When a kiddy Account member turns 18; his or her account becomes a Youth Savings Account.
It can also be opened for a teenager whose parent is/ are UG Credit Union member at any time.
FEATURES AND BENEFITS
with the Youth Saving Account, the young member will
- Learn and appreciate how to interpret basic account statement.
- Automatically receive quarterly statements from UG Credit Union.
- Learn about interest rates and how to be thrifty.
- Receive guaranteed Allowance Plan. Allowance will directly be deposited to youth’s account once a month from a parent or guardian.
- Monthly source deduction is mandatory. However, direct Cheques and Cash payments into the account are also acceptable.
- Learn a smart and great way to save for the future.
A parent or legal guardian who is a member of the credit union must be a co-signer to the account until the account is legally and finally transferred to the youth.