BEDFORD, Ind. — Hoosier Hills Credit Union has launched a new checking account for teens that includes a financial incentive for doing work in the community.
Called the “Smart Spending Account,” the product is designed to help members between the ages of 13 and 17 manage their finances and includes a new mascot, Lil’ Stacks. It is tailored for members between the ages of 13 and 17.
The $914.7-million Hoosier Hills said the new account aims to provide young people with the tools to build financial confidence from an early age. It includes a free debit card and financial management tools with no monthly fees.
Unique Feature
Particularly unique to the product is a feature aimed at encouraging financial responsibility and community involvement by offering teens up to $25 per year for either performing four or more hours of volunteer service or by holding a paid job. The bonus is deposited directly into the member’s savings account upon verification, the credit union said.
Additional information on the product can be found here.
