As adults, when we hear the savings options for children these days, we often express wishing those were available to us when we were young. That is proof-positive that youth savings programs are important and offer valuable lessons to our children.
Michigan State University Federal Credit Union Chief Marketing Officer Deidre Davis explained the credit union has updated its youth savings program.
The program engages more directly with different age groups, and Davis noted that it is also quite fun. There are now five accounts with age-appropriate content to help youth on their paths to handling money successfully.
“The Youth Store is where youth account members can redeem virtual coins they earn by depositing money into their accounts for fun items,” Davis said. “Youth account members earn one coin for each $10 they deposit. There are a lot of fun and creative items available for purchase for all ages, and it’s a fun way to encourage kids to save.”
As the children in the program age, they simply graduate to the next account level, so there is no need to open or change accounts. College students and young adults also have an offering they can take advantage of.
“Our Totally Green checking account has no minimum balance, no fees and comes with a debit card and eStatements,” said Davis. “Additionally, new members can manage their accounts through the MSUFCU mobile app and ComputerLine at anytime from anywhere.”
Other benefits include financial literacy classes that are free to members, and a low interest/ low balance limit credit card that helps young adults begin to learn about and build credit without high risk.
There is even a blog, Financial 4.0, that features savings tips for college-age members. Add to that Financial U seminars held on the Michigan State University campus for MSU students and you’ve got a great starting point for financial success.
For more information, visit msufcu.org.