This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
Benefits of Having a Credit Union Account
There are many reasons you might consider a credit union account as a young adult. You'll find that there are benefits, including:
- Safety and security: Credit unions offer a safer place to keep money than carrying cash or storing it at home. MIDFLORIDA Credit Union accounts are insured by the NCUA for up to $250,000 for your protection.
- Convenience: You can more easily manage money, such as paying bills, receiving direct deposits, and making purchases, with a credit union account than trying to cash a check or getting a money order. MIDFLORIDA offers mobile and online banking, enabling 24/7 account access.
- Building financial literacy: As a young adult, a credit union account can help you develop budgeting, saving, and money management skills.
Our team can help you explore all these benefits.
Types of Accounts for Young Adults
The two main types of credit union accounts for young adults are checking and savings accounts. With a checking account, you can have money directly deposited into it, and you can use that money immediately. Most checking accounts allow you to request a debit card so you can make purchases practically anywhere. Savings accounts allow you to earn a little interest on your money. It's also a great way to start building good financial habits now. Most financial institutions offer online banking and have an app so you can access your account from your phone.
Choosing a Credit Union Account
When you're ready to choose a financial institution, you'll find many options vying for your attention. Here are a few tips for making your choice:
- Fees: You want a checking account that has low or no monthly fees. At MIDFLORIDA, we offer an Absolutely Free Student Checking account.
- Interest rates: You want the money in your savings account to earn interest. You need to compare the interest rate from one credit union to the next. We offer competitive rates.
- Convenience: You need to consider the branch locations, ATM access , and online/mobile banking features to find the most convenient.
Managing Your Account
Once you've opened your accounts, there are some things that will help you succeed. You need to establish a budget for expenses and savings and track your spending to see if you're sticking to that budget.
When you have regular deposits, you need to create a savings goal. Even if it's only a few dollars each, setting and meeting savings goals is a great way to reach your financial goals, now and in the future.
Open Your First Accounts with MIDFLORIDA Credit Union
At MIDFLORIDA Credit Union, we take pride in offering Absolutely Free Student Checking accounts and Youth Savings accounts for children and young adults. We also offer an array of online resources to help you improve your financial literacy. Our team is always ready to work closely with you to meet your banking needs. Contact us now to get started on your journey to financial success.
