Nothing beats being a kid. You can ask your parents for money and never have to work for it. After growing up and experiencing how hard it is to earn money, it is suddenly your turn to provide your children with allowances. They will always be asking for some money to buy the things that strike their fancy.

However as we adults know that if we don’t teach kids how to budget the allowances we give them, chances are they’d grow up to be adults whose hands are loose when it comes to handling money. That is why the best time to make them conscious about their spending is while they’re young.

This is what the people at Lake Michigan Credit Union had in mind when they started their Kids Club and Teens Club Savings Accounts. These are accounts which help children and teenagers work towards saving for their future and to acquire the habit of saving money.

What is great about these accounts is that they have high interest rates. Any balance under $1,000 is guaranteed to get 3.5% Annual Percentage Yield. When the money reaches over $1,000, the rate becomes that of a normal savings account.

Children under the age of 12 can enroll for the Kids Club Savings Account. Owning their own bank account will help kids develop the ability to delay gratification and help them learn how to put away small amounts in order to meet their goals of buying a specific toy or gadget.

For individuals 13 to 17 years old, they can acquire a Teen Club Savings Account. The teen club savings account is likewise geared to assist teens to understand the value of money and the importance of being able to save money.

Parents can get their children these accounts through a visit to one of the branches of the Lake Michigan Credit Union.

The Lake Michigan Credit Union is a member of the NCUA and holds the NCUA #62514.