MSUFCU youth accounts help children save
New program provides many age-appropriate offerings
EAST LANSING, MI (January 14, 2019) — As parents, we want to prepare our kids to become financially successful at all ages. We do this in many ways, such as trips to the grocery store with our shopping list or looking for deals on school supplies. Another way we can support our children’s understanding of finances is through opening savings accounts specifically for them. Deidre Davis, chief marketing officer for Michigan State University Federal Credit Union, explains the credit union’s new youth savings program and the various accounts available for kids of all ages.
Does MSUFCU offer youth accounts?
Davis: Yes! The main benefits of MSUFCU youth accounts are to teach children at an early age the value of saving and to learn more about how finances work. Each youth account offers age-appropriate financial information and opportunities to participate in exclusive contests and events. In addition, account members have access to free apps featuring financial-focused games and ways to earn virtual coins they can then redeem through the online Youth Store.
How does a youth account work with different ages?
Davis: At MSUFCU, we recently updated our youth account program to engage more directly with different age groups in an especially fun and beneficial way. On June 1, 2018, we launched our new youth account program, offering five accounts each with age-appropriate content to help set children on the path to financial success. These accounts include:
- Sweet Pea – ages 0-2
- Dollar Dog – ages 3-6
- Cyber Saver – ages 7-10
- Money Club – ages 11-13 and
- CU Succeed – ages 14-17
We also launched and exciting and fun online Youth Store.
What is the online Youth Store?
Davis: The Youth Store is where youth account members can redeem virtual coins they earn by depositing money into their accounts for fun items. 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 children get older, do they have to open a new account to move to the next account level?
Davis: No. Current account holders will graduate to each next account level automatically when they reach the starting age for that account type.
What about when children graduate high school – are there accounts they can transfer savings to?
Davis: Yes. We have an awesome account for college students and young adults. Our Totally Green Checking Account has no minimum balance, no fees and comes with a debit card and eStatements. 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. So there are many opportunities for our young members to save and learn as they grow with MSUFCU.
We also have a Financial 4.0 blog featuring savings tips for college-age members and Financial U seminars held on campus for MSU students. You can learn more about this and our youth accounts by going to msufcu.org.
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 12 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Michigan; has 23 branches; nearly 350,000 members; over $7.45 billion in assets; and more than 1,100 employees. For more information, visit msufcu.org.