Using Education to Promote Money Management
Posted: Sep 21, 2018
GO Federal Credit Union is one of the best credit unions in Lancaster and Dallas. But being the best doesn’t mean they seek to only serve the community members who can walk in the door and use their services. GO Federal Credit Union also wants to start connecting with young people through education and teach the younger generation about how to become smart spenders and savers.
One of the ways it does this is through educating parents first. Teaching adults about the benefits of a savings account with a credit union also opens up opportunities to share information about the youth savings accounts they offer.
Savers Make the World Go Round
At GO Federal Credit Union in Lancaster and Dallas, a youth savings account is available to all children from birth to 18 years old. These youth accounts come in two varieties:
- A Kids Club Savings account is for kids up to 12 years of age. For a deposit of $25 and with the permission of a parent, this youth savings account earns dividends with the initial $25 deposit. Those dividends can then grow over time, teaching kids about interest. When it comes time to spend what they’ve earned, withdrawals can also be made at any time.
- A Smart Start Savings account is for kids 13 to 18 years old. It also requires a $25 deposit to open the account and offers all of the same benefits available with the Kids Club account. In addition, a matching checking account is opened at the same time, allowing kids to start learning about how checking accounts work. They are also given access to online and telephone banking, important features for our increasingly digital age.
Both of these special accounts are designed to teach kids how to save their money and learn how to manage their funds.
Save Early and Often
By using these youth banking programs, GO Federal Credit Union hopes to show young kids and young adults the benefits of letting their money grow and how to save for things that they really want. By teaching kids about the value of saving now, GOFCU hopes that they will be able to deal wisely with larger amounts of money later in life. It is this approach makes them one of the best credit unions in Lancaster and Dallas.
About the company:Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.
Federally insured by NCUA and Equal Housing Lender