Accounts Offered - Personal & Business

Youth Savings

Set your kids on the path to a smart financial future! This free savings account helps them learn the value of saving money and earning dividends at the same time. They can learn how to save for a specific game, set aside allowance or babysitting money, and more.

It's only one dollar to open an account and there are no monthly service fees. And because good grades are important, they'll get paid for every "A" they earn on their report card!

  • For kids ages 18 and under
  • Earn dividends on entire balance
  • No service fees
  • Get paid for each "A" on report card (K-12)
  • $1 minimum to open

NOTE: The Social Security card of the account holder is required.

How to Help Your Kids Start Saving

The following is a good artilce to read. Judy McGuire, NerdWallet

You might think your kindergartner is too young to learn about money, but according to a 2013 study commissioned by the Money Advice Service of England, many of a person’s financial habits are ingrained before age 7.

Kids first learn about delayed gratification and the importance of planning during early childhood, and saving and budgeting are great ways to practice these skills. The sooner you start teaching, the easier it will be to get your child on the right track with money.
 
Money 101: Age 5 and younger
 
If your child is prone to midstore meltdowns after you refuse to buy things for him or her, you have a choice: Just say no, or explain why. Maybe the item unaffordable, maybe it’s overpriced, maybe it’s age-inappropriate. Whatever the reason, providing an explanation can teach your child valuable lessons about money management. 
 
Supplement these moments with financial literacy lessons at home. For example, label three jars “save,” “spend” and “give.” Every time your child receives money, talk about how to divvy it up between the jars.
 
The “save” jar: This money should go toward a toy or another item that your child wants — and eventually, a savings account. Working toward goals will help him or her understand delayed gratification.
 
The “spend” jar: Your child can take this money to a store anytime. Showing kids what they can afford themselves is important, and they’ll remember the pride and independence they feel paying the cashier for the first time. 
 
The “give” jar: Your child should use this money to help others. Kids can also learn empathy at an early age. Encourage this by helping your child research charities and make donations. 
 
Money 202: Ages 5 to 12
 
As your child grows, begin giving him or her an allowance in exchange for completing household chores. Whatever amount you decide to give, it should be divided among the same three categories. You can also incorporate math lessons into this process. Adding and subtracting become a lot more interesting when there’s a new bicycle in the balance.
 
During this period, you can also help your child open a savings account with money from the “save” jar and Trona Valley Federal Credit Union is committed to encouraging the next generation of savers by requiring as little as $1 to open accounts and offering bonuses for good grades.

The master class: Ages 12 to 18
 
By the time your child is approaching high school graduation, he or she should have a good foundation in money management, especially if you’ve modeled prudent financial behavior. He or she probably has some cash in a savings account and the ability to handle these next steps: 

Opening a basic checking account at Trona Valley: Once you’ve done this, you can teach your child how to write checks, transfer funds and balance a checkbook.
 
Using a Trona Valley Visa® debit card: Most checking accounts come with debit cards. Make sure your child realizes that debit purchases immediately reduce his or her account balance. You should also teach basic safety tips, including guarding the card’s PIN and picking legitimate online shopping sites. 
 
Using a credit card: Consider making your child an authorized user on one of your credit cards. This can help him or her build credit and learn about interest rates, while letting you to keep an eye on spending. Plus, you won’t have to worry about your child being without emergency cash.
 
Understanding compound interest: If your child has been saving for years, chances are he or she has a nice nest egg. Putting some of it into a share certificate — the credit union equivalent of a CD — will illustrate how compound interest can add up. 

Teaching your children about money throughout their lives not only helps you raise financially savvy adults, but it keeps you on your toes, too. Learning about finance should be a lifelong process the whole family can get in on.
 
Judy McGuire, NerdWallet
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