Banking for Kids & Teens
Teaching good financial habits.
We’re here to help you raise money smart kids for lifelong
financial success – before they think they know everything
about real life. Right?!
Teen Loans & Credit to help build their credit… the right way
We get it, credit is complicated. When you’re young, establishing credit can seem overwhelming. Having good credit is necessary,
but where do you start? We have solutions.
Teen Credit Builder Loan
This loan is one of the best ways to build credit for a teen who’s 16 or 17 years old… and can help build their savings at the same time.
Here’s how it works:
- We deposit $250 into an SCE Credit Union Savings account in their name, where it earns dividends
- They make on-time monthly payments of $29, based on simple terms we all agree upon
- As payments are made, we report the good payment history to the credit bureaus
- The funds that have been repaid are then made available to spend – or the money can be left in the account to earn more dividends
Pro Tip! Help them set up a monthly automatic transfer from their Teen Checking account to ensure payments are made on time, helping to build their good payment history. Too easy!
Teen Visa Credit Card
Teen Visa Credit Card - Table
| Teen Platinum Apply for a Teen Visa |
|
|---|---|
| Perfect for... | ...a teen ages 16 to 17 who want to start establishing credit |
| Introductory rate Loan Rates | 2.90% for six billing cycles1 |
| Annual fee | $0 requires a parent or guardian joint owner |
| Limit | $500 |
| Cash Advance Fee | 3% ($10 minimum) |
| Foreign Transaction Fee | 1% |
| Requirements | Parent must be on the account and meet credit qualifications |
| Digital Banking Digital Banking & Security | |
| Identity theft protection | |
| Extended purchase warranties |
1Standard introductory period is six billing cycles, after which balances are converted to a fixed rate based on Prime Rate plus a margin.
Teen Auto Loan
- New or used cars
- Low interest rates
- Loans up to $25,000
- Repayment terms up to 72 months1
- Teen must be at least 16 years old to apply
- Parent required on account and must meet credit qualifications
- Guaranteed Asset Protection (GAP)
- Mechanical Breakdown Protection (MBP)
1Estimated monthly payment per $1,000 on a 60-month term at 3.99% APR is $18.42 and subject to change.
