OnPoint Community Credit Union has rolled out a new OnPoint Savers Account designed for teenagers below 18 years of age.
The latest offering is aimed to develop financial wellness among its members. The OnPoint Savers Account provides a 5% APY for the first $500 deposit.
Also, when the members open a new membership for their ward with a minimum deposit of $25, OnPoint will deposit an additional $55 into the account.
Furthermore, the credit union plans to provide financial advice to young customers to develop positive savings habits.
OnPoint president and CEO Rob Stuart said: “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.
“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.”
After the teenagers reach 18 years of age, these accounts will be converted into traditional savings accounts.
The OnPoint Savers Account for teenagers can be opened by visiting any OnPoint branch.
Based in Oregon, OnPoint Community Credit Union serves more than 378,000 members.
It has around $5.8bn in assets, and caters services to people living in 13 Oregon and two Washington counties.