(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 percent 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.
Opening a Savers Account is easy. Kids and their parent or guardian can stop by any OnPoint branch to get started. To learn more about the OnPoint Savers Account, please visit: onpointcu.com/onpoint-savers.
DISCLOSURES
*OnPoint Savers Account rate of 5.00 percent APY is subject to change. Stated APY is for balances up to $500; balances of $500.01 and higher earn posted Regular Savings Account rate. Account must be established for member age 17 or younger by parent or guardian with a minimum $25 deposit. Parent or legal guardian must be on the membership and present to open the OnPoint Savers Account. When primary member attains the age of 18, accounts will be converted to Regular Savings Account, earning that account’s published rate at that time. Fiduciary memberships, including UTTMA and Minor Settlement Accounts are not eligible for OnPoint Savers. One OnPoint Savers Account per member/TIN. One $55 bonus per tax ID for new members only. Cannot be combined with Refer a Friend bonus or other promotional offers. The full account balance APY is calculated by combining the 5.00 percent APY earnings on the first $500 with the standard APY on the remaining balance above $500.
Federally insured by NCUA.
