Teaching financial responsibility should start at a young age. A Novation Youth Checking account, in addition to a Youth Savings, is a great option when your teen is ready for financial independence. They can easily deposit their paychecks or birthday cash into this account and access their money with a free Visa debit card while earning interest on their balance.
It definitely pays to have a Youth Checking; your teen can earn 1.50% APY* each monthly cycle on balances up to $5,000. To earn interest, simply:
- Receive eStatements with a valid email address
- Enroll in eBranch Online Banking
In addition to earning interest, a Novation Youth Checking also offers many other great benefits:
- No monthly fees
- No minimum balance requirements
- Free Visa contactless Debit Card with Purchase Rewards®
- Access to 35,000+ surcharge-free ATMs nationwide
As a parent/legal guardian, you are required to be joint on a Youth Checking Account, which gives you the security of monitoring your child's account. Simply login to the following:
Within the NovationCards app, you can set daily dollar limits to help teach them practical spending habits.
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*APY = Annual Percentage Yield. Rates effective May 31, 2023 and subject to change without notice. To receive dividends you must meet the following requirements per month must be enrolled in: (1) eStatements with valid email address and (2) online banking. Accounts that meet the requirements will receive dividends on balances up to $5,000. No dividends earned if requirements are not met or for balances in excess of $5,000. Rates and program subject to change. Click here for full disclosure.