Youth Unlimited

The youth savings account grows with you from opening until entering the working world. Youth Unlimited offers comprehensive banking services to help you build a bright financial future.
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Growing with you

Designed for full-time students aged 5-24, our account provides essential
banking services throughout your academic journey.

Features available at age 5

 

  • No fee savings and chequing accounts
  • No minimum balance
  • Free statement
  • Preferred interest on first $1000

 

Features added at age 11

 

  • No fee UCU Debit Card
  • No fee UCU Debit Card transactions at UCU and Exchange Network ATMs
  • 3 Free Debit Transactions at non-UCU and Exchange Network ATMs
  • No fee Debit Card in-store or online purchases

Features added at age 16

 

  • Free personalized cheques
  • Free cheque clearing
  • Free bill payments
  • Mobile cheque deposit
  • Direct deposit
  • Free e-Transfers

Features added for students 18-24

  • No fee savings and chequing accounts
  • No annual fee UCU Collabria Cash Back Mastercard®
  • No fee UCU Debit Card transactions at UCU and Exchange Network ATMs
  • Preferred interest on the first $1000

Ideal Savings account for youth under 25

A youth bank account is not just a bank account, it’s an integral part of your education savings plan, ensuring financial support at every step of your journey. This account caters specifically to kids and teens and full-time students aged 5 to 24. It provides essential banking services for saving and spending, perfectly aligning with your educational trajectory.

From the moment you join, you gain access to a basic package of services, with additional features and products unlocking at key ages – 11, 16, and 18 – adapting to your changing needs. New products and services are automatically added to your account, and you can use or ignore them at your discretion. Enjoy everyday banking with UCU.
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Student Card offer

The UCU Student Card, offered by Collabria with their Classic Credit Mastercard, is a financial tool specifically designed for students aiming to establish and manage their credit wisely. Offering notable advantages, it stands out as a smart choice for financially savvy students.
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Classic card - Credit Union Canada

Card benefits

No annual fee.
Fixed interest rate 12.99%.
Zero liability fraud protection.
Purchase protection & extended warranty.

Insurance

90 days purchase protection on eligible purchases made with your card.
Double the manufacturer’s warranty on your eligible purchases made with your card.

Student Line of Credit

Manage your education savings plan with the UCU line of credit. Students can withdraw the amount they need, precisely when they need, ensuring that financial resources are available at the right moment. Moreover, to ease the financial burden, students have the advantage of making interest-only payments throughout their time enrolled in school.
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Offer includes

  • Flexible repayment options available while in school.
  • Enjoy the benefit of 12-month grace period post-graduation.
  • An extension of the initial grace period is available upon request.
  • Flexible post-education repayment that considers student needs and lifestyle.

Become a UCU member today

Open an account online in minutes and get access to UCU’s personalized financial solutions.
  • 29,000 + members
  • Your voice matters
  • Online banking features
  • Open an account in 5 minutes
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Youth Savings Account:
FAQs

A youth savings account is a bank account made for kids, teens, and young adults. It’s set up to help them save money and learn how to handle their cash wisely. This type of account goes beyond basic banking by being finely tuned to the financial necessities and learning curves of the younger population. It not only offers a safe space for them to deposit their money but also comes packed with educational resources and engaging incentives. These features are designed to foster good savings habits early on, setting the foundation for a lifetime of wise financial management. By encouraging regular savings and providing practical financial education, a youth savings account Canada plays a crucial role in empowering the younger generation with the knowledge and tools they need to achieve their financial goals.

As a UCU member, you’re more than just a customer; you’re an owner of the credit union, evidenced by holding the minimum number of shares your membership category necessitates. Holders of the UCU youth savings account are required to possess at least one $5 membership share. Additionally, you have the opportunity to receive profit-sharing or dividends on your share, subject to approval by the UCU Board.

Individuals aged 5 to 24 are eligible to open a youth savings account by joining UCU as a member.

If you’re younger than 18 and interested in opening a youth savings account, you’ll usually need a parent or legal guardian to be there with you. This helps with filling out any required forms and makes sure they’re in the loop about your finances. In addition, it gives them a chance to go over the account’s features, terms, and conditions with the bank, making sure everything is clear and agreeable for everyone involved.

To open a youth savings account, you will need following documents:

  • valid passport
  • birth certificate
  • Social Insurance Number

The parent/guardian will also need two pieces of valid government-issued identification, such as a passport and driver’s license.

With UCU, you’ll gain valuable insights into the principles of saving and the benefits of earning compound interest, allowing you to see firsthand how your money can grow over time. Through practical experiences with your UCU debit card, you’ll discover the importance of responsible spending, learning to manage your finances wisely and make informed purchasing decisions.

Additionally, by using a UCU credit card, you’ll take the first steps towards building a solid credit score, laying a crucial foundation for your financial future. Our services help ensure that you’re well-equipped to navigate the financial landscape confidently.

Youth savings account comes with certain age-specific features and restrictions designed to match your growing financial independence and responsibility.

  • When you turn 11, you become eligible to receive a debit card, which allows you to make purchases and withdraw money. This step is an excellent introduction to managing electronic transactions responsibly.
  • Upon reaching 16, the account evolves to offer you personalized cheques.
  • At the age of 18, you gain the opportunity to apply for a credit card. Responsible use of this credit card helps you build a credit history, which is crucial for future financial endeavors like loan applications or renting an apartment.

Each of these milestones is designed to equip you with the knowledge and tools necessary for a successful financial future.

Upon reaching 11 years of age, you are eligible to receive a UCU debit card associated with your youth savings account, provided you have the consent of your parents. The acquisition of a debit card allows you to learn about managing money, budgeting for personal expenses, and understanding the importance of security in financial transactions. You’ll have the ability to make purchases both in-store and online, withdraw cash from ATM, and keep track of your spending through online banking tools designed for easy and safe use.

At age 18, you can apply for a UCU no-fee credit card with your youth savings account. With this no-fee credit card, you can enjoy the convenience of cashless transactions without the burden of annual fees, making it an ideal choice for managing your expenses wisely while studying or starting your career.

There is no limit on the number of withdrawals or transactions allowed with a youth savings account. Whether it’s withdrawing cash, transferring funds, or making purchases, youth accounts are structured to accommodate the dynamic financial needs of younger users. The unrestricted access to funds makes it easier to plan and budget, adapt to various financial situations, and learn the importance of managing money effectively—all crucial skills for their future financial well-being of young people.

UCU youth savings account offers interest and as a bonus the child will earn a preferred interest rate on the first $ 1,000 for understanding of financial growth and the value of compound interest.

Students have the ability to access their youth account via online banking or mobile banking platforms once they reach the age of 11, offering them a modern and flexible way to oversee their finances from virtually anywhere. These digital banking channels not only ensure convenience but also prioritize security, safeguarding young account holders as they navigate their financial management. Through these platforms, students can easily check their balances, view transaction history, transfer money, and even learn how to set savings goals, all within a user-friendly interface.​​

Upon reaching the age of 25, the privileges associated with the youth account come to an end, signaling a transition to a new phase of financial management.

It is recommended that the account be upgraded to a Personal Chequing Service Fee Package at this time. This change ensures that the banking services continue to align with the evolving financial needs of young adults, providing them with a more comprehensive suite of banking features tailored for adulthood.

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