Building Your Child’s Financial Future in Nevada
Nevada parents want the best start for their children—and that includes financial education and smart saving habits. From federally proposed child savings accounts to proven local tools, there are many ways to help kids learn money management and grow their savings early.
This guide explains the national conversation, highlights youth savings options at Greater Nevada Credit Union (GNCU), and provides tips for families looking to secure a strong financial future for their children.
What Are Federal Child Savings Accounts?
Recently, policymakers have been discussing a federal initiative that would seed newborns with an initial savings deposit. This concept, sometimes referred to as “baby bonds,” is designed to encourage long-term financial planning from the very start.
Key points to know:
- Eligibility, funding, and tax implications are still being finalized (source).
- While these programs gain attention, families don’t have to wait—there are reliable ways to save for children today.
Choosing the Right Savings Tool for Your Child
Every family’s goals and comfort levels differ. Choosing the right savings account depends on:
- Purpose: Education, a first car, or general financial security
- Timeline: Short-term savings vs. long-term investment growth
- Risk tolerance: Low-risk accounts vs. market-based investments
Here’s a breakdown of the top options available in Nevada.
GNCU Youth Share Savings Account (Ages 0–17)
Why families love it:
- No minimum deposit required
- Earns dividends on balances
- Ideal for allowance, birthday gifts, or first job earnings
- Easy for parents/guardians to monitor
Best for: Introducing children to responsible money habits in a low-risk, beginner-friendly way.
Learn more about GNCU Youth Savings
GNCU Share Certificates (CDs)
What it is: Fixed-term accounts offering a guaranteed rate of return.
Benefits:
- Predictable growth over time
- Encourages long-term savings discipline
- Suitable for milestone gifts or intentional saving
Best for: Parents or grandparents seeking safe, long-term growth for their child’s savings.
Explore GNCU Share Certificates
GNCU Student Cash Back Checking (Ages 14–24)
Why teens benefit:
- No monthly service fees
- Earns cash back on everyday purchases
- Teaches budgeting and account management
Best for: Teens ready to develop financial independence under parental guidance.
Other Common Savings Tools (Outside GNCU)
Nevada families often supplement credit union accounts with external tools for broader financial education.
529 College Savings Plans
What it is: Tax-advantaged accounts designed to cover future education costs (IRS 529 Plans).
Benefits:
- Tax-free growth when funds are used for qualified education
- Can be used for college, trade schools, and some apprenticeship programs
Considerations:
- Non-education withdrawals may be taxed
- Investment performance affects growth
Talk to a financial advisor at GreaterNevadaFinancial Services
UTMA/UGMA Custodial Accounts
What it is: Investment accounts controlled by a parent or guardian until the child reaches adulthood (FINRA Guide to UTMA/UGMA).
Benefits:
- Flexible use of funds
- Access to investment options like stocks and ETFs
Considerations:
- Child gains control at adulthood
- Possible tax reporting for unearned income
Federal Child Accounts: What We Know
These federally seeded accounts aim to:
- Give newborns a financial head start
- Encourage long-term saving and financial literacy
- Help narrow generational wealth gaps
Keep in mind:
- Program rules and tax implications are still under discussion
- Reporting requirements may apply
- These accounts complement, rather than replace, existing options
Quick Comparison of Child Savings Tools
| Savings Tool | Offered by GNCU | Risk Level | Flexibility | Best Use |
| Youth Share Savings | ✔ | Low | High | Everyday saving & teaching money habits |
| Share Certificates | ✔ | Low | Medium | Long-term guaranteed growth |
| Student Cash Back Checking | ✔ | Low | High | Teen financial independence |
| 529 Plans | ✘ | Medium | Low-Medium | Education-focused savings |
| UTMA/UGMA Accounts | ✘ | Medium-High | High | Investment growth for children |
| Federal Child Accounts | ✘ | TBD | TBD | Eligible newborns once program finalized |
3 Questions to Help You Decide
- What am I saving for—education, a first car, or financial independence?
- Is guaranteed growth or investment growth more important?
- How much control will my child have over these funds in the future?
GNCU Supports Nevada Families
Starting early is one of the most impactful gifts a parent can give. Whether opening a child’s first savings account or planning long-term, GNCU provides tools and guidance for every stage of financial growth.
Next steps:
- Visit any GNCU branch
- Explore youth and student account options online
- Take the first step toward securing a strong financial future for your child today
