Back-to-School Banking Survival Notes: Student Account Edition

As children go back to school, they’ll be learning all the usual subjects: math, English, history, and more. Here’s a question you may not consider: How knowledgeable is your child about financial literacy? Studies show that becoming financially literate in childhood and teenage years is an early predictor of adult financial success. One great first step in taking your child who is 13-17 years of age through their financial literacy journey is to help them open a Student Account!

What is a Student Account?

An Educators Student Account is a special type of account that promotes independence and learning how to manage finances early. It’s for anyone ages 13-17 and gives them access to a savings share, checking share and their own debit card. They will no longer require a parent or guardian to tag along to the branch to deposit or withdraw money and have the freedom to begin to experience managing finances on their own.

How do I Open a Student Account for My Child?

To open this type of account, all your child needs is their Social Security Number, a valid ID (driver’s license, school ID, etc.), proof of address and $5! They may open their account at any of our local branches or by using Educators Connect Cam™.

What are the Benefits of a Student Account?

Not only will your child learn how to manage their money independently, but they’ll learn to do it safely. Many teenagers use peer-to-peer payment apps to store and send their money, but those apps often lack insurance or the ability to recover money sent fraudulently or by accident. We have multiple safe ways for you to send money fee-free to friends and family, and have a team of specialists to assist if fraud is ever suspected.

We also feature many free educational resources to help you navigate the discussion of financial literacy confidently with your child. Zogo¹ is a great tool to begin a teen’s education, including topics like saving for college. They even earn gift cards along the way! Another resource we provide is Banzai, which has articles, coaches and calculators to help learn concepts and develop financial goals.

Insured by NCUA. Membership eligibility required. ¹Zogo is an app for anyone age 13 and older.