MADISON, Wis. (1/17/14)--NerdWallet, the personal finance and financial literacy website, touted credit unions as financial institutions that help kids save money with incentives and rewards.
"Because the majority of schools often lack comprehensive financial education resources, it is important to teach your child the significance and benefits of saving money as early as possible--and reward them for doing so, because a little gift here and there never hurt anybody," the Jan. 16 article said. "Many credit unions offer savings accounts for children, and some of them come with a variety of incentives and rewards."
The article cited several credit unions that offer accounts and benefits for children.
In addition to youth savings accounts and certificates of deposits, $26 million-asset Pueblo (Colo.) Government Agencies CU, offers a CU Smart Kids section with games and worksheets to motivate and entertain kids, NerdWallet said.
York County FCU, with $195 million in assets, Sanford, Maine, provides both free online banking and free eStatements with its youth accounts. The superhero-themed Centsables kid's website provides creative and interactive games that will teach children about money and savings.
1st Choice CU, with $23 million in assets, Atlanta, offers a program called the Savasaurus Club, for kids 12 years old or younger, with a required minimum opening deposit of only $1. Kids receive an account card, a coloring book, crayons, and other items that will help motivate them to save money.
Each time a child makes a deposit into $95 million-asset Riegelwood (N.C.) CU's Buck Club he or she is entered into drawings for periodic prizes, including trips to amusement parks and local water parks. This Valentine's Day they could win a large stuffed bear and a Radio Flyer wagon stuffed with treats and prizes. Riegelwood CU employees also visit local schools and teach financial literacy classes.
The Kids Club account at $31 million-asset Wyrope Williamsport FCU, South Williamsport, Pa., gives kids a Money Mouse dollar for every $10 they deposit. They can also win a Money Mouse dollar for getting As on their report card. They can use their Money Mouse dollars to buy prizes such as stickers, books, water bottles and board games.
For more on credit union activities and kids, see today's News Now "Youth Week set to 'Catch the $ave Wave' in April."
To read the full article, use the link.