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When to open your child's first checking account - CCCU

 Monday, October 28    CCCU
When to open your child's first checking account - CCCU

We’re Ready to Help Open Your Child's First Checking Account

Is your child ready to open up their first bank account? Here’s everything you need to know about starting a new checking account at a Portland credit union, whether it’s for your kids, a student, or yourself. Contact Consolidated Community Credit Union today!
As a parent, teaching your child about financial responsibility is crucial. This may involve encouraging them to get their first job, save for things they want to buy, and create a budget. If you’re a Portland parent who’s ready to help your kid spread their wings and glide into financial independence, CCCU has you covered. Here’s everything you need to know about checking accounts for first-timers.

Opening a checking account for your kid

While your child is still living with you, setting up a checking account will allow them to safely hold their money, track their spending, learn about online banking, and get used to using a debit card for purchases. However, once they’re living on their own, they’ll need a checking account to pay their bills, to have direct deposit, register for utility accounts, shop online, utilize smartphone apps, and be able to use endless virtual services in today’s digital world.
So, when’s the best time to open a checking account for your kid? There isn’t really an exact age. For some parents, it means opening an account for their child as early as 14 years old, and for others, it might be when they’re a teenager or a little older. Get in touch with your bank or credit union to see what checking account options they offer for people under the age of 18.

What you need to open your first checking account

What do you need to open your first checking account? When opening a checking account, you’ll need to have specific information as well as a few documents. Most banks require that a new account holder brings the following documents with information that includes:
Most banks require a parent or guardian to sign paperwork allowing a child to open a checking account as additional support. A teller will also ask for an email address that will be associated with the account for online banking access.

Opening a checking account with easy savings transfers

When opening a checking account for your child, you may also want to set up a connected savings account. Accounts like these will teach your kids how to manage their funds responsibly and typically don’t have a minimum balance requirement or monthly service fees.

Youth accounts and joint checking from CCCU

The Youth Accounts from Consolidated Community Credit Union are designed to help your kids learn about money management and watch their savings grow. We offer a Kids Club savings account that can be set up as soon as your child is born and a Student Account for 16- and 17-year-olds that comes with a free debit card and no service fees. Also, our Simple Checking account doesn’t require a minimum balance and can be opened with just a $5 deposit.
Depending on your child’s age and your family’s unique situation, you might consider starting with a joint bank account. This account allows you and your child to access the account (including online monitoring, deposits, withdraws, and debit card use). CCCU offers joint checking and savings account options for those who want to ease their children into financial independence. If you opt for this route, just be sure to have a conversation about managing spending as well as who will be depositing money into the account, how much, and how often.

Peak checking accounts from CCCU

Our free Peak Checking Account is another great way for first time account holders to have their money work for them. This account gives you 2.02% APY each month, allowing you to earn up to $400 annually just by having money in the bank. You can sign up for direct deposit, reduce waste by receiving eStatements and manage your account seamlessly online from a mobile or desktop device with an internet connection.

Smart money management and financial independence with CCCU

Opening a checking account is the first step to financial independence and lifelong smart money management. A debit card has also become a necessity for functioning in the modern (and less cash-dependent) world. Your kid will need a debit card to make online purchases, call a Lyft, put gas in their car, sign up for classes –– you name it. We are here to help.
CCCU is a credit union offering straightforward banking in Portland, Oregon that’s easy to set up and easy to use. To get your child signed up with a Youth Account, give us a call at 503-872-9423 or write us an email at


We do not knowingly market to children online, and we do not knowingly solicit to or collect data from children under 13 without express parental consent or notification. We recognize that protecting children's identities and their online privacy is important. If you believe your child has provided personally identifiable information to us, please call member services at 503-232-8070 so we can allow you the opportunity to review the information and request we delete it.




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