Blog Highlights:
Credit unions are not-for-profit, while banks are for-profit businesses.
Teen credit union members can become more financially savvy, setting a strong financial foundation.
Credit unions provide robust tools and resources to help teens make smart financial decisions.
Credit unions generally offer better interest rates, lower fees, and more personalized service than banks.
Teens today have a choice when it comes to deciding where to open an account to best manage their money. While most are familiar with banks, another great banking option for teens is your local credit union. When it comes to credit unions versus banks, there are some things to consider about the two financial institutions. Let’s take a closer look at why credit unions like Allegiance are an excellent choice for teens.
When it comes to credit union vs bank options, the main difference is that credit unions are not-for-profit organizations, while banks operate strictly for profit. Since large banks are publicly traded institutions, their main goal is to make money for the shareholders. Credit unions, however, are owned by the members who are considered shareholders with the main goal of financial well-being for all.
Due to the not-for-profit operating status of credit unions, they have the best interest of your particular community in mind, while also offering accounts and services tailored to parents and teens' needs.
The team at Allegiance is here to help teens with their financial education, so they are on the right path for financial independence. Starting their financial journey with an Allegiance Teen Checking Account is the perfect way to teach them smart money moves to manage their money. Their experience with the credit union not only makes them more financially savvy but lays the foundation for a strong financial future.
Allegiance Credit Union is here to help create a brighter financial future for teens. Here are some of the programs at Allegiance Credit Union to help them successfully open and maintain their money accounts.
Teens who start their financial journey with an account at Allegiance will be rewarded with a lifetime of support and personalized customer service. These are benefits that come with being a member of a credit union vs bank that allows teens to learn and grow with the institution and build a relationship for all of their present and future financial needs.
Choosing the right financial institution for your teen is an important decision. Making sure they feel comfortable and confident when using their new accounts and feeling free to ask questions is crucial.
Choosing a credit union vs bank is a great option when teens are new to banking because a friendly face at their local credit union who is going to offer them guidance and assistance with their new accounts is priceless. Larger corporate banks may leave them feeling intimidated or left on hold for account questions.
The team at Allegiance Credit Union is here to help teens with their financial education and to help them get on the right path to financial independence. Not only do we offer Teen Checking designed just for them, but we also care about their long-term financial health by educating them about finances. We are ready to help your teen achieve their financial goals and build relationships to help them succeed as they grow and in each new phase of life.
Become a part of Allegiance today by opening an account for your teen and feel what it is like to be truly accepted, no matter what your financial situation may be.