Developing good money habits from an early age helps youth learn how to make smart financial decisions in the future. A debit card can help you teach your teen valuable financial skills such as checkbook balancing, spending within their means, and making wise financial decisions.
Read on to learn more about our debit card option for youth, why some parents choose to get their teen a debit card, and what you’ll need to consider as you and your teen mark this financial milestone.
Getting your teen a debit card in their name when you’re a joint owner on their account can give them valuable experience with money management while giving you peace of mind about the safety of your teen’s finances. Getting a debit card for a teen 13 and older will allow them to:
Our goal is to help you set up your teen’s financial future and teach them smart money management skills they can use over their lifetime. We offer two account types that you can choose from, including an account that grants your teen their own debit card access, if desired.
Once your teen turns 13, you have the opportunity to give them financial independence with a regular account. You can choose to be a joint owner on the account for greater control and supervision of your teen’s finances, or you can encourage them to open their own account.
Both the youth and any joint owners are eligible for PSECU debit cards in their own names with a checking account. For security, both cards will share the same PIN. When you're applying for PSECU membership with your child who is 13 or older, they can simply select the option to include a debit card with their checking account.
If your child already has a regular account with us and they'd like to add a debit card, they can do so in online banking by following the steps below:
A custodial account is a type of account that an adult 18 or older opens on a teen’s behalf. The adult does not need to be a PSECU member to open the account, but the teen does need to be eligible for membership. While the money in the account belongs to the teen, the custodian handles the account’s withdrawals, deposits, and account access. Please note that your teen can’t have access to their own debit card with a custodial account.
With either account type, until your teen turns 18, they can enjoy a special 4.00% APY* on savings account balances of up to $500.00. If their balance goes above $500.00, the remainder of the balance above $500.00 will earn dividends based on our Regular share rate.
If you think it might be time to get your teen a debit card, here are a couple of things to keep in mind.
It’s never too early to teach your teen how to manage their money responsibility.
Explore your teen’s options today to open an account and start them on the road to good money management, or contact us for more information.
APY denotes Annual Percentage Yield. To be eligible for the Youth Savings rate, the primary account owner must be under the age of 18. All eligible Youth Savings Share accounts earn 4.00% APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply. Rates and information are subject to change at any time. Fees could reduce earnings on the account(s). The disclosed dividend rates are variable and may change after the member opens the account(s). Find our current dividend rates at psecu.com/rates. PSECU requires a $5 minimum balance to open and maintain a Regular share account. This $5 share account deposit is also required to be eligible to receive the Youth Savings rate, and the member must be in good standing as defined by PSECU's Bylaws, Article II, Section I. PSECU will make a $5 minimum share purchase on behalf of the member.