The Kid’s Virtual Account is a tool parents or guardians can use to help their kids learn about financial responsibility. The account will help track money your child has either in their piggy bank, in the credit union, or even checks received as gifts.
Parents have the flexibility to pay whatever rate they want on the virtual account, setup automatic allowance payments, and encourage savings and budgeting by giving their kids increasing responsibility and control.
Kids learn money management skills “by doing” by moving their money between accounts (set-up by parents), requesting withdrawals, or recording deposits.
To get started: Parents need to register, then set-up a Virtual account for their child(ren). Once registered, the parent can set-up different accounts to record, for example: regular savings vs. an account to save for that something special, maybe a bike.
Kids login and have access to the accounts that have been set-up for them. They can record a deposit or withdrawal, which would later be approved by the parent once they’ve conducted the request in real life.
It’s fun, it’s educational, it’s United Health Credit Union’s Kid’s Virtual Account. Check it out and let us know what you think!