Children's Account

The children’s savings account is designed to educate children about the importance of saving for the future and how to manage their money.

The Children’s Account is a special savings account for children ages 12 and under. The account offers a competitive interest rate and helps children increase their savings, and learn good money management techniques.

Even though the account is designed for children, anyone can open an account for a child. For example, parents, grandparents, aunts or uncles can help a child save for future expenses, such as college tuition.

Educational - When a child opens an account, he or she will receive a register to learn how to keep track of deposits and withdrawals.

Accessible - The child can request an ATM card to manage his or her savings through the Cashpoints ATM network, the largest in North Carolina. The following networks are all available using the ATM card:

What do I need to open a Children’s Account?

• The child must be 12 years old or younger
• The adult must be a member of LCCU (with the minimum cost of membership)
• You must deposit the minimum balance
• The child’s Social Security Number or Individual Tax Identification Number
• An ID for the child, such as a Passport, Birth Certificate, vaccination card or school registration

What is saving and why is it important to save?

Saving is the amount of money that is put away after paying your expenses.

It is very important to save so that your money grows and, in the future, you can pay for things that you cannot afford to buy today.

If you open a savings account with LCCU, the money will earn interest. Interest is the reward you receive for depositing your money in the children’s savings account with LCCU.

Some advice about saving

Saving is very simple; you just have to get used to putting away some money each week.

You do not need to save much each week.

If you save $10 each week, you will save $520 at the end of the year (not including interest).

Ask a member service representative about opening a Children’s Account.

All accounts are federally insured up to $250,000 through the National Credit Union Administration (NCUA).