A Special Offer to Help Your Child Grow Their Savings!
April is National Credit Union Youth Month, and at TEG Federal Credit Union, it’s all about helping kids start good money habits early. Visit a TEG branch this month to open a free checking account for you and a child savings account for them — and receive a $50 bonus to help jumpstart your child’s savings and watch it bloom! When your family succeeds, we succeed. We are neighbors helping neighbors because we believe in TEG, where Together Everyone Grows.
Free Personal Checking
Searching for a free checking account with no monthly maintenance fees or minimum balance requirements? Look no further than our Truly Free Checking.
Kids Savings Accounts
Custodial accounts allow parents or guardians to manage savings for the benefit of their child until they reach adulthood.
Why Start Early
At TEG Federal Credit Union, we believe the earlier kids learn about saving, the stronger their financial future grows. Even the littlest ones can start building healthy money habits — just like Collin, Felicia’s baby, learning his first savings lesson.
How the Promotion Works
Step 1
Visit a TEG branch and open a free checking account for yourself (new account holders only).
Step 2
Open a child custodial savings account for children under 18.
Step 3
Receive a $50 bonus deposited to help your child’s savings grow.
Why Choose TEGFCU
TEG Federal Credit Union offers local, straightforward, you‑first banking for the whole family. We have deposit options, loans, and tools to enhance your financial well-being. With personalized support every step of the way, TEG helps families reach their financial goals. Start your child’s savings early and grow together, because at TEG… Together Everyone Grows.”
- Local & Community-Focused: We’re rooted in your community and care about helping families succeed.
- Straightforward Banking: Clear accounts and loans, simple processes, no hidden fees — banking made easy.
- You-First Approach: We design services around your needs, not ours.
- Family-Friendly Accounts: Free checking for parents, youth savings for children.
- Support Every Step of the Way: Personalized guidance to help you reach both short-term and long-term goals.
- Convenient Access: Manage your accounts online or on mobile, while opening them safely in-branch.
- Tools and Resources: We’re here to help you set up for success and financial well-being.
Important Details
- Eligibility: Child must be under 18, with a parent/guardian as a joint owner or custodian for the account. Minors aged 16-18 may open a general membership account with a parent responsible for the account; the child will receive a debit card.
- Offer: Limited-time offer for new checking accounts (parent) and new savings accounts (child).
- Requirements: Bring the child’s Social Security card, a non-expired photo ID, proof of address (if different from ID), and a $5 minimum deposit for each new membership account.
- Bonus Details: $50 bonus deposited at account opening. Account must remain open for 12 months, or the bonus will be forfeited. One bonus per member. Bonus is taxable and reported on IRS Form 1099-INT. Offer ends 4/30/2026 and is subject to change.
- Custodial Accounts: Custodial accounts under NYUTMA have legal and tax implications. Funds belong to the minor, and the bonus will be reported under the child’s Social Security number. Consult a tax advisor for guidance.
What You’ll Need to Join
- Social Security Number / Individual Taxpayer Identification Number*
- Unexpired U.S. Government Issued Identification (Driver’s License, State ID, or Passport)*
- Your complete physical and mailing address*
- Co-borrower or joint account holder information (if applicable)
- $5 deposit into each new Share Savings account.
Who Can Join?
As a member-owned, not-for-profit financial institution, we return our profits to members through lower loan rates and higher savings yields. That’s because we answer to you, not stakeholders. And that’s why we go the extra mile to meet members where they are.
Why is it called a ‘share’ account? That $5 represents your ownership share in the Credit Union because once you become an TEGFCU member, you also become an owner.
Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY. A $5 minimum deposit opens the door to all the benefits of being a valued TEGFCU member.
