The best time to learn good money management habits is when you’re young. Tower offers opportunities for young people of all ages to learn how to save money and manage their accounts. A lifetime of good financial decision-making starts here.
Parents or guardians can open a Prime Share account in their child’s name. To take advantage of compounding dividends, open a Share Certificate in your child’s name, too. The sooner you start setting money aside for your young savers, the more time it has to grow.
Club Accounts
As children get older, teach them how to save for the things they need or want with Tower’s “You Name It” and Holiday Club accounts. Seeing each deposit they make gets them closer to that new bike, tech gadget, or first concert ticket and introduces them to the habit of saving.
Games for Young Savers
Open an Account
To open an account, please visit a branch or call our Member Service Center at 301-497-7000 or 866-56-TOWER. New accounts for minors may not be opened online. One form of appropriate identification for the minor is required, as well as a signature if the minor is older than 10 years of age. Acceptable forms of identification include: Birth Certificate, Social Security Card, US Passport, Driver’s License, State ID, Military Dependent ID.
As a teenager, you’re starting to gain greater independence and manage your own money. From making money at your first part-time job to saving for your first car or college, you’re at the point in your life where you begin making important financial decisions.
Savings Accounts
Teens 17 and under can have their parents open a Prime Share account in their name. The teen and their parent can also open “You Name It” and Holiday Club savings accounts and take advantage of these benefits:
- Free online and mobile banking
- Earn dividends on your balance (your money makes money just by being in your account)
- No monthly fees or service charges
Checking Accounts
If you’re 16-17, you can open your first checking account with Tower as long as you have an adult joint account owner.
- $10 minimum opening deposit
- No monthly minimum balance and no monthly fees or service charges
- Earn daily dividends
- Free online and mobile banking, including mobile app
- Free Mastercard® debit card that earns cash back with Debit Rewards
- Unlimited access to over 30,000 free ATMs nationwide
Games for Teen Earners
Open an Account
To open an account, please visit a branch or call our Member Service Center at 301-497-7000 or 866-56-TOWER. New accounts for minors may not be opened online. One form of appropriate identification for the minor is required, as well as a signature if the minor is older than 10 years of age. Acceptable forms of identification include: Birth Certificate, Social Security Card, US Passport, Driver’s License, State ID, Military Dependent ID.
Whether you’re going to college or working full time, you could probably use a little help paying for things. Tower offers great rates and flexible terms to help you borrow affordably and build a strong credit history. The more carefully you manage your credit now, the easier it will be to secure a loan in the future (like a mortgage for your first home).
Tower offers young adults:
- Mastercard® credit card options with low rates and convenient online statements
- Personal Line of Credit to give you easy access to additional funds when you need them
- Education Loans to help you pay for college
- Auto Loans with up to 100% financing
If you are earning money, now is also the right time to start saving for retirement. It might seem like a long time away, but the sooner you start saving, the more money you’ll earn thanks to compounding dividends. See our IRA options.
Games for Young Adults
Open an Account
Login to Home Banking or use Tower’s free Mobile App to open an account or apply for a loan. To open an IRA, please visit a branch or call our Member Service Center at 301-497-7000 or 866-56-TOWER.