Your Child’s First Savings Account

boy sitting at table

There’s no better way to help a child learn the value of saving money than to actually help him do it. One way to get him started—make three jars. Label one for “playing,” one for “saving” and one for “sharing.” Then it’s time to introduce him to the credit union.

Although a child can’t open a savings account on his own, a parent or guardian can open a youth account in the child’s name and have overall control of the child’s account. You can set parameters to grant your child more control and more access to his account as he grows older and more mature, and you can revoke it at any time.

Children’s savings accounts are generally designed to accommodate smaller account sizes. For example, many youth accounts will have no monthly or annual fees, as well as very small amounts required to open an account.

Tips to teach your child about saving

Teaching your child about the importance of saving money will help him create good financial habits to use throughout his life. Here are some tips to get you started.

  • Talk about wants vs. needs. Helping your child understand the difference between a want, like video games or toys, and a need, like food and shelter, will teach him how to prioritize his spending.
  • Give your child an allowance. Even at an early age, a weekly allowance gives your child the opportunity to budget and determine when to save and when to spend.
  • Show money has its limits. Take your child to the store with and give him $5 to spend on anything he would like. This will help him understand the value of money and the limits it has.
  • Set a savings goal. It’s easier for a child to save, if he knows what he’s saving for. Set a specific savings goal for buying something like a special toy or a trip to a theme park. Have your child figure out how long he will have to save to reach the goal.
  • Open a youth savings account. Once a savings goal is in mind, your child will need a place to keep his cash. A savings account is a smart place to save his money. He can check his account balance to keep track of his progress.

Thinking ahead

Small children grow up to be teenagers. Eventually, your child will need a checking account. A teen checking account is a useful tool to help your teen learn how to manage money.

It’s important to remember young people do make mistakes with money from time to time. When setting up a checking account for your teen, be sure to find out if an overdraft protection feature is available to cover the cost of the overdraft fee and spare him the embarrassment should he accidentally overdraw the account.

Open a Partner Colorado youth savings account

As your credit union, we’re here to make saving fun for kids of all ages. Get your child started with one of our youth savings accounts.

Lil’Partners account

Our Lil’ Partners account is designed for kids 12 and younger. We have quarterly coloring contests with cash prizes, your child gets a free toy with every deposit, and more.

Right now, when you open a new Lil’ Partners account, you’ll be entered for a chance to win $500!* Visit our website for more details.

Teen Partners account

If your child is between the ages of 13-17, our Teen Partners account is just the thing. When your teen opens a Teen Partners account, he gets the opportunity to earn a $25 cash deposit just by completing our online education module. Visit our website for more details.

Opening a youth savings account for your child now will put him on the right financial path for the future.



*Must be a joint owner with parent, grandparent or responsible adult. Certain conditions and restrictions may apply. Accounts must be opened between April 1, 2021-June 30, 2021.No purchase or banking relationship of any kind is necessary. Purchase or banking relationship does not increase odds of winning. Void where prohibited by law. See full sweepstakes disclosures at