It is important to teach your child the value of savings and good money management skills. Freedom Credit Union offers products to help parents save for expenses and for children to develop their financial awareness.
- Youth Savings
Whether you are saving for upcoming expenses like orthodontics or summer camp; or if you want to teach your child the value of saving, a Freedom Savings account is for you.
Youth Savings accounts have the same features as all of our Freedom Savings Accounts:
- Youth owned and Custodial accounts available*
- Low $5 minimum deposit to open
- Earn 0.20% dividend rate and APY**
- Automatic transfers between accounts
- Convenient anytime access
Planning for college or want a more robust investment strategy? Freedom offers free investment counseling through Members Financial Services. Learn more about educational savings account, IRA and CD options.
*For a primary savings account minors under the age of 12 must have an adult joint owner or custodian on account. Children 12 and older may have a primary savings account in their own name. Member must be 16 years of age or older for a checking account.
**APY=Annual Percentage Yield. Savings and Club accounts are computed monthly on average daily balances of $5 or more and posted monthly. Fees may reduce earnings. Regulations prohibit payment in excess of available earnings. Rates accurate since 3/1/17. Rates subject to change without notice and may change after account is opened.
- Youth Checking
There is no minimum balance requirement for any Freedom checking account. Starting your teen with a checking account is a great way to learn important money management skills.
Youth Checking accounts have the same features as all of the Freedom Checking accounts:
- Interest-earning Checking Account
- Earn 0.10% APY*
- Must maintain a $5 minimum balance to earn interest
- Must have a Freedom Savings Account
- Convenient anytime access
- No monthly fee
- No minimum balance requirement
- No per check charges
- Get your first order of checks -- free
- Free Visa® check/ATM Card
- Access to Surcharge-free ATMs nationwide
- Access to Shared Branching with more than 5,000 credit unions across the country
- Must be 16 years or older to have a Freedom checking account.
*Rates subject to change without notice and may change after Account is opened.
- Student Credit Cards
Freedom offers a student credit card for teens ready to take on the responsibility of credit*. A student credit card is just like traditional credit cards but with a smaller borrowing limit.
- Student credit cards features and benefits:
- No annual fee
- No balance transfer fee
- No cash advance fee
- Same interest rate for cash advances or purchases
- Low interest rate
- No credit history required
*Must be a full time student with a roster showing at least 12 credits. Student may apply on their own if they have a job; if no income they will need a co-signer.