Tips and tricks on opening an account for a minor

Allowance money still being stashed in a dusty piggy bank? It might time to bring the minor in your life into the world of money management. Luckily, we at Westerra have all the tips, tricks and resources to help get your kiddo to buy into learning about personal finances–pun intended.

Schedule an appointment

Let’s make their first real Westerra meeting the best one ever. We recommend scheduling an appointment in advance with someone at your local branch, then let the meeting be all about your child. Allowing them to lead is always a fun experience, and helps them feel more important and more in control. 

Come prepared

This part’s important: be sure you come with the essential documentation to open an account. For a minor opening an account in a branch, we require: 

• Their parent/guardian to be over the age of 18 to be present with a valid Colorado ID, or out of state ID with proof of Colorado residency.

• The 18+ individual must have the minor’s physical social security card with them at account opening.

• $5.00 minimum deposit for savings and $25 minimum deposit if opening a checking.
  

Goal-setting together

After your appointment, grab a bite to eat after your meeting and chat about what you learned together. If they don’t have any specific savings goals, this would be a great time to start that conversation. 

Getting a debit card

Let’s get into some smart swiping: minors under 16 can recieve debit cards for their accounts with parent/guardian sign-off. Those 16 or older can get a debit card without a required parent/guardian, unless they don’t have a government issued ID–then we’ll need that sign-off. 

What happens when they turn 18?

Good question. Once students hit 18, they can have their parent or guardian removed from their account: if you are the joint owner, just stop by a local branch to sign a joint owner release form. 

As a credit union founded by teachers, we’re always excited to support the next generation on their path to financial literacy. Learn more about student resources or open a student account and get the path to prosperity started with Westerra.