sascu Youth Banking
sascu youth accounts for kids and teens: free chequing/savings, no minimums, parent controls, and money skills.
The Banking Essentials: Youth
- Youth accounts (12-17) are free and come paired with a parent-owned view.
- Teens get a card with Cardwise limits set by the parent.
- Savings for youth pays a bonus 1% above the standard rate on the first $2,500.
- Money-skills lessons are included in the mobile app.
Accounts for Kids and Teens
Chequing and savings for ages 12-17, free of fees and minimums, with a parent control panel.
From age 12, a youth can have their own chequing and savings with a card. The parent or guardian co-signs and can toggle controls: card freeze, online purchase block, and merchant limits are all set with Cardwise.
When the youth turns 18, the account converts automatically to a standard member account with no new paperwork.
| Feature | Chequing | Savings |
|---|---|---|
| Minimum age | 12 | 12 |
| Monthly fee | $0 | $0 |
| Card freezes | Parent controlled | n/a |
| Interest | n/a | Standard + 1% bonus on first $2,500 |
Allowance and Money Apps
Toys and lessons: the sascu youth app section teaches goals, savings, and emergency funds.
The mobile app includes an allowance setting - recurring transfers from a parent account - and a learn module covering goals, emergency funds, and safe card use. Every completed module moves the youth's savings goal with a small bonus reward.
Adults wanting the same behavioral tools should look at savings and the mobile app.
Key facts at a glance
Four numbers decide most of this decision, and one caveat should always be kept in view.
- Age start: 12.
- Monthly fee: $0.
- Bonus rate: +1%.
Parent controls on Cardwise do NOT apply to the child once they turn 18 and the account converts. We launched youth accounts with paper statements; the kids clearly did not care, so the app's learn module replaced them.
The official methodology is detailed in the sascu overview.
Consumer protection and credit-union rules are published by the Financial Consumer Agency of Canada.
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Youth accounts for our three kids, and the parent controls worked from the first week.
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