At Red Canoe, we believe you’re never too young to start learning good financial habits. That’s why we encourage you to open an account for your child no matter their age. We’re committed to making a difference in the lives of our younger members by helping them learn to be smart with their money.
Smart Money Habits Start Early
Whether you’re looking to start a College Fund or just interested in helping your child learn the value of saving their money, Red Canoe is here to help. That’s why we automatically open a Savings Account for each new member that joins our family. And opening a Savings Account for your family members is as simple as making a $5.00 deposit.
We have the tools to help you and your child make saving money a top priority. Maybe you’d like to set up a payroll deduction so you don’t have to remember to make a deposit. Or maybe an automatic transfer from another account will work best for you. No matter what your savings goals are, Red Canoe has the tools to help you and your child achieve them.
Frequently Asked Questions
What’s different about a Youth Account?
The major difference between opening a Youth Account and opening any other account is that Youth Accounts must be jointly opened by a parent or legal guardian.
Both you and your child can deposit money into their account, but a parent or guardian must be present for your child to make a withdrawal. Because of this provision, some Online Banking services, such as mobile deposit, are not available for Youth Accounts.
How do I open an account?
You can open an account online using this form, or you can come into one of our branches. You can use our Branch Locator tool to find the branch that’s closest to you. Requirements for opening a Youth Account include:
- You must be the child’s parent or legal guardian
- You must have the child’s Social Security Number and date of birth
- You must provide a $5.00 savings deposit
Can I open just a Savings Account?
You do not have to open a Checking Account in order to open a Savings Account for your child. If you’d like to only open a Savings Account, simply select the “Savings Account Only” option at the beginning of the online account application.