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The best time to start teaching your kids about money is now! In fact, the more children understand about money at an early age, the better equipped they will be as adults to make wise financial decisions. FORUM has accounts for every age that help teach financial responsibility and give more options as children grow and become more financially independent.
Sprout College Matching Account (open at birth)
A Sprout college matching account is the perfect way to save for your child’s future educational needs. Funds deposited are matched up to $100 annually and money also earns a competitive dividend rate.
Start with a Savings Account (perfect at any age)
Start your children’s financial education with a basic savings account to help teach them the principles of spending, saving, and sharing at an early age. FORUM’s youth savings accounts are perfect for children up to age 14. Children receive a moon jar at account opening and can participate in our sticker reward program to get prizes for making deposits. Visit any branch location with two forms of identification (social security card must be one form of ID) for the child to open a youth savings account.
Save even more with an Aware Youth Certificate (up to age 19)
For longer term savings open an Aware Youth Certificate to earn a higher dividend rate. This unique certificate allows young savers to add money (minimum of $20) at any time and has a low minimum balance requirement of $100. See certificate rates and visit any branch location with two forms of identification (social security card must be one form of ID) for the child to open an Aware Youth Certificate.
Add a Student Checking Account (age 14 – 24)
When your child turns 14 and has more independent financial needs, FORUM has a Student Checking Account with a free debit card. This account is perfect as children who may be getting their first summer job, starting to drive, and having spending needs independent of their parents. This account helps teach children how to manage their accounts and learn to budget with money coming in and going out. Students can add their FORUM debit card to their mobile wallet to make purchases with their phones at the many retailers who accept mobile payments. They should also use FORUM’s mobile app to receive real-time alerts, deposit checks they may receive, and easily see how much money is in their account. FORUM automatically converts Student Checking Accounts into a free YOUR Checking account the month of your 25th birthday.
Add a Share Secured MasterCard® Credit Card (18+)
At 18, as your child becomes more financially independent, adding in a secured MasterCard® Credit Card is the next step in teaching financial responsibility. A secured credit card means that a designated amount of money is kept on deposit in your savings account and you cannot spend more than this amount on the credit card every month. All credit card purchases are in FORUM’s mobile app, along with their debit card purchases, and all savings and checking account activity. Having everything in one place makes managing purchases and savings easy! A share secured credit card also puts students on the path to building a strong credit score.
For college expenses not covered by scholarships and federal loans, FORUM Credit Union has partnered with Sallie Mae to bring you loans with great repayment options and competitive rates. Click here to apply and learn more details.* Any FORUM member 17-24 who has had their account for at least 12 months is also eligible to apply for a FORUM Foundation collegiate scholarship. These scholarships pay $5,000 per year for undergraduate, full time study, up to four years ($20,000).
New to Credit Loan Options
For younger borrowers and those with limited or no established credit, FORUM has personal loan options and a graduate auto loan program.
Having a job and new expenses can be overwhelming. FORUM has all the tools and help you need to start off on the right path. Schedule a free financial wellness check to put together a budget and get overall financial tips to help as you’re starting off on your own. Follow FORUM on social media and sign up for our newsletter for infographics and quick tip videos on everything from basic budgeting to what to do with your first big raise.
*We are compensated for the referral of Smart Option Student Loan customers
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©2019 FORUM Credit Union | 11313 USA Parkway Fishers, IN 46037 | 317-558-6000
©2019 FORUM Credit Union