Teen Club

Teach your kids the importance of savings.

MICU’s youth programs introduce kids to savings and checking accounts so they’ll become savvy financiers and learn the importance of saving and managing money. Unlike many institutions, MICU welcomes these accounts because your children are our partners too … and it is our mission to help all our partners understand their finances.

MILES 2 Club is a savings program for teens age 13 to 18. They can open an account for as little as $5 and earn dividends once they reach a $100 balance.

New MILES 2 Club members receive:

• A share in the credit union

• A membership card

• A pen and a passbook

• Their very own "Moe the Zebra" beanie collectible

Members reaching the $500 milestone receive a prize and those balances can be transferred to a Share Certificate for long-term goals. Certificates are great ways to keep tempted teens from blowing money at the mall. The faster they reach savings goals the more kids will want to save. Payroll deductions and automatic transfers are available for parents who want to contribute to their children's accounts.

Ideas to Encourage Your Teen to Save:

• If you give them an allowance or pay them for chores, deposit the money in their savings account.

• Offer to match any money they put in savings as long as it remains there for at least six months.

• Reward teens for reaching savings goals with a pizza party, sleepover, museum trip … you get the idea.

• Require teens to save for the extras they want like electronics, trips, cars, etc. They’ll learn how much it takes to pay for things.

MILES 2 Club members ages 16 to 18 can open a special checking account with parents as cosigners. Only $25 opens the account and the first order of checks is free. Cool huh?

And MICU offers young members something most banks won't - freedom. With a cosigner and parent’s approval, they also can have a free Visa check card to access their MICU checking account wherever the Visa symbol is displayed. This card also works as an ATM card to withdraw cash from ATMs. Account holders aged 18 and older may apply for the card on their own.

Parents beware … you are responsible for overdrafts, so watch accounts closely and show your kids how to use our handy telephone banking and online banking services.

Call the friendly, professional team at Mid-Illini today: (309) 661-1166 OR (800) 527-2205.