The Jump Start Checking account requires just $50 to open, has no monthly fee or minimum balance requirements and even earns interest! Youth will receive a free debit card as well. The Super Saver Account requires just $1 to open, has no minimum balance and has a competitive interest rate compounded daily. Both accounts come with online banking for money management and parental monitoring.

“At Olyfed, we believe quality financial education early in life is key to ensuring success as a financially responsible adult,” shares Kirsten Tate, OlyFed Hawks Prairie Assistant Branch Manager. “We offer personalized financial education at any time to discuss goals, good money habits, budgeting, account security and more.”

Student Bank Accounts at OlyFed

Student bank accounts get the same care and support from knowledgeable OlyFed bankers, allowing your child to learn how to talk to finance professionals and get answers to their questions. “Our parents opened checking accounts for us the summer before our freshman year of high school, just knowing we would be more independent and there would be times where having a debit card would be super helpful,” Zoe Betz shares about her and her brother Parker. Zoe is a 17-year-old senior at Olympia High School and her brother is a 14-year-old freshman.

“I really liked the idea of being able to transfer money into both of the kids’ accounts and for them to learn some basic cash management skills,” Amy Betz, Zoe and Parker’s mom, shares. “It’s great because both kids have access to the digital banking app on their phone, so they can see how much money they have in their checking and savings accounts, and they can create budgets and track their spending. Even better we have parent controls to turn on and off their debit card if it’s lost.”

We all know that parenting teenagers can be rough…often the last person they want to get advice from is us! And if the subject causes you stress – like it does so many of us – you may not even feel like you are the right person to teach them about money. Knowing there is a banking professional right down the road who can talk to them about finances in a way they can understand is priceless. “Having an account was a little overwhelming at first,” shares 14-year-old Tai Taylor, “but the bankers who helped me make it easier. Each time I come into the bank, I feel like I’m getting more and more used to it. In fact, I recently came in and deposited money by myself for a bike I bought.”

“When I opened my account, Art at the Tumwater Branch was super helpful and showed me everything I needed to know about my new account and how the digital banking app worked,” Parker says. “He explained the importance of account security and made sure I understood the responsibilities that come with having a bank account.”

You can choose to open a free checking account, youth savings account, or both! “I do have a savings account, and I transfer funds to it each month as I am saving for college,” shares Zoe. “I have a goal to reach so that when I head off to school next fall, I will have enough to cover my living expenses and fun money my freshman year, so I don’t have to worry about finding a job right away.”

Student Banking Security Features Give Parents Piece of Mind

Thanks to digital banking, parents won’t have added stress when it comes to their students’ bank accounts. Both the free checking and the youth savings accounts can be accessed and monitored online, 24/7. Not only does this help parents monitor their children’s spending, but if something happens, you can address it quickly.

“Through the digital banking app, parents can set parameters on their child’s account, such as spending limits or restricting card usage to specific merchants or geographical regions,” explains Kirsten. “Another feature is Card Control, which allows you to turn the debit card on or off if it’s lost, stolen or simply not being used. It helps protect against fraud and adds an extra layer of security.”

Through Card Control, parents can set up real-time alerts too. It’s just one more way that OlyFed looks out for your family’s finances.

OlyFed’s Money Saving Tips for Students and Parents

You may be wondering at what age you should open an account for your child. OlyFed says anytime is a good time! “It is important to start earlier than later. It really instills good habits in early life that will carry on into adulthood,” shares Kirsten. Kids under 18 can have a Super Saver account or a Dream Builder and Saver Certificates of Deposit (CDs). Teenagers can start handling their own purchases with Jump Start Checking.

“Parents can open a Super Saver account for a child as young as an infant,” says Kirsten. “As the child grows, they can start contributing to that account themselves and learning the importance of saving at a young age. Then as they become teens, they can add a Jump Start checking account to learn responsible spending. Maybe they get their first job in high school and they’re already prepared with accounts to set up a direct deposit. We’ll even convert their youth account to a regular checking account once they reach adulthood at 18! How exciting!”

Regardless how old your children – or you! – are, it’s never too late to start saving. Here are some saving tips from OlyFed:

• Discern the difference between your wants and needs
• Establish saving habits by discussing savings goals
• “Save before Spend!”
• Put aside any loose change you have, it adds up quick! Even better, consider signing up for RoundUp to make everyday purchases part of your savings plan.

No matter what your child is saving for – college, their first car, travel, hobbies, or movies with friends – learning how to spend responsibly will help them be a lot less stressed about money as they move into adulthood.

Youth bank accounts need to be open in-branch, so head to your nearest OlyFed today and start your student on the path of financial success!