LANSING, Mich. – Grandparents and parents alike are saying "aww" to Michigan State University Federal Credit Union's latest addition-the Lil' Sweet Pea Club.

Positioned as an investment in a child's future, the Lil' Sweet Pea account is designed for newborns and children through age four. Club members learn financial fundamentals early and receive a free Money Smart Kids book to guide parents in helping their children establish and build money skills. The booklet discusses different stages of development and recommends when and what type of financial basics can be introduced at each age. In addition, those who open Sweet Pea accounts with $50 or more receive an Impression Casting Kit to create a tiny keepsake handprint or footprint. "The whole idea for this type of account came from our talking to students who weren't members. Whenever we asked them why they didn't join our credit union the answer was always that they had an account that their parents had opened for them when they were just babies. As far as they were concerned that was their primary financial institution," said MSU Federal Marketing Vice President Joyce M. Banish. "Then I saw these casting kits flipping through a catalog and thought it would make a great gift and memory for a child that they'd keep forever and it could be from their credit union. So it was a great tie-in for the Club." As for the name, Banish says it's a play on what she used to call her own kids-little peapods. Thinking it would be a good fit for the holiday season, a soft Dec. 1, 2005 launch that consisted of little more than an article in its seniors' newsletter and posters at every credit union branch was set. "It turned out to be what parents, grandparents and relatives wanted because since we launched the account through mid May we've opened 680 Sweet Pea accounts," said Banish. "Members were so excited about this and they've been offering so many suggestions on how to make it even better like giving away a onesie with the credit union logo on it." With all materials designed in-house and kits costing just under five dollars, Banish says it has been an economical promotion and the biggest challenge was finding impression kits that could be customized.

"We are opening new Sweet Pea accounts every month," said Banish. "It's been a fun project. Based on this experience I say to credit unions don't hesitate to do your own baby club. It doesn't have to be fancy the earlier you can connect with members the better." [email protected]