Teen V.I.P. Savings
|Northern Credit Union’s VIP Club* prepares teenagers, ages 13 to 17, to build a solid financial future. The comprehensive VIP program provides resources and teaches skills teens need to make money-smart decisions based on their experience with credit union services.
Teen members can open a signature savings account with as little as $5 and earn dividends once their account balance is $50 or more. This account also establishes membership at Northern Credit Union, which makes teens eligible for additional accounts and services geared toward their needs and interests, including:
- Checking Accounts: Requires no minimum balances, no per-check fees, and no monthly service charges.*
- VISA® Debit Card: Looks like a VISA, but works like a check, ATM and debit card. Use it anywhere VISA is accepted. Funds for purchases are taken directly from the Northern checking account.
- Online and Mobile Banking: 24/7 access to their accounts using their favorite electronic devices
- Student Choice Loans: Students Loans for those about to attend four year colleges and universities.
- Annual Scholarship Program: Offers local high school students a chance to win one of five $500 scholarships to help finance your education. Awards are given annually and applicants are judged on academic performance, extracurricular and community activities, essay questions and teacher references. Scholarship applications are available each January and submission deadlines traditionally are in March.
*Members can fund accounts for their children but can limit access until their children reach the age of 18. The account owner is the child, but one parent is listed as the custodian of the account (the parent controls the account until the child is no longer a minor). After the child becomes an adult, the custodian will need to close the account and the funds will be given to the child to open a general membership savings or checking account.
** Checking accounts are available only to members ages 16+. Members under 18 must have a parent or guardian listed as a joint member on the account
Savings: Your Key to Success
Sending Kids the Right Money Message
Dream It and Achieve it: How to Set and Attain Financial Goals (Mini-Site)
How Much Do I Need to Save for College?
Credit Cards and Teens: No Minor Issue