Youth Accounts

Metco Credit Union believes it’s vital to teach kids and young adults how to save and manage their finances, long before they have the opportunity to incur debt or are faced with large financial decisions as adults. Below you will find specific recommendations based on the age of the member, however we’re always happy to talk with parents/guardians and their children to determine what services fit you best!

FOR ALL YOUTH MEMBERS

  • Open a Youth Savings Account & earn dividends on the first $5.00 deposited
  • Special Certificate of Deposit option — you may invest in a share certificate with a minimum of $500 for a 36-month term
  • Receive a special birthday treat each year!

At age 13, we recommend these financial services:

  • Youth Bundle Checking – a free checking account with a free debit card, plus all of the free electronic services we offer so they can keep an eye on their accounts.
  • Youth Debit Card Round-Up Savings – a special savings account that’s tied to a debit card to help them save for whatever they and you (their parent/guardian) decides is important.
  • Prepaid Card – If they’re not quite ready for a checking account, a prepaid card loaded with their allowance may be a good start. They’ll learn how to manage their money while using a card, without any risk.

At age 16, we recommend  these additional financial services:

  • First Car Loan – If you co-sign their first car loan, we’ll give them a rate based on your credit scores. However, the loan will work on building their credit score.
  • Credit-Builder Loan – We help them build a positive credit history even if they don’t need the money.

Here’s How Our Credit Builder Loan Works:

We give them a small loan at a very low interest rate.

We set that money aside in a savings account (that cannot be withdrawn).

They make consistent, on-time monthly payments toward the loan for at least 6 months.

When their monthly principal payments equal the amount borrowed, we release the funds from the savings account and the money is theirs to save or spend!

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