Accounts just for Teens

First job, first car, first debit card… With so many firsts happening during the teenage years, let us help.

We understand that by the time our kids reach their teens, their need for financial literacy becomes important. They might be seeking part-time jobs and looking ahead to life after high school when they’ll be living on their own and working, going to school, or both. Whatever the case may be, we have the tools to get your started.

Starter Checking Accounts

Ready to start adulting?

Sign up for a free, no-strings-attached checking account.

Ours comes free of any monthly fees or minimum balances, plus you get a debit card.

It’s perfect for anyone ages 13-22.

There is no monthly service charge until you reach the age of 23 and then only assessed when applicable.

*Members ages 13 to 17 will be required to have a qualifying parent or guardian sign to accept responsibility.

*Members 18 and up have access to free credit score tracking. Learn about Savvy Money.

teen checking benefits:

  • Free VISA debit card with smart limits - with mobile wallet - Apple Pay, Samsung Pay, and Google Pay lets them easily and securely pay on the go

  • No monthly service charge fees, minimum or maximum balance fees

  • Initial deposit of $20.00 is required

  • Free mobile banking with mobile deposit - easily deposit birthday checks from Grandma

  • Free monthly paper statements

  • Easily manage money through online banking & mobile banking access

  • Free eStatements - Go Green and help save the environment

  • Direct deposit available

  • First box of checks free - in case you want to sharpen your check writing skills

  • Joint ownership for parents - easily transfer from your account to your teen’s

  • Find surcharge free ATMs using Alliance One network - get cash when you need it

  • Opportunity to apply for a scholarship

  • Text/email account alerts - makes tracking money easy

7 Financial Skills That Checking Accounts Teach

  • Checking Account Balances - A teen checking account helps teens be accustomed to staying on top of their account balances. Reviewing transactions regularly helps to avoid fraud.

  • Setting Up Direct Deposit - Setting up direct deposit is a learned financial skill. Teens need to be comfortable doing that by the time they get their adult job.

  • Making ATM Withdrawals - If you’ve never had a checking account, you can learn how to use an ATM and access cash when you need it. Look for surcharge free ATMs and avoid paying fees.

  • Using a Debit Card - Teens learn about spending with how to use their debit card and PIN, and how to keep track of both.

  • Budgeting - Experience with a checking account is a great way to learn financial responsibility and budgeting.

  • Transferring Money Between Accounts - Teens can develop a habit of saving, which will serve them well for years to come.

  • Security Smarts - Talk through how scammers trick people into sharing personal information.

Savings Accounts

It All Begins with a Savings Account.

Establish and maintain your Eastern Indiana Federal Credit Union Membership with just $5 in a Share Savings Account.

Our savings accounts provide competitive returns on your deposits.

  • In credit union language, a savings account is called a “share account”. When you open yours at EIFCU with a minimum $5 deposit, you’re buying your share of ownership in the Credit Union. You’ll earn interest on your savings, and the money you deposit enables us to make loans to other Credit Union members, thus completing the cooperative circle.

  • Once your share account is opened, you can take advantage of all the other products and services EIFCU offers.

  • No service charge for active accounts.

  • You'll find saving is easier with a convenient payroll deduction or direct deposit of your paycheck. After your direct deposit is credited to your designated account, you can set it up to automatically be distributed into multiple accounts, such as your savings account, checking account, or a Holiday Club account.

  • Transfer funds between your accounts with Online Banking or our Mobile App.

“People Helping People” College Scholarships

“an investment in knowledge pays the best interest.” benjamin franklin

As a not-for-profit credit union, we were founded on the belief that everyone deserves opportunities for a better life. We also believe that knowledge increases your earning potential and gives you the power to make the most out of your money. This is why we have created a scholarship program that helps reduce the financial burden of pursuing postsecondary education. Each year we give away scholarship to students within our membership to assist them in their educational journey.

You must be a Eastern Indiana Federal Credit Union member in good standing. If you’re not already a member, now is a great time to open an account!

Teen Spending Tips

  • Create a spending plan. Calculate your monthly income. Next, subtract your expenses. Make sure you subtract an entire months’ worth of expenses from your total income.

  • Set goals for yourself. Allow yourself 10% of your paycheck to have fun or put towards something you can afford in the next month or so for your short-term goals. Start putting aside another 10% of your paycheck to start building your way towards your long-term goals.

  • Check your balance every day. Whether you’re using cash only or a debit card, make sure you get an idea of how much money you have in your account or wallet every day. This will help hold you accountable so you don’t overspend.

  • Resist the urge to spontaneously spend. Remind yourself how many hours and how much work went into the money you are about to spend.

  • Save for a rainy day. Rainy days can happen at anytime. Be prepared by saving 10% of your paycheck for those unexpected occasions.

  • Break down your budget. Remember to include your savings - long term savings 10%, short term savings 10%, and rainy day savings 10%.

Yes! Your Funds are Safe & Insured

Your accounts are FEDERALLY insured to at least $250,000 and backed by the full faith and credit of THE UNITED STATES GOVERNMENT, National Credit Union Administration, a U.S. Government Agency. Visit mycreditunion.gov to learn more about your Share Insurance Coverage and to access resources including a Share Insurance estimator tool, publications, videos, and more.

Once a member, always a member.

When you open an account with us, you’re a member for life, as long as the account stays open. You can move and take us along!