Youth accounts designed to teach youth the fundamentals of money management.
Our youth accounts and student accounts offer a safe and supportive environment for kids and teenagers to start saving and learning about responsible financial habits. They often come with lower fees and competitive interest rates, making it easier for young savers to watch their money grow. Additionally, we frequently offer financial education programs and resources to empower young members with the knowledge they need to make informed decisions about their finances, setting them on a path towards a secure financial future.
Youth Account: Saving
With our Savings Youth Accounts for young members 12 years of age and under, parents and guardians can help teach the child in their life how to manage money with this starter account issued in the child’s name. Paying a competitive rate of interest, the account offers full access to funds using a parent/guardian-approved debit card, includes no monthly or per transaction fees, and requires no minimum balance.
- No minimum amount required to operate the account
- Interest calculated daily and paid quarterly
- Help the child in your life develop important money-management habits
- Allow family and friends to make deposits directly into the child’s account
Give your child the gift of financial responsibility:
If you’re looking for the perfect gift for children 12 years of age and under, a Savings Youth Accounts does more than set them on the right path. Our “starter” savings account also helps to teach financial confidence and independence.
- Youth Savings Account holders take pride in watching their savings grow from a very early age.
- At age 13, a Youth Savings Account is easily converted into a Youth Chequing Account. By this time, your child is well on their way to understanding the foundations of managing their money.
Youth Account: Chequing
Our Chequing Youth Accounts for members aged 13 to 25 gives youth and students more flexibility and access to their money, with appropriate controls in place for parents, including guardian approval for youth under the age of 16. With unlimited transactions and Interac e-Transfers®, as well as a competitive rate of interest, this account supports your child’s continued financial journey as they head into adulthood.
- No minimum amount required to operate the account
- Competitive interest rate
- Access to funds with your Debit Card and Personal Identification Number (If under 16, requires guardian approval)
No fee for:
- In-branch withdrawals and chequing
- All debits
- Withdrawals* at WFCU ATMs, ATMs in Canada, and around the world
- Direct payment transactions or bill payments done online, over the telephone, at a WFCU ATM, or in-branch
- Online banking services, including online statements and online cheque images
- WFCU mobile app for Android and iOS platforms
- First order of standard personalized duplicate cheques
- Interac e-Transfers
*Credit granting criteria apply.
