How a kids savings account can help your child build strong money habits

Helping children develop good financial habits is one of the best gifts you can give them. While schools may teach some basics about money, kids learn the most when they have real-life experiences managing it. One of the simplest ways to provide this experience is with a kids savings account.

At Solarity, our Youth Savings account is designed to make saving money exciting, accessible and safe for children. With the right guidance, it can be the foundation for a lifetime of smart financial decision-making.

Why financial education should start young

Children are naturally curious about money. They see you using it at stores, online and even on your phone. By introducing them to basic money concepts early, you can help them form healthy financial habits before less desirable ones take root.

Research shows that kids who learn about saving, budgeting and goal setting early are more likely to carry those habits into adulthood. They understand that money is a limited resource, that it can grow over time when saved and that spending should be intentional rather than impulsive.

Starting with small lessons like saving part of an allowance helps kids grasp the connection between work, income and saving. Over time these lessons build into practical skills they will use for the rest of their lives.

What is a kids savings account?

A kids savings account is a special type of savings account designed for children, usually under the age of 18. It allows them to deposit money they earn or receive, track their balance and watch their savings grow. Parents or guardians typically act as joint account holders, offering guidance and oversight.

At Solarity, our Youth Savings account is available for members age 17 and under. It offers no monthly maintenance fees and easy online or in-person account management. It is a safe way to teach kids about money while giving them the independence to make their own deposits and monitor their progress.

Benefits of a kids savings account

Hands-on learning experience - A kids savings account provides a real-world way for children to learn how saving works. If your child is saving for a $200 bike, they can see exactly how their deposits from allowances, birthday gifts or part-time jobs bring them closer to that goal. This progress reinforces the benefits of patience and consistent saving.
Builds discipline and goal setting - When kids have their own savings account, they can practice setting financial goals and creating a plan to reach them. This could be a short-term goal like buying a new video game or a long-term goal like saving for a school trip. These exercises teach discipline and delayed gratification, which are critical money skills.
Encourages regular saving habits - Making deposits becomes a routine part of managing their money. Whether it is setting aside a portion of weekly allowance or putting away holiday cash, regular saving builds the habit of paying yourself first, a practice that serves well into adulthood.
Provides a safe environment for mistakes - It is better for children to make small financial missteps while they are young and under parental guidance. A kids savings account allows them to experience the consequences of overspending or withdrawing too soon without putting them at serious risk.
Strengthens parent-child money conversations - Having a dedicated account opens the door for meaningful conversations about saving, spending and even charitable giving. It is a chance to share your own financial values and teach the reasoning behind your decisions.

Growing with your child: checking and credit for teens

As kids grow into teens and young adults, their financial needs change. Solarity offers additional products that build on the foundation of a kids savings account and help them learn more advanced money management skills.

Youth Checking Accounts (ages 12–17): When your child is ready, a youth checking account provides hands-on experience managing everyday spending. With a debit card, online banking and parental oversight, teens can practice balancing a budget while gaining independence.

Student Visa Credit Card (ages 15–20): For older teens and college students, our Student Visa Credit Card is a smart first step into building credit. With no annual fee and a lower limit designed for beginners, it teaches responsible borrowing and repayment, which are key skills for adulthood.

Together with a kids savings account, these options create a clear path for financial growth from learning the basics to managing spending and credit responsibly.

Why choose Solarity for your child’s savings journey

Solarity Credit Union’s suite of youth accounts is built with young members in mind. We offer:

Youth Savings accounts for ages 17 and under

Youth Checking accounts for ages 12–17

Student Visa Credit Cards for ages 15–20

Each step is designed to match your child’s stage of financial learning. With competitive rates, no monthly maintenance fees and convenient digital tools, Solarity makes it easy to support your child as they grow more confident with money.

Get started today

It is never too early to start teaching kids about money. Opening a Youth Savings account at Solarity gives them the opportunity to learn valuable skills, set meaningful goals and build habits that last a lifetime. As they grow, youth checking accounts and Student Visa Credit Cards provide the next steps toward full financial independence.