FOCUSED ON FINANCES
AT KILLINGLY HIGH SCHOOL!
The primary goal of Charter Oak’s Focused on Finances Program is to teach young adults like you the importance of good financial practices. With our country in the midst of an economic crisis and the number of 18 to 24 year olds filing for bankruptcy rising 96% in the last ten years, our new branch at Killingly High School will help you learn the basics of personal finance, such as saving, investing and maintaining healthy credit.
Open to students, faculty and staff on Mondays and Thursdays 10:30 am - 12:45 pm and 1:15 pm - 2:30 pm, during the regular school year, our high school branch offers great products, cool promotions and financial guidance! Stop in anytime during our office hours to speak with Charter Oak employees, who are always ready to answer questions and provide helpful tips on how to manage your finances.
NEWS:
YOU’VE GOT QUESTIONS-WE’VE GOT ANSWERS!
Students Are Invited to Ask Charter Oak FCU Questions About Financial Literacy! Here is one that we received from Brittany at Killingly High School!
“My question is, what is the purpose of a savings bond? I have heard it mentioned a couple of times and I never know what the difference is between a savings bond, a savings account or a cd. What are the benefits of having one and how do I use one?”
Well Brittany, let’s start with what a savings account is! The most common type of account, a savings account is probably the first account you will ever have. They are offered by every bank and credit union as a safe place to set aside some money while it earns a small amount of interest each month. The money in a savings account is accessible through an ATM or by withdrawing it at your financial institution’s office.
A CD, or certificate of deposit, is another common account offered by banks and credit unions. While certificates of deposit are similar to savings accounts in that they are a safe place to store your money (insured), they are different because a CD has a specific, fixed term (ranging from 30 days to 10 years or more) that you are required to keep your money on deposit. In exchange for keeping your money with the financial institution for a set period of time, interest rates are usually higher than regular savings accounts. However, keep in mind -should you withdraw your funds early, you will be forced to pay a penalty.
A savings bond is an investment that is issued and backed by the U.S. Treasury Department. They are often given as gifts for special occasions like graduations or the birth of a child. When you purchase a savings bond, you are loaning your money to the U.S. government for a set period of time in exchange for a guaranteed interest rate. The bond is the government’s promise to you to pay back the money with interest at the maturity date. This means that once the savings bond reaches its maturity date, you will end up with more money than you paid to purchase the savings bond!
Thank you for asking about savings accounts, certificates of deposits and savings bonds!
Reference Source: Wikipedia, About.com
MEET CHARTER OAK’S 2011/2012 KILLINGLY HIGH SCHOOL STUDENT TELLERS!
A great place to start saving for the future, Charter Oak Federal Credit Union’s Killingly High School branch also offers incredible professional and educational opportunities for students interested in careers in financial services! Receiving training in Credit Union operations while learning specific job skills, students will also serve as financial education ambassadors and share their knowledge of personal finance with their fellow students throughout the year.
This year, seven KHS students will bring enthusiasm and great service to our in-school Credit Union branch! Please be sure to stop in and say hello to Darian Bardsley, Brittany Bertorelli, Brittany Chabot, Kayla Gibson, Kevin Ravenelle, Ashley Taylor and Alex Mitchell on Mondays and Thursdays from 10:30 am - 12:45 pm and 1:15 pm - 2:30 pm!
ARCHIVED NEWS
Savings
A savings account is required to open all other products and services.
- Begin saving for your future
- Free Online Banking
- Free Info-Phone
- Free e-Statement
- ATM Card
ComplimenTree Checking
- Free Checks
- No Minimum Balance
- ATM Transactions are FREE*
- VISA Debit/ATM Card
- Free On-line Banking
- Free Info-Phone
- Free e-Statement
* Excludes surcharges imposed by the owner of foreign ATMs and balance inquiries.
Certificates
- $500 Initial Deposit
- Earn Great Rates
Visa® Debit/ATM Card
- Make Purchases From Your Checking Account
- Convenient For Cash Too!
What You Need...
To Open a Savings:
- Completed Membership Card (if you're a new member of Charter Oak)
- Two valid forms of identification (social security card or birth certificate and student ID, driver's license or report card)
To Open a Checking:
- An open savings account
- Completed Parental Checking Account Consent Form
- Review of NEFE Financial Planning Program Unit 5 - Your Money: Keeping It Safe and Secure and Completion of Unit 5 Exercises
Help With Downloading NEFE Units
Click on "Students Section".
Click on the Course of Study on the left hand menu.
Click on, "Download Entire Unit" located under the title of the section. Then click on "save to disk" option. Click save and choose a location for the file.
Open Adobe Reader and choose the downloaded file.
If you do not have Adobe Reader please visit adobe.com for the free software.
Focused on Finances Brochure
To download Charter Oak Federal Credit Union's brochure Focused on Finances, click on the thumbnail to the left.
Planning on going to college?
Charter Oak Federal Credit Union has an annual Scholarship Program. Simply click on the link below for more information.
