From birth through college graduation, Educational Community Credit Union provides services to support and encourage strong financial values and thoughtful decision making for discretionary spending.
We are committed to:
- Developing relationships with youth.
- Helping parents provide financial guidance.
- Working with school districts to provide training.
- Community involvement for youth.
Youth Savings Accounts
- Earns one-quarter percent higher interest than Savings.
- Open to all kids from birth to 12 years old.
- Minimum of $5.00 to open.
- No minimum balance to earn dividends.
- Automatically converts to a regular Savings Account at age 18.
Teen Savers
- Account earns one-quarter percent higher interest than Savings Accounts.
- Open to all teens 13- 17 years old.
- Minimum of $5.00 to open.
- No minimum balance to earn dividends.
Free Teen Checking Accounts
- Open to Teens ages 13-17 years old.
- Minimum of $5.00 to open.
- Must have student ID, Driver’s License, or Birth Certificate to open.
- FREE account reconciliation.
- Adult joint ownership required.
Fixed Rate Share Secured Credit Cards (Age 18 and over)
This is an excellent way for young people to start to build their credit. They can get a savings account built up and then get a small loan or a Visa card which is share secured.
The benefit here is that the money stays in your savings account and both you, and the credit union, are secure in knowing if you ever get in a jam you can still take the money from savings and pay off the loan. It’s a “win win” situation for both parties. You borrow money at an incredibly good rate (3% above the dividend rate) and your savings account remains in tact as you pay it back.
For more information on this “share secured loan product” and other “unsecured loan products” please call an Educational Community Credit Union Representative.
Certificates of Deposit (CDs)
CDs
- A higher dividend rate.
- Minimum as low as $500 to open.
- Terms from 3 months to 5 years.
- During the initial 10 day grace period you may deposit any amount to the CD.
- Automatic renewal.
Jumbo CDs.
- A higher dividend rate v Minimum of $50,000 or $100,000 to open.
- 1 year term v During the initial 10 day grace period you may deposit any amount to the CD.
- Automatic renewal.
Looking for more fun resources for kids, check out the following link:
