ST. LOUIS–Alltru Credit Union said it is launching TruSpend Checking and Savings, a new youth-focused line of accounts to provide “accessible, secure financial tools” for members ages 8 to 17.
In making the announcement, Alltru Credit Union noted that in 2022 the National Financial Educators Council foundation found that more than 40% of adults in the U.S. are considered financially illiterate, costing individuals an average of $1,819 per year.
The credit union said the TruSpend accounts were developed in response to Alltru member feedback requesting more accessible and safe banking options for their children without the monthly fees charged by financial apps tailored to children and teens.
Parents ‘Frustrated’
“We heard from parents who are frustrated,” VP-Brand and Product Strategy Laura Woods said in a statement. “They’re tired of expensive apps that don’t give their kids a real banking experience, and they want a safe way to build money skills early. TruSpend is practical, it’s free, and it’s built for young users who are ready to learn to manage digital currency, today.”
Product Features
According to Alltru, the TruSpend Checking and Savings includes:
- Free Visa debit card for everyday spending
- Online and mobile banking access with built-in parental controls
- No monthly fees
- Gamified financial education resources
