GOLDEN, Colo. — On Tap Credit Union has launched a back-to-school campaign offering financial incentives to young savers while also naming two Colorado high school graduates as recipients of its annual community scholarships.
The $474-million credit union said its youth promotion began Thursday and will continue through Labor Day, offering qualifying members a $50 school-supply gift card while encouraging children and teenagers to establish savings and checking accounts.
Parents, guardians and young adults can use the promotional code “YOUTH” when opening or adding qualifying features to a youth account, according to On Tap.
The $50 gift cards are being provided through the Giftogram platform, which allows recipients to redeem the funds at hundreds of digital retailers rather than limiting families to a single store. On Tap said the flexibility allows families to use the money for classroom supplies, technology, clothing and other school-related expenses.
The credit union said the campaign is intended to help families offset back-to-school costs while encouraging children to begin developing financial skills.
Accounts Target Young Savers
On Tap offers several savings products for children and teenagers, including its Brewster Savings Club, which requires an initial $5 deposit and is intended primarily to introduce elementary and middle school students to saving.
Its Peak Tiered Savings account currently offers a 2.75% annual percentage yield, with its highest rate paid on lower balance tiers.
The credit union also offers youth certificates requiring a minimum $25 opening deposit and allowing unlimited additional deposits. Dividends are earned and compounded monthly based on the average daily balance.
Teenagers ages 13 through 17 also can open free checking accounts. On Tap offers student loans and other services aimed at helping young members finance college and other educational opportunities.
Two Students Receive Scholarships
On Tap also announced that Golden High School graduate Nate Peters and Clear Creek High School graduate Carter Taylor have been selected for its annual community scholarships.
The scholarships recognize student members for academic achievement, community involvement and advocacy.
Formerly known as Coors Credit Union, On Tap was established in 1954 and serves people who live and work in Jefferson, Denver, Boulder and Larimer counties. The credit union has about 20,000 members.
