Three Credit Union Benefits for Teens - Money Tip Tuesday

Establishing healthy financial habits begins at a young age. If you’re a teenager or have one at home you should be happy to know that credit unions provide excellent resources and tools to provide the best start for building a healthy financial future.  

Links: 

• Learn more about our Teen Club benefits
• Read our blog: Building Credit as a Teen
• Learn more about our Shared Branching benefit.
• Learn more about our TruStage benefit
• Follow our Facebook, Instagram and Twitter pages!
• Learn more about Triangle Credit Union

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Although many believe they are the same, credit unions and banks have different qualities and benefits. 

Credit Unions are special because they are owned by their members. As a member, you own a share of the institution and have access to all the financial tools and resources to make your financial journey a success.  

Whether you’re a Teen Club member who has graduated from our Kids Club, or just opened a new account, credit unions are a great choice for those who want a financial institution that grows with you. 

Credit Unions have a lot to offer their members but there are 3 specifically that are most beneficial to teenagers.  

1. Credit Builder Loan 

With traditional loans, the borrower receives the money first and then pays it back monthly.  

With a credit builder loan, the borrower does not receive the money immediately. Instead, the lender holds onto the total loan amount while the borrower makes monthly payments towards it. Once all the payments are made, the borrower receives the full amount.  

With your Triangle Credit Union Teen Club Checking and Savings Accounts, you can be eligible to apply for a low fixed-rate 24-month personal loan up to $400 with a co-signer.  

This personal loan is the perfect way to begin building credit as a teenager while also creating good financial habits and showing credit bureaus you can make payments on time.  

2. Co-Op Shared Branching 

Triangle Credit Union is part of a network of institutions allowing members the opportunity to conduct their banking transactions with Co-Op Shared Branches at over 5,000 locations across all 50 states, Puerto Rico and Guam. 

At a Co-Op Shared Branch, members can deposit cash or checks, make loan payments, transfer between accounts, and access notary services to name a few.  

This is beneficial to you as a member because it allows you to travel, or even move, across the country without the hassle and worry of encountering fees should you need to visit a branch.  

If you choose to attend college, Co-Op shared branching gives you the freedom to attend college out of state while still being a member of Triangle Credit Union.  

3. Discounts with TruStage 

As a member of Triangle Credit Union, you can get special discounts on auto insurance through the TruStage Auto Insurance Program.  

Getting your license is an exciting time in your life and saving up to buy a new car is rewarding.  

Protect your investment with auto insurance customized to fit your needs.  

In addition to competitive rates, TruStage offers our members:  

• Claims-Free Discount—If you are claim free for 5 years, you can earn an additional discount on auto insurance. 
• Violation-Free Discount—Save more on your auto insurance when you’ve gone 3 years without a ticket. 
• Online Purchase Discount—Save up to 12% on a customized car insurance quote when you sign up online.  

• New Car Replacement—If your car is totaled within the first year, you’ll get enough to buy a new car (without worrying about depreciation) 
• Accident Forgiveness—Your rates won’t go up due to your first accident 

 

These are just a few of the many services available to you as a Triangle Credit Union Teen Club member—and with a full array of financial tools and resources, we’re excited to be part of your financial journey. 

If there are any other tips or topics, you’d like us to cover, let us know at tcupodcast@trianglecu.org.  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!