If you have a teenager who is starting to look for ways to save and grow their money wisely, Central Willamette has great options that will help get them started on the road to financial independence with savings and checking accounts built just for them!
Simple Savings Plans
Our Youth Savings Account is the cornerstone of our partnership with our teen members. A Youth Savings Account requires a minimum balance of just $5.
If your teen has her or his eye set on college, they may want to look into our Educational IRA.
A total of $2,000 can be set aside for the beneficiary annually, not only by your teenager, but family as well. And the best thing is, their contributions will grow tax-free, and they won’t pay any taxes or penalties on money that is withdrawn for higher educational expenses before the beneficiary reaches age 30. Just remember, Educational IRA contributions aren’t tax deductible.
A Great First Checking Account
MyChecking Account is a great way for your teen to begin learning money management skills. With features like unlimited check writing; no monthly service charge; no minimum balance requirements and a variety of check styles it make MyChecking an easy and important first step.
Don’t Forget the Visa Debit Card!
Our Visa Debit Card, which comes with the MyChecking account, is perfect solution for today’s cashless transactions. It’s also great for everyday purchases or when you’re out of the state and personal checks aren’t always accepted. There is no monthly, annual, or transaction fee.
If your teen would like the opportunity to give back to a local high school with OUR money, they can do so by picking up a high school VISA Debit Card at any of our six branches. They can choose from one of the following high schools to give back to - South Albany, West Albany or Lebanon High School. Everytime they swipe, Central Willamette will donate to the high school on your teen's card.
Savings with a Goal
Our SWAG Club or Savings with a Goal is a free program for our teen members that are 18 years and younger. It's a fun way to encourage healthy saving habits early on and receive exclusive perks. Your teen can apply for CW scholarships, win cool prizes and more.
Frequently Asked Questions
Yes, Central Willamette offers a variety of accounts for children of all ages. Whether it’s savings, checking or even accounts to save for college, we’re committed to helping our teen members thrive.
If you would like to open an account for your child, you will need to bring your child's social security number with you to one of our branch locations. It is not required for you to bring your child with you, however Central Willamette loves to meet it's youngest members and help educate them on financial responsibility.
Yes, a teenager that is 18 or older may apply for a loan. Central Willamette will also consider a loan for a person younger than 18 with a qualified guarantor that is 18 or older.