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Take advantage of our Two Certificate Specials!

Available for a limited time only.

• Minimum Deposit is only $500
• Fixed Rate for the entire term
• Dividends calculated and credited monthly.

*APY=Annual Percentage Yield. Effective 8-3-23. Subject to change at anytime and without advance notice.  Minimum deposit is $500. Penalty for early withdrawal will apply and may reduce earnings.  Limited time offer. Available for new and existing money. Additional terms and rates available. Membership eligibility required. Federally Insured by NCUA.

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Why Your Child Should Have A Savings Account

Kids these days are growing up with more access to financial products than ever before. From debit cards to mobile apps and specialty accounts, they have so many options when it comes to managing their money. At Education First Credit Union we have ABC Advantage Accounts which are savings accounts specifically designed for our young savers – newborn to 12 years old. Our ABC Advantage Account is a great way to start children on the road to future financial success! In honor of Youth Month, let’s take a look at why it can be a good idea to open an ABC Advantage Account for your child.

Teach the basics of saving

One of the most important lessons you can teach your child is the value of saving money. A savings account is a great tool to help your kid understand this concept. By depositing money into the account on a regular basis and watching it grow, your child will learn the importance of setting money aside for the future. Kids can earn 1 Apple Buck for every $10 deposit up to 5 Apple Bucks per month. These Apple Bucks are used to “purchase” gifts (small toys, pencils coloring books) when redeemed at one of our branches.

Teach kids about money management

A primary benefit of opening a savings account for your child is that it helps them learn about money management in a truly hands-on way. When your child has their own account and they control their spending to a degree, they’ll learn the importance of tracking their spending and setting money goals. They’ll also learn how to manage an account at a financial institution. This includes depositing money, tracking balances and will later evolve into using a debit card when they get their first checking account and more.

Help kids save for a short-term financial goal

Turn the lesson of smart savings into a lifelong habit by having your child use their account to practice saving up for a short-term goal. First, talk to your child about their financial wish list, and help them choose a realistic goal. Next, help them create a savings plan while using their account, which will help them reach their goal. Your kid can now set aside money they’ve earned from an allowance or part-time job, or that’s been gifted to them for a birthday or another occasion, until they have enough money saved in their account to fund their purchase.

Build credit early

A child at any age can have a savings account. Financial institutions have differing policies for the minimum age required to open a share draft/checking account, but some are as low as 13 years with a parent co-owner. Many banks and credit unions offer credit cards along with youth accounts. So, as your child reaches adulthood, talk with your bank or credit union about getting a credit card with their name on it to help them start building credit at a young age.

Prepare for the future

Starting a savings account and learning experience from a young age can prepare your child for unexpected expenses in the future. As they age, their needs and expenses will increase, and the more you can help them prepare now, the better off they’ll be in the future. For example, your child may need extra cash to pay for a broken phone, or when they’re a bit older, for a car repair. Having money set aside for emergencies will teach them to be prepared for any financial reality.

Teach investing and interest concepts

A savings account can be a great way to introduce your child to the concepts of investing and earning interest. Many savings accounts offer compound interest, which means that the interest earned on the account is added to the principal, creating a snowball effect that can lead to higher growth over time. With some youth accounts, kids can even start investing in stocks, bonds and mutual funds with as little as $50. Teaching your child about these concepts can help them develop a lifelong interest in investing and financial planning.

Build responsibility and independence

Having a savings account can also help your child build a sense of responsibility and independence. By managing their own money and making decisions about how to save and spend it, they’ll learn valuable life skills that will serve them well in adulthood.

Opening a savings account for your child is an excellent way to teach them important money habits and to prepare them for a financially successful future as more options open up to them.

Time to Move or Time to Improve?

Q: My family is growing out of our current home and we’re desperate for more living space. My house can also use a major face-lift. I’m wondering: should I move to a new house, or make some major improvements to my current home?

A: Choosing to move to a new home or to make improvements to your current home is a big decision. The right answer will depend on your general financial situation and other personal circumstances. Here, we’ve outlined the pros and cons of each choice so you can make the decision that is best for you.

Moving to a new home

For most people, a home is the largest purchase they will make during their lifetime. It can take years to save up for a down payment on a home, and many months of planning and wise decision-making before a home purchase is finalized.

Pros of moving:

• Opportunity for a fresh start. You can choose a new location that better suits your needs, such as a superior school district, proximity to family or work or a more desirable community.
• More living space. This is especially beneficial if you have a growing family or want to add more amenities to your home, such as a home office, designated playroom or gym.
• Potential for appreciation. If you buy a home in an area that is experiencing growth, your property value may increase over time, resulting in a return on your investment.
• No dealing with renovations. If you purchase a home that’s already in move-in condition, you won’t have to deal with the headache of renovations at all.

Cons of moving:

• Exorbitant upfront costs. Moving to a new home doesn’t come cheaply. You’ll need to spring for closing costs, a down payment, the actual move and for any new furniture you may need to purchase for your new residence. Selling your current home will also cost you in renovations, agent fees and title insurance.
• Emotional attachment to your home. Did your son take his first steps in the kitchen of your current home? Did your dog have her puppies in the garage?  If you’ve been living in this home for many years and it holds lots of happy memories, you may be reluctant to leave.
• Difficulty finding the perfect home. You may need to settle for a home that is less than perfect in many ways. That may end in more stress and regret.
• Stress of selling your home. The housing market is unpredictable, and you may not be able to sell your current home for the desired price. Of course, if you don’t own your current home, this does not apply to you.
• Potentially higher interest rate on your mortgage. If rates have increased since you bought or refinanced your current home, or your credit score has slid, you may end up with a higher interest rate on your new mortgage. That could mean paying much more over the long run.

Questions to ask before deciding to move

Before you go ahead with the decision to move to a new home, ask yourself these questions:

• What are the market conditions like in my current neighborhood? Will I be able to get my asking price on my home within a short amount of time?
• What are the market conditions like in my desired neighborhood, and how are they trending? Will I be able to find a home that suits my needs and is within my price range?
• Do I have enough money saved up to pay for the move? Will I need to wait until I sell my home or take out a bridge loan to cover the gap?
• Is this a good time for my family to move?

Improving your current home

Now, let’s take a look at the option of improving your current home with a Home Equity Line of Credit (HELOC). A HELOC gives you quick access to cash by using your home as collateral. You can withdraw the funds, as needed, over a period of time known as the draw period. When this time is over, you’ll no longer be able to advance funds and will repay the loan, with interest, over the repayment period.

You can also take out a Home Equity Loan (HEL), which will provide you with one lump sum, generally at a fixed rate and payment, and you start paying back immediately.

Pros of improving your home:

• Completely customize to fit your needs. When you design your own home, you can have it customized to perfectly suit your family’s needs and your own tastes. Think trampoline floors in the playroom and built-in bookshelves in the family room.
• No stress of relocating. When you renovate your home, you can continue to enjoy the same home and neighborhood you’ve lived in for years.
• Increase the value of your home. Home improvement projects increase your home’s value, increasing your net profit when you do decide to sell in the future.
• Save on moving costs. Why pay thousands of dollars in closing and moving costs when you can have a beautiful new living room for the same price?

Cons of improving your home:

• Stress of renovations. Dealing with a home improvement project can be super-stressful. There are loads of decisions to make, an endless mess and workers in your home at all hours of the day.
• Risk of foreclosure. Taking out a HELOC or HEL puts your home at risk of foreclosure if you are unable to make the payments. This can have long-term consequences on your credit score and financial stability.
• Additional debt. A HELOC or HEL adds another debt to pay each month, which can be a burden on your budget.

Questions to ask before deciding to improve your home

Before you go ahead with the decision to improve your current home, ask yourself these questions:

• Can I afford the monthly payments on a HELOC?
• How much will a home improvement project cost me?
• Will I be able to handle living in a construction zone?
• Do I want to continue living in this neighborhood?

Whether you choose to move to a new home or to renovate your current home, we can help! home loans, HELOCs  and HELs offer competitive interest rates, easy eligibility terms and the personal service you’ve come to expect. Call, click or stop by today to learn more.

Your Turn: Have you chosen to move or to improve? Tell us what drove your choice in the comments.

Saving At Any Age – America Saves Week

Saving. Do you view it as an ongoing journey? Or do you consider saving as someplace you arrive at? At America Saves we are in the camp that saving is a habit, not a destination. And it’s a habit that can be formed at any age. Whether you are a parent trying to instill this habit in your children or you want to change your own saving behaviors, there are strategies that savers of all ages can develop.

Research tells us that children’s money habits are often formed by age seven so starting early to teach them about saving can have a huge impact. Many parents are accustomed to hearing frequent requests from their children about a toy, game, or piece of clothing that they “just have to have.” Sound familiar? Using these wants is a great way to help children learn to save.

Children can learn to set a saving goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. Talk about how it feels to see your money grow. And don’t forget to lead by example – show children how you are saving.

You can also give children the opportunity to make some decisions about their money. Empowering children from a young age to make choices about money they earn or receive as gifts is a great way to build that confidence.

For young adults, as they begin to earn a regular and potentially higher income, a strong foundation begins with basic understanding of the difference between needs and wants. The America Saves Spending and Saving Tool is an easy-to-use resource that provides a clear view of your finances and can be insightful in identifying essential and discretionary spending. The system of automatic saving, especially through paychecks with split deposit, can set young adults on the path to a lifelong saving habit.

It can be hard to stay motivated when setting aside money for something in the future no matter what your age. It’s easy to focus on what you want in the moment — we don’t want to wait to purchase that expensive pair of sneakers. We want to take a trip in the next three months. Retirement is so far off that it feels OK to spend more of your current income right now and catch up later. In each of these scenarios, we aren’t thinking about our future selves, just who we are and what we want today.

Thinking of our future self – what we will want, what we will be doing, what we will believe – is one way we can develop a saving mindset. Asking questions about our future selves helps us create a vision for our future. For example, consider:

• Where does your future self live?
• What does a typical day look like for your future?
• What hobbies does your future self enjoy?
• How much money does your future self earn?

Later go back and read your answers to see how they compare to the present. Having the ability to look ahead, even if it’s a short time in the future, is a great way to reinforce saving today for tomorrow. This exercise can be done at any age, even with children.

Journeys can take us on many different paths and saving journeys are no different. So stay with America Saves as you and your family embark on a new journey or resume one that encountered a detour. It’s never too late to #ThinkLikeASaver.