Source Federal Credit Union, we’re proud to partner with families in our community to support every step of that journey—from first deposits to first big milestones.
Ready to get started? Visit your nearest branch or connect with our team today to open a youth savings account and start building your child’s financial future.