credit unions

5 types of credit union savings accounts

Put your children in a savings club
Put your children in a savings club © dotshock/Shutterstock.com

Helping kids understand the value of a dollar can help to avoid lots of headaches in later years.

And if you're looking for a financial reason to try a credit union, many of them offer a variety of kids’ savings clubs, sweetening the pot with incentives. For example, Prospera Credit Union in Appleton, Wis., has its Daisy Dollar Kids Club savings account aimed at kids up to 12 years old. For every dollar deposited, kids earn one point. They can redeem points for gift certificates, movie tickets, electronic devices such as the iPod Shuffle, and even cash.

"Reaching kids at a young age is important," says Kristina Flores, a Prospera spokeswoman. "They need to know how to save, spend and share money."

First Jersey Credit Union in Wayne, N.J., dishes out rewards with a twist. Kids enrolled in its Mighty Savers program get a $5 reward for each A that they receive on their final report cards. They also can earn stars when making deposits, which can later be redeemed for gift cards at local stores.

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