PORTLAND, Maine (7/30/12)--free4ME, an account targeted toward 18-25-year-olds that is offered as part of the Young and Free Maine Program, grew 9% in June.
The growth from May to June represents a 2% increase over the average monthly growth rate, according to the Maine Credit Union League (Weekly Update July 27).
Maine credit unions now hold 3,200 free4Me accounts, with 60% of them representing new relationships. Eighteen percent of the account holders have loans with the credit unions.
Since the Young and Free Maine Program was launched in June 2011, the average age of members at participating credit unions has dropped to 45 years old from 47 years old. Those credit unions saw 7.84% growth in 18- to 25-year-old members.
Overall membership of 18- to 25-year-olds in participating credit unions have rose to nearly 10% from 9.2%.
About 60% of Maine credit unions participate in the Young and Free Maine program.
"Maine credit unions have made a significant investment in the Young and Free Program, and we are seeing that it is making a difference," said John Murphy, league president.