Mid Minnesota Federal Credit Union is back this month with new financial information to share. Read on to learn how you can talk the topic of allowance with your child(ren) today!
Is your child coming up with creative ways to earn extra spending money this summer? This is an experience where we as parents actually have some street cred with our kids. Whether babysitting, mowing lawns, selling personal items, or even getting their “real” first job; you can share your wisdom on finding a job, following through on commitments, and work ethic.
Once they are earning money, Mid Minnesota is here to help as you guide them in managing their money.
They may have a specific savings goal in mind, like a new phone or car. Our YES Savings Account pays 3.00%APY up to $500 for youth age 17 and younger. This would be a great way to help them learn how to grow their money!
If they have a consistent job that is paying them by check or electronically through a mobile payment service like Venmo, a youth checking account has many benefits:
- Checks can be deposited from anywhere using Remote Deposit through MMFCU’s mobile banking app they download to their phone.
- Mobile payment services usually don't have a fee if they are tied to an MMFCU account.
- A Debit Card teaches your child how to manage their money using a safe payment method rather than carrying cash.
- Online and Mobile banking lets them track their account balance and transfer between a savings and checking account from their phone.
As a parent, you will be joint on the youth savings and checking accounts, so you can see how they are managing their money and coach them along the way.
YES balances up to $500 receive an APY of 3.00%APY and balances over $500 earn 0.05%APY on the portion of balance over $500. APY = Annual Percentage Yield. APY will range .05 – 3.00%APY APY is accurate as of 12/1/2022. Dividends will be credited on the last calendar day of each month to the YES account. No minimum deposit is required to open a YES account. Limit one account per social security number. APY=Annual Percentage Yield.
MMFCU can be found on the web here!
They have locations in Baxter, Brainerd, Little Falls, and many of our surrounding communities.
Have specific questions? Give them a call at (218) 829-0371.
