Savings and Checking for Teens
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the best thing is, their contributions will grow tax-free, and they won’t pay any taxes or penalties on money that is withdrawn for higher educational expenses before the beneficiary reaches age 30.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.
Frequently Asked Questions
Open an Account Today
Just stop by one of our branches with your child, or apply online. Bring a valid ID (driver’s license, US passport, etc.) and proof of address (a utility bill in your name). It will only take 10 minutes of your time to help your child start a lifetime of smart money skills!