Convincing teens to put money in the bank and keep it there is a struggle that many parents face.
Online PR News – 04-July-2013 – Port Huron, MI – Port Huron, MI — Convincing teens to put money in the bank and keep it there is a struggle that many parents face. As teens get their first part-time or summer jobs, the allure of spending money is often too great for young people to overcome. This spend first attitude is harmful in the long run, and can lead to serious financial problems in the future. In order to combat this problem, E&A Credit Union has launched the Bonus Bills savings account.
EACU is rewarding teen savers with monthly and yearly prizes based on the total net increase in the teen’s savings account has each month. The program is open to teens, ages 13-19, and the account requires no monthly fees. At the end of each month, EACU holds a raffle for qualifying teens. Monthly prizes are $50 Visa Gift Cards. Once a year qualifying teens are entered in a raffle for a free laptop. The prizes help to show teens that there are rewards for saving, and the lessons learned by putting money into savings will last a life time.
In order for the teens to qualify for the monthly and yearly drawings, they must open a Bonus Bills savings account at EACU. With a low, $5 minimum balance required, the program is accessible to any teen who wishes to join. Prizes are awarded based on net increases of $25 in the account balance each month. Teens may be entered up to 20 times a month, and up to 240 times for the annual prize, with all monthly entries added to the total number of entries the teen has for the grand prize. A list of past winners is available at www.eacu.org
With their monthly and yearly prizes, EACU is changing the way that teens think about money. The savings habits that these teens gain at EACU will grow stronger as they age, helping to make their financial future more secure.
FOR MORE INFORMATION: Visit www.eacu.org to find a local branch, or call (800) 356-EACU.