At White River Credit Union (WRCU), we are dedicated to supporting our members’ financial journeys. From opening that first savings account with Rocky Raccoon to transitioning into a standard savings account as a young adult, WRCU guides you through every step. Let’s explore how we help our youngest members grow into financially savvy adults.
Learning to save with a Rocky Raccoon savings account
The Rocky Raccoon Kids’ Account is the ideal introduction to saving for our youngest members. This account is designed to be fun and educational, helping children grasp the importance of money management from an early age. With no monthly fees and special perks like the Rocky ID membership card, kids are encouraged to save and learn valuable financial lessons. Additionally, we offer resources that make saving engaging and informative, setting children up for a lifetime of responsible financial habits.
Benefits of saving early with a kids’ account
Starting a Rocky Raccoon account isn’t just about putting money aside—it’s about giving your child a head start on financial success. The Rocky Raccoon Kids’ Account offers a variety of benefits designed to make saving fun and educational for kids:
- Rocky Savings and Save for Something Savings: These specialized savings options encourage kids to set and reach savings goals, teaching them the value of planning and patience.
- $0 Monthly Service Fee: With no monthly fees, kids can focus on growing their savings without worrying about deductions, making it easier to see their money grow.
- Rocky’s Savings Challenge Coin Saver: This interactive tool turns saving into a game, motivating kids to set aside money while having fun.
- Rocky ID Membership Card: Children receive a membership card, which gives them a sense of ownership and pride in their financial journey.
- Online and Mobile Banking Tools: Kids can get a taste of modern banking with access to WRCU’s online resources and mobile app, making it easy to track savings and learn about money management.
Teach your little ones about financial literacy
According to the Council for Economic Education, 50% of America’s youth will earn less than their parents, and 24% of millennials demonstrate basic financial literacy. As the economy becomes more challenging for today’s adults compared to previous generations, it’s essential to teach kids about finances early so they grow up responsible for money.
Financial literacy is a vital skill that starts at home. You can make learning about money fun by involving your kids in everyday financial decisions, such as budgeting groceries or saving for a particular toy. Setting savings goals together can teach them the value of patience and the rewards of smart money management. Many interactive tools and apps are also available that can make financial education enjoyable for children, turning a potentially dry subject into an engaging learning experience.
For more tips and resources, check out our blog on teaching kids about finances: From Piggy Banks to Student Savings Accounts.
Graduate to a WRCU Teen Account
As children grow, their financial needs evolve. The transition from the Rocky Raccoon Account to a Teen Account represents a significant step up in financial responsibility. Rocky Raccoon Accounts will upgrade to a Teen Account when they’re 13. This account introduces them to new available features, such as a debit card and online banking, allowing them to start managing their own money while still under the guidance and support of WRCU.
Benefits of stepping up to a teen account
The WRCU Teen Account is designed to help young members take the next step in their financial journey by giving them the tools and resources to manage their money responsibly. Here are some of the key benefits:
- Teen savings and checking accounts: These accounts are tailored to help teens manage their savings and everyday spending, setting the stage for responsible financial habits.
- Visa debit card: Teens who have access to a debit card can make purchases, learn to track their spending, and gain experience managing their finances.
- Online and Mobile Banking Tools: Teens can easily monitor their accounts, make transfers, and deposit checks using WRCU’s mobile app and online banking platform, giving them control over their finances wherever they are.
- MyCardRules: If you’re nervous about giving your teen a debit card, this feature provides added security by allowing teens and their parents to set spending limits, receive transaction alerts, and even turn the card on or off as needed.
- First-Time Car Buyer Loans: For teens ready to make their first big purchase, WRCU offers easy financing of up to $20,000 to help them buy their first car.
By stepping up to a Teen Account, young members gain the independence and knowledge they need to manage their money wisely while having access to the tools and support to guide them through the transition into adulthood.
How WRCU can help you save through teenage years
WRCU offers more than just a place to store your money; we provide the tools and resources necessary to build strong financial habits. From budgeting tools to free financial webinars, we’re here to help our teen members develop the skills they need to make smart financial decisions. WRCU’s expert guidance ensures they’re on the right path as they begin saving for college or other significant expenses.
WRCU’s Linda Kleppe-Olson scholarship
In addition to our financial products, WRCU is proud to offer the Linda Kleppe-Olson (LKO) Scholarship. Two recipients are awarded $500 each for higher education each year. Applying is super easy! Check our social media accounts and ensure you’re subscribed to our newsletter to see when our applications open in the winter.
Exploring WRCU’s account options post-high school
As you move beyond high school, transitioning from a Teen Account to a standard WRCU Savings Account is the next logical step. This change ensures that you continue receiving the same personalized service and support as you enter adulthood. WRCU is here to help you navigate the new financial responsibilities of this stage of life, such as budgeting for rent, building credit, and saving for the future.
WRCU’s account options for adults
As your financial needs grow, WRCU offers a variety of account options to meet them, including:
- Savings accounts: Continue building your savings with our standard accounts.
- Credit cards: Start building your credit with a WRCU credit card.
- Advanced saving options: Explore certificates of deposit (CDs) or IRAs for longer-term savings goals.
Ongoing support for WRCU members
At WRCU, our commitment to your financial well-being doesn’t end when you turn 18. We offer a range of resources to support you at every stage of life, including financial education webinars, personalized financial counseling, and online tools to help you manage your finances confidently. Check out our blog on National Financial Awareness Day to find the right resources for you.
WRCU helps kids succeed no matter their age
White River Credit Union is more than just a place to bank—we’re a partner in your lifelong financial success. From your first savings account to preparing for college and beyond, we’re here to help you every step of the way.
Contact us today for more information or to schedule a financial counseling session. Let’s grow together!
