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CUNA's Schenk to Reuters: CUs Are a Good Option for Young Savers
Tuesday, April 7, 2015 6:35 AM

Just in time for April's National Credit Union Youth Month, Reuters posted an article on children and saving, interviewing Mike Schenk, CUNA vice president of economics and statistics.

Credit unions offer local convenience and are a great option for young savers, Schenk said. The article also noted that because credit unions are not-for-profit and return earnings to their members, they typically charge fewer and lower fees than banks while offering more favorable interest rates—another good deal for young savers.

CUNA will also sponsor its annual National Youth Saving Challenge during April. The contest will reward 25 savers with $100 cash prizes. Last year, 8,844 new accounts were opened, and 94,466 young members deposited more than $20.5 million into savings accounts during the month-long challenge.

National Credit Union Month provides credit unions an opportunity to connect and convey to their members the importance of financial education at a young age. The month's theme, "Wild about Saving," was chosen from ideas submitted by credit union staff nationwide.