Tips for Parents

GO Federal Credit Union offers a number of youth accounts to encourage children to save and to teach them how to manage their money.

Kid’s Club

  • A savings account exclusively for children ages 0-12 years old.
  • A minimum of $25 to open the account and to earn dividends.
  • Extra club benefits include a special section for kids in GO newsletters, a birthday greeting card, a special website or kids, contests with great prizes and more.

Smart Start Club

  • Exclusively for teens ages 13-18 years old.
  • Offers a savings account and a checking account.
  • The savings account is only $25 to open and starts earning dividends right away.
  • The checking account is $25 to open and requires an adult joint owner.
  • Additional features of the checking account include no monthly fee, unlimited transactions, ATM card with approval and more.
  • Extra club benefits include Smart Start Cluba special section for kids & teens in GO newsletters, a special website for teens, contests with great prizes and more.

Coverdell Education Savings Account
(formerly called an Education IRA)

  • A great way for you or anyone to invest in your child’s education. (Contributors must meet certain income requirements.)
  • Maximum $2,000 annual contribution.
  • Contributions may be made for a child until they reach their 18th birthday.
  • Withdrawals are tax-free and penalty-free if used for qualifying educational expenses.

How can you teach your children about money?

  • Open a youth savings account with GO Federal Credit Union. To make it more meaningful, bring your children to GO FCU so they can be involved with opening their account.
  • Give a weekly allowance to offer hands-on money management experience. Knowing they’ll regularly get a set amount of money will make it easier for your kids to learn how to save.
  • Bring your children to GO FCU to make deposits and withdrawals to build money management skills.
  • Let children save their money to buy something they really want.
  • Encourage your kids to use their own money to buy the “extras”, specific clothes, accessories, CDs or games.
  • As your child gets older, consider allowing them to open a GO FCU Student Checking Account. This will give them a place to deposit their paychecks and learn more about managing money.
  • Encourage financially responsible teens to use a debit card with their checking account.

Teach Smart Spending

  • Discuss and establish age-appropriate guidelines for purchases.
  • Discuss savings plans for long-term goals, such as education and cars.
  • Encourage children not to buy on impulse. Have them stop and consider if they really want or need the item right now and how long it took them to earn the money they are about to spend.
  • Allow working teens to spend their own money. However, require them to pay for more of their expenses to prepare them for going out on their own.

Encourage Saving

  • The most important thing to teach children is to pay themselves first. Help them set an amount to save on a regular basis. Consider matching that amount.
  • Help young children set goals they can reach in a short time period, perhaps just a few weeks.
  • Help older children set goals using longer time frames. However, make sure their savings goal still allows them enough spending money to enjoy themselves while sticking to their savings plan.
  • Discuss ways children can earn and save money.
  • Allow children to withdraw money from their savings accounts for appropriate reasons to demonstrate the purpose of saving money.
  • Encourage teens to build an emergency fund for unexpected emergencies – like car repairs.

Open a Youth Account Today!

To open one of these great accounts, click here. Print the application and complete it with your child. Then visit one of our offices and open a youth account today.