Every credit union member is required to have a Share Savings account with a minimum maintained balance of $5. Members under the age of 18 will have an Xtreme Savers Account as their membership share savings, which will automatically convert to a Membership Share Savings Account upon turning 18. To open an account, a Social Security number is required. An original birth certificate and/or a photo ID may also be required for individuals age 14 or older. A parent or legal guardian must be a joint owner on any account opened for a minor under the age of 18.
This is a required membership share savings account for individuals age 18 and older, it offers tiered dividend rates. Members earn higher dividends based on the account balance. Minimum required balance is $5, dividend earnings begin with a balance of $100. Rates are compounded and credited monthly.
This account is designed for young people aged 17 and under. It can be a great start to teaching the importance of financial responsibility. Opening an account requires just a $5 initial deposit, which also serves as the minimum balance that must be maintained. There is no new member fee. The Xtreme Savers account earns a higher dividend rate than our regular member share savings and dividends are paid monthly. Parents and grandparents often open these accounts, then set up an automatic deposit to steadily build a savings future for the important children in their lives. At age 18, the account automatically converts to a regular member share savings.
*APY=Annual Percentage Yield. Xtreme Savers account will earn 5.00% APY on the first $5,000; funds beyond this amount will earn the regular dividend rate for membership share savings. Rates effective June 1, 2025 and subject to change without notice.
Today’s banking looks very different from when we were growing up. Between school, extracurricular activities, social media, and keeping up with the latest trends, saving money may not always be at the top of a teen’s priority list. However, learning how to manage money becomes increasingly important as teens begin earning income from part-time jobs, gaining new independence—like driving—and planning for future goals such as college. The Xtreme Checking Account is designed to help teens build smart financial habits early, with the tools they need and the guidance they benefit from most.
Parents
We understand there is often a careful balance between encouraging independence and staying involved. As a faith-based credit union rooted in ministry and service, Interfaith Federal Credit Union is committed to helping young members grow not only in financial responsibility, but also in values that reflect stewardship, integrity, and wise decision-making. Our teen account structure allows parents to remain actively involved—providing oversight, guidance, and support—while giving teens the opportunity to practice managing their own money in a safe and structured environment. Together, we can help build a strong financial foundation that lasts a lifetime.
Open account with as little as $5
Ability to open a Free Checking account at age 13 and get a physical debit card, it can also be a digital card
ATM cash withdrawals daily limits: $200
POS purchases up to $200 a day
Credit Auth limit up to 200.00 a day
5,600+ Shared Branching locations- teen must have a state or government issued ID or their joint/adult account holder can transact on behalf of the minor at a Shared Branch location.
30,000+ surcharge-free ATMs
Full-service account with free mobile app, debit card (card management)
Account automatically set to never overdraw (there’s a setting in the checking details, to have this turned on)
E-Statement enrollment required
Zelle access - $200 daily outgoing daily limit
Mobile Deposit Access.
Rewards & Incentives
Birthday Bonus $5
Referral reward $25
No monthly fees or min - Always free & no minimums- strings attached
Debit Card offers cashback & reward points.
Makes financial responsibility more exciting and rewarding, teaching that wise choices pay off.
Digital & mobile features
Debit card – card management - Let users instantly lock/unlock their card and set spending limits in the mobile app.
Parental Monitoring
For parents, there is always a prayerful balance between granting teens more freedom and guiding them with wisdom. At Interfaith Federal Credit Union, we seek to help young people spread their wings responsibly, while encouraging parents to shepherd their financial choices with care and discernment.
Set up Alerts so that you receive either text messages when purchases are made
Teach Financial Responsibility
Teens can learn to manage their own money, track spending, and make thoughtful decisions.
Safer Than Cash
Carrying cash can lead to loss or theft.
If lost or stolen, a debit card can be frozen, protecting the teen’s money.
Convenient for Everyday Purchases
Teens can buy snacks, pay for gas, or shop online without needing cash.
Prepares them for the real-world expectation of digital payments and financial independence.
Builds Good Credit Habits (Indirectly)
While debit cards don’t affect credit, learning to spend within limits lays a foundation for responsible future credit card use.
Helps them avoid debt and understand the difference between spending earned money versus borrowed money.
Parental Guidance Opportunities
Parents can link accounts and teach money lessons.
Opens conversations about financial stewardship, aligning with values like responsibility and planning ahead
Prepares for College and Work Life
Teens will eventually need banking skills for paychecks, bills, and online payments.
Early experience makes the transition smoother, fostering independence.
Faith-Based Perspective
Managing a debit card responsibly teaches stewardship of God’s blessings.
Teens can learn to give, save, and spend wisely, reflecting values of gratitude and careful planning.
IFCU currently provides two options for checking to members 18 and older, Simpli Checking and Secure Checking.
At Interfaith FCU we believe in saving with a purpose towards a meaningful future. If your plans include going to camp, a special mission trip, attending a conference, furthering your education, or another dream, your credit union is here to support your journey. Purpose Savings provides the opportunity to earn up to $150 in matching funds towards your Purpose Savings goal. Individuals 18 and older are eligible for a one-time savings match. Those aged 14-17 can qualify for an annual match up to 4 times.
Interfaith Federal Credit Union offers fixed-rate share certificates with terms from 6 months to 5 years. Minimum of $1,000 is required to open a share certificate, dividends are compounded and paid quarterly.
Liquid Certificate is available for 6-month term only. Unlimited deposits and 2 penalty-free withdrawals. $1,000 maintained minimum, no maximum.
Member accounts are federally insured up to $250,000 by the National Credit Union Administration (NCUA).
Check Writing - Learn how to properly write a check.
Budgeting Worksheet - Having a monthly plan to manage money is the first place to start. Enter your budget items and this worksheet does the math for you!
3 Steps to Financial Freedom - For individuals looking towards their adult life, this information is key to staying on track and living an empowered financial future.
Calculators - Tools for projecting savings growth and lending costs.
View more about these and other topics by going to the Financial Education tab of this website.
Making informed choices about financing your college education can significantly affect your current family, your financial future, and your ability to achieve your life goals. The Consumer Financial Protection Bureau provides some valuable insights.
