A Focus On Youth

Your Spokane Law Enforcement Credit Union knows how important savings accounts are for our youth.  Not only does it get your foot in the door at a young age, but it opens you to the numerous opportunities available from our full-service credit union.  Whether your account was opened when you were first born or you have just come in at age 17 to establish a savings and checking account, we are here to serve your needs & get your financial foundation started.

~The only requirements for opening a youth account are:

1) $5 deposit for your “share” in the credit union
2) All necessary personal information for the main owner (the youth, age 17 and under) & joint owners, (every youth account requires at least one adult joint owner over the age of 18.) 
The personal information includes social security numbers, address(s), phone number(s), date of births, and state id for the joint owner (main owner if applicable) as well as email address(s).


Come in today to start your foundation for the future!

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*Here are just a few examples to help teach kids of different ages about the savings game:

~ Have young children—preschool age—sort different types of money into piles by color and size.

~ Play grocery store or credit union/bank. Help them use a pretend cash register. At the grocery store, let kids of all ages help you shop. Teach them how to comparison shop—for example, show them that for every $4.99 box of cereal, there may be similar brands on sale for half as much.

~ As kids get older, let them know what things cost. Share sales receipts and bills that you receive for items or services you've purchased for them.

~ If you decide to pay your kids an allowance, include them in the decision. Discuss allowance amounts and what they should use their allowance for. The amount is your call, but include their input. One idea is to have children set aside part of their allowance for spending, part for saving, and part for sharing. Clarify what you'll pay for and what they should be responsible for. For example, when you're at the movies, maybe you agree to pay for a small drink and popcorn, but the Milk Duds are on them.

~ Show children what compounding interest means. Explain that as kids save, they're constantly earning dividends on their savings—on top of that, they're earning dividends on their dividends. 

~ As kids reach high-school age, clarify what you will pay for and what your children are responsible for. For example, your kids may want the newest cell phone that comes with a really high price tag. Establish your spending limit. If they still want the more expensive version, have them make up the difference. Often, once the responsibility of paying for items are on kids, the "latest and greatest" isn't so important.