MSR Mary's Favorite Way to Save!

Do you have a change jar at home or in your car?  Then every now and then you bring the jar into the credit union and cash in all your change.  Amazing how much it all adds up to, isn’t it?  Just that little plastic container could hold over $50!!!  Imagine that!  Even after you had to take quarters out to go to the laundromat!  But have you noticed lately that the change isn’t adding up as fast? Probably because you’re using your debit card more often.  You don’t get change back from your transactions with the card. Now you can! Did you know that with your debit card there is a way to add up all that extra change again? 

It’s called the Debit Card Round-Up, and here’s how it works: Say you go to McDonalds for a large soda, the bill is $1.06 and you use your debit card (don’t laugh, I’ve done it).  McD’s gets their $1.06, but then the debit card rounds your purchase up to the next dollar (so that’s an extra $0.94) and puts the ‘change’ into another account – that could be your savings account, or your kids account, or even your grandkids account!  You could even open up a club account – name it RoundUp or ‘Today you saved’ and see how it adds up!

Here's another example: 

$3.54 at JoToGo                         $0.44 transferred to savings.

$15.78 at Kwik Trip                    $0.22 transferred to savings.

$75.98 at Shopko                        $0.02 transferred to savings.

$53.14 at The Pancake Place.      $0.86 transferred to savings.

Adding all that up – 44 cents from JoToGo, 22 cents from Kwik Trip, 2 cents from Shopko and 86 cents from the Pancake Place totals $1.63.  You’ll see a line in your checking account that says:  Today you saved $1.63, and all that goes to the account you specified!!  Think how often you use your debit card in a day and realize all that ‘change’ can be put to a savings account! 

Now, are there any restrictions on using that money?  Nope, it’s still your money to use as you want.  So every month you can add it all up and spend it, or put it back in checking or just leave it alone to build up, maybe for vacation?!

Post by: Mary D.

Getting youth to start using their Financial Institution!

Setting up bank accounts for your children can be a grueling process. Do I have both my husband and I on the account, do I add any other family members as joint owners or beneficiaries, do I let the child have access to it… the list can go on and on. There are SO MANY decisions that come into play when opening an account, we here at HCCU understand that and are here to help!

Let’s take a look at an example, if we have children who are still very young and cannot yet make any financial decisions there are two different options here at HCCU: Youth Accounts or Custodial Accounts. A youth account allows the child to access the funds at any age, along with any other joint owner. A Custodial account has a joint owner who is in control of the account, and after the child turns 18, then the child gains access to the funds as well. Both are great options for all children, it just depends on how much access you want your child to have to the funds.

Now let’s take a look at a situation for older children. Many children when they are born or still very little have savings accounts opened up for them by parents or grandparents. When is the right time to open up a checking account? This seems like a big step in the financial world, but really it can be quite simple. Instead of simply letting the reigns go, and letting the kid or young adult have complete control over the money, sign on as a joint signer. There are many products we can introduce to your family such as debit cards, direct deposit, ATM usage, but with you as joint signer, you can still have some control!

There are many different options for youth and young adult accounts. It may involve making a few tough decisions, but remember we are always here to help! Come in during April, Credit Union Youth month, and open any of our great savings products and receive special month giveaways!

Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net

Post by: Emily P.