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Overview
Family Finance Challenge
Youth Services
Money management is an important skill, and those who learn to manage their finances at a young age can have a head start on life.
To help kids get a head start, Spirit of Alaska offers youth savings accounts, checking accounts for teenagers 13 – 17, and a first-time car buyer program. Young members who open a savings account receive a free coin “bear” bank. Milestone letters are sent at 13, 16 and 18, helping young members step up into financial responsibility.
Spirit of Alaska partners with Banzai to provide an interactive and fun financial education. Parents can use Banzai to start financial conversations, and engage with their kids on complex topics such as budgeting, insurance and using credit. Read more about Banzai below!
Financial Services Available to Youth Members
- Savings Accounts to start
- Youth Pocket Cache Checking accounts issue a debit card for ages 13-17
- Our First-time Car Buyer Program can help teenagers purchase a car.
- Build credit with Share Secured Credit Cards
- Save for higher education with an Education Savings Account
Financial Education Available Through Banzai
Banzai Reviews by Kids
One thing I learned in Banzai is the importance of money and how to manage/budget your money.
I learned the vocabulary I will need to understand when I am paying my own bills.
I have never been exposed to this kind of stuff before. I didn't realize it was that much persist calculations that go into just maintaining a lifestyle. I learned how to save money and use my money very wisely.
I learned that even though insurance might seem expensive when you first get it, it helps out in the long run.
Saving, and distributing money for all of your needs can be super difficult.
- Students in FairbanksWhat to bring when opening an account for a minor
To open a savings account for a minor, you will need to bring:
- The minor’s social security number
- A copy of the birth certificate with the name of the parent and applicant on the birth certificate.
To open a checking account for a minor, you will also need to bring:
- The minor’s passport, state ID or a school ID if available.
- ID is required because a debit card is issued to the checking account
Spirit of Alaska's Milestone Letters
Once you open a savings account at a credit union, you are a member for life. Life has different stages or milestones, and everyone at the credit union is happy to help you step up to each stage!
Milestone 1: Savings Account
When you are young, opening a savings account is the first milestone. When you open a savings account at Spirit of Alaska, you receive a FREE Spirit of Alaska Bear Bank or Piggy Bank!Milestone 2: Pocket Cache Checking Account
Once you turn 13, we will send you a letter telling you about opening a Pocket Cache Checking Account with a custom debit card! There will be a gift in the letter for you! This checking account won’t let you spend more money than you put in (also called deposits), and your parents or guardians can help with the account too. You can even earn points with your Pocket Cache Debit Card, and redeem them for stuff you like.Milestone 3: Auto loans
As you get older, your parents or guardians might want to help you learn how to drive and help you get a car. Sometimes you buy a car with an Auto Loan. When you turn 16, we will send you a letter telling you about our First Time Car Buyer Program. There will be a gift in there too!Milestone 4: Turning 18
When you turn 18, we will send you a letter about changing your Youth Pocket Cache checking account to an account for adults! By now, you should really know how to spend your money wisely, because we’ve helped you figure it out along the way.Get started with Milestone 1, and open a Savings Account.
Spirit of Alaska also offers fun ways to learn about money online through Banzai. Keep reading to find out more about Banzai!
Banzai Junior
Play a real-life scenario as a kid opening a lemonade stand. Designed for kids aged 8 to 12, Banzai Junior teaches basic concepts like:
- Opening a savings account
- Envelope budgeting & saving for purchases
- Unexpected expenses
- Making payments & interest
- Investing profits & discretionary income
Banzai Junior is available in both English and Spanish. Getting started is easy-just sign up! Once you are signed up, select the Banzai Junior Course. The same login will also give you access to additional courses.
Sign Up for BanzaiBanzai Teen
Banzai Teen gives youth aged 13-17 the opportunity to work through real-life financial problems in a safe environment. The goals is to save enough money to register for college. Unforseen challenges, a rich storyline and quirky scenarios call for making the right choices to meet the goal. Banzai Teen covers financial concepts like:
- Budgeting a paycheck & tax withholding
- Paying rent
- Loans & insurance
- Using checking & savings accounts
- Credit cards & payments
To get started with Banzai Teen, all you have to do is sign up! Then select the Banzai Teen Course.
Sign Up for BanzaiDisclosures
Spirit of Alaska reserves the right to modify and change any offered services at any time.
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Calculator
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FAQ
Frequently Asked Questions
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Do minors always need a guardian to open an account at Spirit of Alaska?
Yes, we cannot open accounts for a minor without proof of guardianship by the joint adult on the account.
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What is required to open an account for a minor?
To open a savings account for a minor, you will need to bring:
- The minor’s social security number
- A copy of the birth certificate with the name of the parent and applicant on the birth certificate.
- The minor’s passport, state ID or a school ID if available. A minor’s passport or other ID will be required when opening a Pocket Cache Checking Account.
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Is Banzai just for youth?
Banzai is for adults too!
The Banzai Plus Course for 16+ applies advanced financial concepts such as credit scores, identity theft, down payments and tax returns to an online scenario of saving for a home. Decisions have far-reaching consequences in the scenario.
See our Banzai Learning Center for all of the ways older members can access Banzai’s library of resources.
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Is Banzai only in English?
Banzai is available in English and Spanish
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How long does it take to complete Banzai?
Banzai is flexible—it saves your progress, so return to it any time. For the Banzai Teen and Junior courses, plan 45 minutes to an hour to complete each course. For Banzai Plus, consider an hour or more.
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Do minors always need a guardian to open an account at Spirit of Alaska?
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