FORUM Introduces New Youth Savings Account
Indianapolis, Indiana, September 30, 2009 – On July 1st, FORUM Credit Union introduced its newest youth savings account called Sprout. This account is a place for youth ages 0 to 18 to save money for college, purchase a car, put a down payment on a home, and more. Sprout is similar to a 529 Plan or Coverdell Education Savings Account in that it earns interest and certain penalties may apply for early closure or withdrawals. However, this account does not require that the owner use the money specifically on school. Additionally, FORUM Credit Union will match 10% of deposited funds per calendar year based on different tier levels.
Anyone may contribute to the account and no minimum deposit is required. The account matures when the owner turns 18 years of age. The funds then automatically transfer into the owner’s savings account.
“FORUM’s Sprout Account is a risk free investment option when saving for a child’s future. As a credit union, it is our responsibility to help not only adult members with their financial lives, but also the economic well-being of their children,” says C. Andrew Mattingly, Senior Vice President with FORUM Credit Union.
A Sprout calculator is available on FORUM’s website, www.forumcu.com, to estimate how much the owner’s Sprout Account will be worth at age 18 depending on the current age of the child, the initial deposit amount, and how much will be deposited each month.
About FORUM Credit Union
FORUM Credit Union, with 12 branch locations and anywhere access via the web, serves over 100,000 members in the central Indiana area. A full suite of financial services are offered, including home mortgages, auto loans, free checking, rewards checking, business checking, health savings accounts, investment planning, and insurance products. For more information about FORUM Credit Union please visit: www.forumcu.com.
FORUM Credit Union