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Exploring Youth Accounts Today Vivienne Miller Findings and Recommendations.

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Presentation on theme: "Exploring Youth Accounts Today Vivienne Miller Findings and Recommendations."— Presentation transcript:

1 Exploring Youth Accounts Today Vivienne Miller Findings and Recommendations

2 Purpose Gain insights into the financial market today Discover effective ways of reaching and serving kids & teens See what opportunities exist for Congressional Federal’s current product offerings

3 Credit Unions and Banks I Explored Credit Unions: Congressional Federal Navy Federal Apple Federal Arlington Community Federal Northwest Federal Banks: Wells Fargo Bank of America Citibank US Bank PNC Bank

4 Credit Unions Youth Accounts (Ages) Congressional FederalCongressional Kids (0-12); Congressional Freedom (13-17) Navy FederalCampus Checking (14-24) Apple FederalStudent Checking (12-23) Arlington Community FCU Kirby Kangaroo Youth Savings Program (Elementary & High School Students) Northwest FederalSweet Pea (0-3); Westie’s Kids Club (4-8); Plan it Now (9-12); First Rewards (13-17); First Checking (15-22)

5 Credit Unions Account Features Congressional FederalPromotes money management skills & financial education Navy FederalFeatures ATM rebates, earning dividends Apple FederalFeatures free personalized VISA check card, online & mobile availability Arlington Community FCU Features in-school branches, double reward points on purchases in Arlington, financial tips & games Northwest FederalOffers 5 youth accounts, membership kits, deposit rewards

6 Banks Youth Accounts (Ages) Wells FargoFinancial Future Tour (For Parents of children ages 0-4, 5-12, 13-17, 18-19) Bank of AmericaCustodial Savings Account (For Parents) CitibankStudent Account (College Student) US BankStudent Checking (Students 18+) PNC BankVirtual Wallet Student (College Student)

7 Banks Account Features Wells FargoFeatures insurance plans, checking & savings accounts, educational planning services, financial education tools Bank of AmericaFeatures security in a child’s financial future, advertises college planning resources CitibankFeatures Citibank Rewards Program, free non-Citibank ATM use US BankFeatures 4 free non-US bank ATM transactions per month PNC BankFeatures Money Schedule tool, Parent Alert tool, Wish List tool, ATM search around college campuses, online & mobile availability

8 Reaching Young Adults Electronically connect Online and mobile account accessibility Engaging members through social media channels Featuring account incentives and convenience Young adults – ATM availability

9 Opportunities for Congressional Federal Using social media as a tool to engage members Looking at all age range possibilities Financial institutions serve kids, teens, and students ages 0 to 24 Featuring products and services on youth account pages Emphasizing online & mobile availability

10 Summary Gain insights into the financial market today Discover effective ways of reaching and serving kids & teens Find what opportunities exist for Congressional Federal

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