YOUTH SAVINGS PROGRAMS
Money doesn’t grow on trees…but do kids understand how it does grow?
With a little help from Mid-Illini, you can teach your children (even your teenagers!) the importance of savings.
Establishing good financial habits early is one of the best ways to help your kids build a solid financial foundation for their future. Mid-Illini’s youth program, MILES (Mid-Illini Learning Early to Save) introduces kids to savings and checking accounts, so they’ll become savvy financiers and learn the importance of saving and managing money. Unlike many institutions, Mid-Illini welcomes these accounts because your children are our partners too.
MILES 4 Teens
The MILES 4 TEENS Club is a savings program for young people, ages 13 to 18.
Teens can open an account for as little as a $5 deposit and earn dividends once their account balance reaches $100.
New MILES 4 TEENS Club members receive a share in the credit union and an official Mid-Illini membership card.
MILES 4 TEENS Club balances can be transferred to a Mid-Illini Certificate (CD) to help reach long-term goals.
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 4 TEENS Club members ages 16 to 18 can open a special checking account with parents as joint owners. You only need $25 to open the account, and with a cosigner and parent's approval, MILES 4 TEENS Club members can also have a free Mid-Illini Visa Rewards Debit Card to access their Mid-Illini checking account wherever the Visa symbol is displayed.
The debit card will also work 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 Mid-Illini’s convenience services like online banking and Mobile Money.
Call our friendly Member Services team today at 309.661.4255 or 800.527.2205.
MILES Club for Kids
The MILES Club for Kids is a savings program for children up to age 12.
Kids can open an account for as little as a $5 deposit and earn dividends once their account balance reaches $100.
To help build their balance, we offer membership gift certificates – a great birthday or holiday gift idea for kids who already have too much stuff!
New MILES Club members receive a share in the credit union and an official Mid-Illini membership card.
Start earning interest as soon as you save $100!
MILES Club balances can be transferred to a Mid-Illini Certificate (CD) to help reach long-term goals.
It’s never too early to save.
|
Save Weekly |
And it will grow to this in: |
|||||
|
3 months |
6 months |
9 months |
1 year |
5 years |
10 years |
|
|
50 cents |
$6.50 |
$13 |
$19.50 |
$26 |
$130 |
$260 |
|
$1.00 |
$13 |
$26 |
$39 |
$52 |
$260 |
$520 |
|
$3.00 |
$26 |
$78 |
$117 |
$156 |
$780 |
$1,560 |
|
$5.00 |
$78 |
$130 |
$195 |
$260 |
$1,300 |
$2,600 |
|
$10 |
$130 |
$260 |
$390 |
$520 |
$2,600 |
$5,200 |
|
$20 |
$260 |
$520 |
$780 |
$1,040 |
$5,200 |
$10,400 |
Call our friendly Member Services team today at 309.661.4255 or 800.527.2205.
