8 Life Stage-Appropriate Credit Union Programs
Credit unions want to be there for their members from birth through retirement, and designing niche financial programs especially for key points in life — childhood, teenage years, young adulthood and retirement, for example — is an effective way to build an active, engaged group of members.
Here are eight examples of life stage-appropriate programs currently in place at credit unions, all of which draw their targeted groups in with incentives, from treasure chest prizes to loan discounts to local merchant coupons. Then, feel free to tell us about your credit union’s creative life stage-oriented offering in the comments section below.
Kirby Kangaroo Kids Club
This campaign’s concepts are similar to the Dollar Dog Kids Club, but its mascot is a kangaroo named Kirby. Child members of participating credit unions (ages 12 and under) can make deposits into their very own savings accounts to earn “bucks” that are exchangeable for prizes, receive a membership card and newsletter, and attend kid-friendly activities and events.
Not Your Mama’s Account at Vantage CU
Created for the 18-to-25 set by the $710.7 million Vantage Credit Union in Bridgeton, Mo., this free checking product aims to attract Gen Y members with age-appropriate features. The account encourages saving with Swipe2Save, which allows account holders to choose an amount for an automatic transfer into their savings account with each debit transaction. They can also set a low balance threshold to discontinue transfers when their account balances become too low.
Teen Advantage Club at Genisys CU
Teenagers-only clubs abound at credit unions across the country. One of them is the Teen Advantage Club at the $1.4 billion Genisys Credit Union of Auburn Hills, Mich., which is for members ages 13 to 17 and intends to educate this age group about money management.
Youth Products at Alta Vista CU
Some credit unions want to ensure they’ve covered all their bases in the youth market by offering a suite of products geared toward specific age groups — either their own, unique creations or “canned” products made available through a third party. At the $141.5 million, Redlands, Calif.-based Alta Vista Credit Union, for example, members ages 6 and under can join the Vista Savers Club, kids ages 7 to 13 can get into the M3 Money Club, and teens and young adults ages 14 to 21 can open Next Generation accounts.
First-Time Home Buyer Programs at PenFed CU, SECU and Columbia Community CU
Helping members realize the dream of homeownership is one way credit unions live up to their cooperative philosophies. Many have developed programs exclusively for first-time home buyers, and in an economy that remains sluggish, members are taking full advantage of them.
Newlywed Club at Box Elder County CU
First comes love, then comes ... a credit union program just for newlyweds. At the $86.9 million, Brigham City, Utah-based Box Elder County Credit Union, about-to-be-hitched couples can sign up for the Newlywed Club, which includes a wedding registry and coupon service.
Senior Program at Service CU
While senior citizens are an unlikely group for credit unions to target in their marketing efforts, a product designed especially for this age bracket is well-deserved. One example is at the $2.2 billion, Portsmouth, N.H.-based Service Credit Union, where members ages 62 and older can benefit from the credit union’s Senior Program.