SAFE Credit Union Introduces Checking Accounts for Children as Young as Six to Promote Family Banking

In a pioneering move aimed at fostering financial literacy from a young age, SAFE Credit Union has announced an expansion of its checking account offerings to children as young as six years old. This initiative is part of SAFE’s innovative Family Banking suite, designed to help families manage their finances collectively while teaching essential banking skills to the next generation.

SAFE Credit Union’s Senior Vice President of Marketing and Communications, Allison Yee-Garcia, shared her insights on the program: “Some may think it’s very unusual to provide checking accounts to first-graders, but not if you stop to think about how people handle their finances these days. By opening access to our checking accounts to youngsters, they can learn how to save and spend money in today’s economy. They get to purchase things with their very own tap-to-pay card just like their parents do, teaching them the important connection between income and spending capability.”

The new accounts facilitate parental oversight, allowing parents to monitor transactions, manage debit cards, and seamlessly transfer funds for gifts, allowances, or chores through SAFE’s user-friendly mobile app and online banking platform.

“Studies show that most children’s attitudes about money are formed by age seven, making it crucial for parents to initiate positive and hands-on financial discussions early,” says Yee-Garcia. “This is a great opportunity for families to engage in meaningful conversations about money management together.”

Among the many benefits of this initiative, the checking accounts offer:

• Financial Education Opportunities: Children learn to engage with modern financial transactions in a cashless society. Parents can directly teach their children to use their own debit cards at the point of sale, track their savings, and monitor spending through the SAFE Mobile App. The option to integrate their debit cards into digital wallets enhances convenience.
• Promotion of Family Discussions: Regular account check-ins can be a platform for ongoing discussions about money. Parents can help children understand the relationship between account balances and spending, reinforcing valuable lessons during shopping trips, both in-store and online.
• Establishment of Banking Relationships Early: Children will form a lasting relationship with the credit union, providing a secure avenue for saving gifts and earning money. As they transition into adulthood, this relationship offers pathways to future financial products such as loans and mortgages.

Additionally, SAFE offers various products tailored for children and teens, including savings accounts and certificates. At 18, young adults have the option to apply for a secured credit card, enabling them to build credit responsibly with manageable purchases and timely payments.

Yee-Garcia emphasizes, “Allowing younger children to access a checking account is part of SAFE’s overall commitment to helping families foster confidence in their financial management. It opens a wonderful opportunity for parents to teach their children about money and develop healthy financial habits.”

Families interested in opening checking accounts for their children can do so easily through the SAFE Mobile App, online banking, at any SAFE branch, or via the Contact Center.