WHY OPEN AN ACCOUNT FOR YOUR CHILDREN?
5 REASONS WHY YOU SHOULD OPEN AN ACCOUNT FOR YOUR CHILDREN
Opening an account for your children not only establishes the foundation of their financial future,
but also helps them understand critical lessons about money management and its role in
personal and community development.
MEMBER FOCUSED
As a parent or guardian, you do all things to seek the interest of your child or dependent. Credit unions are owned by its members and therefore function in the sole interest of its membership.
COMMUNITY-BASED
Credit unions are owned by its members; the very persons that belong to a local community. When you open an account in a credit union for your child, they become part of a community collective.
MEMBER-OWNED
“One member, one vote” – This is the basis upon which credit unions are run. When you open an account for your child, they are issued a share in ownership.
NOT-FOR-PROFIT
Unlike commercial banks, credit unions are not-for-profit financial institutions. This means that credit unions run in the sole benefit of its members; your children.
LOAN LENDING RATES
As your children grow into their teens and early adulthood, their needs also grow. Whether funding is needed for tuition fees, computer equipment, etc. your children will be able to borrow in the future based on the value of their shares account.