Kids start practicing saving and investing early through board games such as Monopoly, Pay Day and Life. With rising college tuition costs, it is never too soon to teach kids how saving and investing their money can help pay for life's expenses and lead to financial wellness later in life. Teachers Credit Union offers a program, Student Rewards Checking, that is designed to help kids as young as 14 start saving early and be educated on various investment options, according to Chris Griggs, manager, Teachers Credit Union's University Park and Granger branches.
“A checking account comes with a significant level of responsibility,” Griggs said. “That experience can help youth develop healthy financial habits that will help them achieve success in the future. Having direct control over their finances can teach them how to follow a budget and plan ahead for future expenses. Empowering teens to control their own budget helps educate them about the reality of how far money goes in the real world.”
Student Rewards Checking is an ideal first checking account for teens and young adults heading off to college or those who just want to start saving for their future. It offers all the features of a regular checking account with an added bonus of cash rewards for managing money responsibly. There is no monthly account fee when a student enrolls in eStatements. Cash rewards can be earned in the first year, along with other perks.
“Kids also can earn cash rewards just for practicing smart money management,” Griggs said. “They can earn $10 for each year they do not overdraw their checking account, and an additional one-time award of $10 for using the credit union's mobile app, enrolling in online banking, and registering for eStatements and Round-Up Savings.”
Griggs said kids can get $25 when they complete at least six modules in Teachers Credit Union's financial empowerment program through a participating school or independently online.
“With Teachers Credit Union, teens can get rewarded for learning more about financial responsibility and well-being,” she said. “TCU’s Financial Empowerment Program is a state approved online financial literacy program designed for use in schools or for students at home learning at their own pace. Our training resources help give teens a leg up as Indiana state regulations require some form of financial training course to graduate from high school.”
“With our Student Rewards Checking account, teens can move money from savings to checking and vice-versa, and there are no limitations on online banking for them,” Griggs said. “Parents can monitor the account if they have the login information. For kids under 18, a parent is required to help open the account for them, so they usually choose the login information and password together so they can both monitor the account.”
Once a student turns 24, their account automatically converts to a Performance Checking account, which also has no monthly fee if they are enrolled in eStatements. The young adult keeps the same account number and debit card. Only the checking account name and some features change.
“They always have an opportunity to switch to another type of checking account at any time,” Griggs said. “Teachers Credit Union offers other checking accounts with features such as added identity protection and accounts that also earn dividends. Accounts are also federally insured by the National Credit Union Administration (NCUA).”
Teachers Credit Union offers convenient ways to get cash from the more than 700 zero-fee ATMs in Indiana and Michigan (and thousands of reduced-fee ATMs nationwide). They also provide banking at more than 5,000 credit unions across the country through their CO-OP Shared Branch network.
Learn more about the Student Checking Rewards program online at the link here or visit one of Teachers Credit Union’s 50+ branches.
To learn more, visit tcunet.com.
