For many young people, summer is a time to put away their textbooks and pick up a summer job. In the summer of 2024, 55% of young people between the ages of 16 and 24 in the U.S. had jobs.*
For teens getting their first jobs, it’s an opportunity to learn about customer service, responsibility, meeting an employer’s expectations, and gathering real-world skills—specifically, money management, including how to handle the money earned.
Save or spend?
Not having to rely on a parent or guardian for money is a powerful feeling. But as the saying goes, with great power comes great responsibility. We can help. We offer three ways for young people to build their money know-how and savings skills.
1. Kids Club: The M3 Money Club is for Members 12 years and younger. They have access to a website and quarterly newsletter packed with fun facts, money tips, and games to make learning about finances fun. Our Kid Membership Savings account can be opened with as little as $5.00, earns a yield, and has no monthly service.
For kids with an eye on the long term, Our Kid 24-Month Certificate earns 2.75% APY**. Earnings can be automatically deposited to another account each month, so they have some walking-around money. They can make up to six additional deposits over the term ($25 minimum for each additional deposit). It’s a nice balance between saving for the long term and enjoying some short-term gains.
2. Teens Club: Our Checking and Savings accounts for teens (13-17 years old) come with no monthly service fee, free Checking, and free Debit Card; even the first box of checks is free. All your teen needs is $20 to open the account; it offers unlimited check writing, overdraft protection, and access to Tulee, our digital banking platform. Plus, a free membership in Elements, a website, and a quarterly newsletter filled with money 411.
Our Teen Membership Savings account helps prevent splurging with a $40 daily withdrawal limit ($100 per day for 16 and 17-year-olds, or an amount chosen by parent or guardian). Your teen has access to more than 5,000 shared branches and more than 30,000 fee-free ATMs nationwide. The Teen Club 24-Month Certificate earns a nice 2.75% APY**, a great way to save for college tuition. Your teen can make up to six additional deposits over the life of the term ($100 minimum for each additional deposit).
3. Young Adult 24-Month Certificate: Designed for young people between 18 and 22 years of age, this Certificate offers a healthy 2.75% APY** and, unlike most Certificates, the ability to make up to six additional deposits over the life of the term, so your young adult can add it to this account to build even greater savings over the life of the Certificate without having to keep track of multiple accounts. It’s a great way to save for college tuition, graduate school, moving expenses, or a post-graduation trip.
Final thoughts.
Just as learning to read and write is a part of a child’s education, financial literacy should be as well. The sooner they understand how money works, the better they’re positioned for financial success. Our three youth accounts are a good way to start the money conversation. Speaking of which, when was the last time you had a family conversation about money? There’s no time like the present. Our Financial Education Center offers teaching modules, such as Family Conversations About Money, that help you enhance your financial well-being. Yes, school is out for summer, but it’s always the right time to learn about money.
*Bureau of Labor Statistics, U.S. Department of Labor, “Employment and unemployment among youth––Summer 2024,” Bbls.gov/news.release/pdf/youth.pdf. 20 August 2024. Accessed 9 June 2025.
**APY = Annual Percentage Yield. Yields are subject to change at any time. Early withdrawal penalty and fees could reduce the earnings on an account.
