LIMA, Ohio (WLIO) — Superior Credit Union is continuing its efforts to promote financial literacy by helping families start saving for their children's futures from day one.
The credit union has partnered with Lima Memorial Health System to provide new parents with a baby box that includes a baby onesie and a $50 offer to open a Percy Pig Savings Account for their newborn.
The initiative supports Superior Credit Union's mission of encouraging financial literacy at an early age while giving parents tools to begin building savings for their children.
“We have a product called Percy Pig Super Saver. It's a CD. It's a 12-month CD. The rate is as high as 3.5% APY right now. But unlike a traditional CD, you can add to it continually. So a parent can constantly save money for their child and not have to worry about aggressive stocks and bonds. It's in a safe place. The rate only changes annually and that's only if the rate has changed. But otherwise you're locked into that 12-month CD rate and the minimum's only $100,” says Kelsey Joseph, Superior Credit Union marketing director.
Joseph said the account allows parents to make ongoing contributions while earning a fixed annual percentage yield, offering a secure savings option for their child's future.
“So, it's a very affordable way for you to help your child get on the proper path to financial success. It'll be great for the kids to get started, think about their finances, just be prepared for the future, maybe college funds or any something like that,” says Justine Winegardner, office coordinator for the Lima Memorial Health System Family Birth Center.
Parents who participate in the program also have the opportunity to enter their child in the Percy Pig photo contest.
