Should I open minor membership for my child at Navy Federal?

[outofcredit]

We opened savings accounts for all of the grandkids during NFCU's last $50 referral bonus promo.  Each of the grandkids got $50 deposited into their new accounts and we got $50 for each referral as well.  We are the joint owner on each of their accounts but will past that over to their parents soon.  We opened campus checkings for the older kids and they got their own debit cards and free checks.  They started their first jobs last year and have their direct deposits goings into the checking accounts. We moniter to make sure everything is kosher and they aren't overspending.  Each of them has the mobile app on their phones and have their own logins although on our homepage we can still see their accounts also.  They each transfer $50 of their pay into the saving account each payday and it just sits there earning interest waiting for them to go to college in a few years.  The younger ones just have their bonuses sitting there waiting for them to reach 14 years old when they can also have the campus checking and can start learning to manage their money.

[Anonymous]

Can’t remember if I did all mine online, but think I did when I opened accounts for my children last year.
They run a ‘Youth Week’ every year in April; this year matched up to $25 for certificates; gave $25 for opening checking, and something else I think.
Minors have to be 14 for Navy to open a checking account, and can have their own separate login at this age as well. I did have to call in to set this up for my 14 year old

[Anonymous]

When our OP's child (now seven) is quite a bit older, the OP can revisit this.  There may be some credit cards that can be opened in the child's name (with the parent as co-signer) once the kid is 14.  Since one of the OP's goals is to begin creating a history in the kid's name, that would be a good choice.

The Teen VISA Platinum at DCU Financial is the only one I know of targeted at kids as young as 14:

https://www.dfcufinancial.com/personal/cards/credit-cards/teen-and-student-visa

I'd be curious to see if somebody is willing to open one on behalf of his kid and see if it creates a record in the report.

[Anonymous]

It looks like they had their Youth Week last week - figures I'd think about this a week after the fact!  Haha.

I signed my son up, so he now has his own savings account, with me as the joint account holder.  He's super excited to see how much money he can save up.  I'm thinking that excitement might fade in a week or two, but we'll see! 

[Anonymous]

Check them for Youth Week next year; it’s always in April.
Waiting to see them match deposits for the certificates I opened for mine. Seeing them watch their money double will be good

[Anonymous]

Two other things I forgot; you’d have to check about now (kinda doubt) but for my daughter that does have her own login we used her babysitting money to open her first IRA with Navy. Right now they are matching $100 for the first one with them.
Also, even though not with Navy I have added my children as AUs on a few cards to help their history. Amex and Disco want them to be at least 14, but Cap1 and Chase will for any age

[jlitnns]

---

@Anonymous wrote:
NFCU had us open them for my three children years ago when they had a promo going. $100 per child plus $100 per child for the parent. So they gave us $600 to open three minors accounts. Newborn, 2 years old and 4 year old at the time. NFCU is awesome for the entire family!

---

I'm so jealous, I have 4 savings accounts for my kids on my account. I need to keep my eyes peeled for these deals.

[Anonymous]

I've opened accounts for each of my four children. It was a very simple process - all don through the website. I opened them during a promo where I got $25 for each new account and $25 for me. I am co-owner so the accounts all appear undsr mine in the app. It makes it very easy to deposit a little something into each biweekly from my account.

[Anonymous]

---

@Anonymous wrote:

.... I have added my children as AUs on a few cards to help their history.  Amex and Disco want them to be at least 14, but Cap1 and Chase will for any age.

---

How do those four creditors handle the Date Opened on AU accounts?  If you added a kid in March of this year to a card that was ten years old, would it be listed on their reports as ten years or 1 month old?

Some CC issuers do it one way and some do it the other.

If the answer is ten years, then there's no big need to do it early (e.g. when the kid is 14).  You can wait till the kid is 18, add the kid as an AU, and he will instantly get the ten years or more of history.

[Anonymous]

In response to CreditGuyInDixie’s question about AUs and their dating for accounts.

I can only personally vouch for Discover.

I’m AU on my dad’s Discover and it shows a 27yr history for me on my CBR.

My dad has had his account with Discover since October 17 of 1990 (only reason I know this exact date, is because of the date it shows on my CBR.)

He added me as an AU on it when I was 17 (2012-2013).

I am 22 y/o and my oldest tradeline is 27y/6mo (the Discover account that I’m AU on).

So my credit history is technically 5 years older than I am myself.

I can include a screenshot of my CreditKarma app if necessary.