This new product is part of the credit union's ongoing commitment to improve financial wellness for its members and the community
Image: Two of OnPoint Community Credit Union's youngest members open OnPoint Savers Accounts at the credit union’s branch in Lake Oswego, Oregon. Photo: courtesy of OnPoint Community Credit Union.
OnPoint Community Credit Union has launched a new OnPoint Savers Account specifically designed for youth ages 17 and younger. This new product is part of the credit union’s ongoing commitment to improve financial wellness for its members and the community.
The OnPoint Savers Account earns a 5.00% APY for the first $500, which is a higher interest rate than traditional savings accounts. When parents or guardians set up a new membership for their child with a minimum deposit of $25, OnPoint will deposit an additional $55.
The Savers Account is built specifically for kids and it’s not just about the high yield savings and bonus; OnPoint also plans to share tips and tricks with this younger membership designed to help them adopt positive savings habits.
“Financial education is an important part of who we are and we look forward to helping young people adopt healthy money management habits early on in their lives,” said OnPoint President and CEO Rob Stuart. “We invite kids to join their parents at any OnPoint branch to open their new Savers Account and we’ll give them a piggy bank, show them how to use the coin machine and answer any questions they might have about saving.”
According to the Federal Reserve, one in four Americans have not started saving for retirement. It’s never been more important than now to start teaching our kids about short- and long-term saving habits and financial goal setting. In addition to the Savers Account, OnPoint offers online resources for kids and parents on our updated website and new financial education platform.
OnPoint looks forward to being in contact with these young members throughout their banking partnership. When they reach 18, OnPoint will convert their Savers Accounts to a traditional savings accounts, along with providing special offers for products and services.
Source: Company Press Release