As we flip the calendar to April, we’re turning the spotlight to our youngest members because it’s National Credit Union Youth Month! We’re on a mission to help the next generation on their journey to becoming savvy savers and spenders by equipping them with the tools and education they need to build a bright financial future.
The journey of a thousand miles begins with a single step. When it comes to savings, that first step is monumental. Whether you’re a parent, guardian, grandparent, or other family member, starting a savings account for the child in your life is important for many reasons. Not only is it a safe place to store their money, but it helps teach kids valuable financial skills, like setting savings goals, and can help establish good financial habits. Also, children under age 18 qualify for a 4.00% APY1 on youth savings account balances up to $500. So, it’s a perfect time to consider opening a youth savings account for the child in your life.
In celebration of Youth Month, PSECU will match the first deposit up to $252 for a youth savings account opened and funded from April 1 to April 30 when promo requirements are met. Here’s how it’ll happen:
Open a custodial or Regular youth savings account between April 1, 2024 and April 30, 2024 using promo code YOUTH.
PSECU will match the initial deposit made to the Regular savings share up to $25 within 45 days after the requirements are satisfied. (NOTE: This does not include the initial $5 funding to open the account. The match will be made off the first deposit after the account opening to the Regular savings share. Limit one (1) new youth account per child per tax identification number used to open a new PSECU youth account.)
Since partnering with Greenlight, PSECU families have been able to provide a hands-on learning experience for young savers in a fun way. Greenlight is a banking app and debit card (issued by Community Federal Savings Bank, Member FDIC) designed for kids and teens and managed by parents. Greenlight gives kids more freedom with their money, teaching them how to save, earn, and spend wisely. Parents can access a suite of tools to help kids learn about the importance of money with features like real-time notifications, spending controls, and setting up chores and allowances for each child to complete. And the best part? PSECU members can get a free3 subscription to Greenlight when they enroll and add PSECU as their funding source.
It takes a village to raise a financially savvy generation, and through our proud partnership with Junior Achievement of South Central PA (JA), we’re able to make learning fun and accessible for the youth in the community. Together, PSECU and JA share a common goal of empowering today’s youth with the knowledge to make informed financial decisions. Through hands-on programs and real-world simulations like JA BizTown and JA Inspire Virtual, JA creates “Aha!” moments that stick with students for life. These programs help kids learn how to manage their finances, develop basic finance skills, and explore different career paths.
At PSECU, we’re more than just convenient anytime, anywhere banking; we’re helping build brighter financial futures for our youngest members. Celebrate National Credit Union Youth Month with us this April by opening a youth savings account for the child in your life and making sure that the next generation is equipped, informed, and ready to thrive in the real world. For more tips and tools on how to teach kids about money, check out our Resource Center.
1 APY denotes Annual Percentage Yield. To be eligible for the Youth Savings rate, the primary account owner must be under 18. All eligible Youth Savings Share accounts earn 4.00% APY for balances of $.01 to $500.00. For balances of $500.01 and over, the Regular Savings Share APY will apply. Rates and information are subject to change at any time. Fees could reduce earnings on the account(s). The disclosed dividend rates are variable and may change after the member opens the account(s). Find our current dividend rates at psecu.com/rates. PSECU requires a $5 minimum balance to open and maintain a Regular share account. This $5 share account deposit is also required to be eligible to receive the Youth Savings rate, and the member must be in good standing as defined by PSECU's Bylaws, Article II, Section I. PSECU will make a $5 minimum share purchase on behalf of the member.
2 From 4.1.24 to 4.30.24, PSECU is running a new youth account bonus. To receive the bonus, a deposit, match up to $25, members must open a new youth account with promotional code YOUTH and satisfy the requirements listed below. “Youth account” is defined as an account where the adult and youth are joint owners on an account or a custodial account opened by an adult for the youth. All youth accounts must be opened and funded with promotional code YOUTH by 04.30.2024 at 11:59 pm to be eligible. PSECU will deposit member incentive bonus into the Regular savings share within 45 days after requirements are satisfied. PSECU will match only the first deposit made into the Regular savings share up to $25 after account opening (does not include initial $5 deposit at account opening). Deposits to other shares such as checking or additional savings shares will not qualify for this bonus offer. Promotion open to U.S. Residents who are 18 years of age or older at the time the adult opens either a joint account with a youth or a custodial account for a youth. Limit one (1) new youth account bonus per child, per tax identification number used to open a new PSECU youth account. Joint owners listed on accounts are not eligible to be rewarded for this bonus. You will not be eligible for the youth account bonus offer if you are a current PSECU member who is a joint owner with the youth or already has a custodial account for the youth, have closed a youth account within the past 12 months, or have received any new member incentive bonus for a youth account within the past 12 months. Members who open accounts and/or loans by fraudulent, suspicious, or illegal means, including but not limited to providing PSECU with fraudulent or fabricated information, are not eligible to participate in this bonus offer. PSECU may adjust the deposited bonus or remove the deposited bonus at any time if PSECU suspects accounts and/or loans were opened by fraudulent, suspicious, or illegal means, including but not limited to providing PSECU with fraudulent or fabricated information. $5 is required to open and maintain a Regular share account. This $5 share deposit is also required to be eligible to receive the bonus, and the member must be in good standing, at the time of payout, as defined by PSECU's Bylaws Article II, Section 1. A $5 minimum share purchase will be made on behalf of the new member by PSECU. If the member account is closed within the first year of membership, the initial $5 share will be retained by PSECU. The Annual Percentage Yield on PSECU's Youth Savings is 4.00% on balances of $0.01 to $500.00 and 0.50% on balances of $501.00 and greater. This variable rate is current as of 02.01.2023 and may change. Withdrawals and fees may reduce earnings on the account. If you have any questions, please seek the advice of a qualified tax professional. All decisions of PSECU regarding this promotion are final. PSECU may terminate or change the terms and conditions of this promotion without notice. Subject to all applicable federal, state, and local laws and regulations.
3 PSECU members are eligible for the Greenlight SELECT plan at no cost when they connect their NCUA-insured PSECU checking account as the Greenlight funding source for the entirety of the promotion. PSECU debit cards are not eligible for this promotion. Subject to minimum balance requirements and identity verification. Upgrades will result in additional fees. Plans start at $4.99/mo. This promotion will end on 7/30/2024. Beginning 8/1/2024, customers will be responsible for associated monthly fees. See terms for details. Offer subject to change.
Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.