DFWChild / Articles / MomLife / Banking on the Future

Banking on the Future

Remember when the idea of saving money meant dropping every last bit of change into a ceramic piggy bank? In a day and age when you transfer funds with the click of a button, it’s important to teach kids early lessons to help them navigate the sophisticated world of banking. Most banks require you to be 18 or older to open a checking account, but many offer shared savings accounts where you can help guide kids’ choices (in addition to offering specialized perks just for kids!). Here are a few to get you started:

Credit Union of Texas
Locations in Dallas, Las Colinas, Mesquite, Plano and Richardson
800/314-3828; www.cuoftexas.org
Account: Kids Savings Account (ages 18 and younger)
Balance required to open: 1 cent
Benefits: Membership to the Dollar Dog Kids Club, a member’s-only Web site with games and prizes focused on teaching kids about money management
Interest earned: Shared deposit accounts exceeding $100 earn monthly dividends*
Monthly fee/minimum balance: Varying fees apply if balance lower than $25; no monthly service fees
How to apply: In person; parent must open savings or checking account

Dallas Telco
Four Dallas locations on North Central Expressway, Commerce Street, LBJ Freeway and Pleasant Run Road.
214/742-6551; www.dallastelco.com
Account: Kid’s Club Savings Account (ages 0-12)
Balance required to open: $25
Benefits: Access to Kirby Kangaroo Club, a special Web site designed to help kids learn about managing money; $1 holiday gift every December and more
Interest earned: Dividends earned/paid quarterly on total balance*
Monthly fee/minimum balance: Varying fees apply if balance lower than $25
How to apply: In person; parent must open savings account

InTouch Credit Union
Locations in Carrollton, Frisco and Plano
214/291-1776; www.itcu.org
Account: Chip’s Kids Club Savings Account (ages 0-12)
Balance required to open: $5 plus $5 fee for signing up for Membership Savings Account (required of parent)
Benefits: Each deposit of $10 or more earns a Chip stamp, redeemable for prizes
Interest earned: Dividends paid monthly on total balance*
Monthly fee/minimum balance: Varying fees apply if balance lower than $5
How to apply: In person; parent must open savings account

Regions Bank
Locations in Allen, Dallas, Garland, Las Colinas, Plano and Rockwall
800/734-4667; www.regions.com
Account: Savings for Minors (ages 18 and younger)
Balance required to open: $5
Benefits: Can be linked to parent’s checking account for easy one-way transfers; online banking and more
Interest earned: Interest compounds daily, paid monthly on total balance*
Monthly fee/minimum balance: No minimum balance/monthly fee
How to apply: In person; parent must have checking or savings account

Texans Credit Union
Locations in Allen, Carrollton, Dallas, Garland, Plano, Richardson, Rowlett and Wylie
800/578-9009; www.viewpointbank.com
Account: $avar Kids Club Savings Account (ages 0-10)
Balance required to open: $25
Benefits: With each deposit kids earn two stickers redeemable for gift cards
Interest earned: Dividends compound daily, paid monthly on total balance*
Monthly fee/minimum balance: Varying fees apply if balance lower than $25; no monthly service fees
How to apply: In person; parent must open savings or checking account

ViewPoint Bank
Locations in Addison, Allen, Carrollton, Dallas, Frisco, Garland, Grand Prairie, Plano and Richardson
800/578-9009; www.viewpointbank.com
Account: ViewPoint Kids Club Savings Account (ages 18 and younger)
Balance required to open: $10
Benefits: Parent can easily transfer funds to account with online banking; Savings Stamps are earned with each deposit of $10 (redeemable for gift cards) and more
Interest earned: Interest compounds daily, paid monthly on collected balance*
Monthly fee/minimum balance: Varying fees apply if balance lower than $10; no monthly service fees
How to apply: In person; parent must open savings or checking account

Community Bank
Locations in Burleson, Cleburne, Fort Worth and Hurst
817/698-7188; www.communitybank-tx.com
Account: Youth Savings Account (ages 18 and younger)
Balance required to open: $25
Benefits: No required minimum balance and free online banking
Interest earned: Interest earned quarterly on total balance*
Monthly fee/minimum balance: No minimum balance/monthly service fees
How to apply: In person; parent must open checking or shared savings account

InTouch Credit Union
1 First American Way, Westlake

817/699-6525; www.itcu.org
Account: Chip’s Kids Club Savings Account (ages 0-12)
Balance required to open: $5 plus $5 fee for signing up for Membership Savings Account (required of parent)
Benefits: Each deposit of $10 or more earns a Chip stamp, redeemable for prizes
Interest earned: Dividends paid monthly on total balance*
Monthly fee/minimum balance: Varying fees apply if balance lower than $5
How to apply: In person; parent must open savings account

Southwest Bank
Locations in Arlington, Burleson, Fort Worth, Mansfield and Saginaw
817/292-4820; www.southwestbank.com
Account: Minor Savings Account (ages 17 and younger)
Balance required to open: $25
Benefits: Can be linked to parent’s checking/savings account for easy one-way transfers; online banking and more
Interest earned: Interest earned on balance of $25 or more; paid monthly*
Monthly fee/minimum balance: If balance dips below $25 minimum, $2 monthly fee applies
How to apply: Meet with personal banker at area branch

Synergy Bank
321 West Oak St., Denton
940/383-0700; www.synergybank.com
Account: Synergy Student Saver (ages 18 and younger)
Balance required to open: $1
Benefits: Online banking; one-way transfers from parent’s account 
Interest earned: Interest earned on balance greater than $1; paid quarterly*
Monthly fee/minimum balance: Varying fees apply if balance lower than $25; $10 quarterly service fee
How to apply: In person


Regions Bank
Locations in Arlington, Fort Worth and Southlake
800/734-4667; www.regions.com
Account: Savings for Minors (ages 18 and younger)
Balance required to open: $5
Benefits: Can be linked to parent’s checking account for easy one-way transfers; online banking and more
Interest earned: Interest compounds daily, paid monthly on total balance*
Monthly fee/minimum balance: No minimum balance/monthly fee
How to apply: Meet with personal banker at area branch; parent must have checking or savings account

Tarrant County Credit Union
Locations in Arlington, Fort Worth, Hurst and Mansfield
817/884-1470; www.tarrantcu.org
Account: Moolah and Lasso Savings Account (ages 0-5; 6-12)
Balance required to open: $25
Benefits: Automatic “allowance” transfers from parents’ account (if desired); “Saver Card” points may be redeemed for prizes and more
Interest earned: Dividend earnings begin after account reaches $100*
Monthly fee/minimum balance: Varying fees apply if balance lower than $25; no monthly service fees
How to apply: Meet with personal banker at area branch; parent must open savings or checking account

*Exact interest/dividends earned per account varies per applicant/day