Give the Gift of Savings

With the holiday season approaching, many parents are scrambling to find the perfect gift. There was a time when many kids looked forward to a card from Grandma filled with cold, hard cash. But times have changed, and cash is no longer king. We're becoming a cashless society, with 3 in 10 Americans saying they don't make any purchases using cash in an average week. Instead, people increasingly favor making purchases using debit cards, and that includes youth.

The idea of gifting a checking or savings account with an accompanying debit card can be the perfect solution for kids who think they are ready for some financial independence and parents who are eager to educate them.

​A debit card usually comes with a basic account and offers a higher level of convenience and security compared to using traditional checks. A debit card can help your child understand the connections between earning money, spending money, and appreciating the value of the goods or services they receive.

Outside of convenience, there are other smart reasons for you to choose a debit card for your teen:

• A debit card is safer to carry than cash. If your teen loses their wallet with cash in it, they're out of luck. But lost or stolen debit cards can quickly be canceled and replaced.
• A debit card can limit your child's ability to overspend.
• Perhaps most importantly, giving your child a debit card is a great way to improve financial literacy.

When your kids can track their spending, it will help them manage their money and prepare for adulthood. Of course, as you teach your kid about money, they'll likely make some financial mistakes, but opportunities to learn from mistakes at an early age allow them to avoid bigger mistakes in adulthood.

Telhio has recently partnered with Greenlight to offer a debit card and app that teaches kids and teens how to earn, save, give, and spend wisely - all with parental supervision. Using the Greenlight app, parents can send money instantly, automate allowance payments, manage chores, set flexible spending controls, get real-time notifications of all transactions, and more. Kids get hands-on money management experience, along with access to Greenlight Level Up™, an in-app financial literacy game with a best-in-class curriculum, educational challenges, and rewards.

Telhio members with a personal checking account can receive a free* Greenlight subscription by registering through telhio.org/greenlight and adding their Telhio account as a funding source.

Also, at Telhio this month, members can open a Youth Savings Account at any Telhio branch with promo code YOUTH50 and they will receive a $50 cash bonus**! Here's how to qualify for the bonus:

• Open Youth Savings Account in-branch using promo code YOUTH50.
• Fund new account with $50 or more.
• Open date must be before 12/31/2024.
• Bonus will be deposited within 30 days of the account opening.

As you navigate the giving season this year, consider the gift of financial literacy! It truly can be the gift that keeps on giving.

* Telhio Credit Union members are eligible for the Greenlight SELECT plan at no cost when they connect their Telhio Credit Union personal checking account as the Greenlight funding source for the entirety of the promotion. Subject to minimum balance requirements and identity verification. Upgrades will result in additional fees. Upon termination of promotion, members will be responsible for associated monthly fees. See terms for details. Offer ends 8/12/2026. Offer subject to change and partner participation.

**Offer for new Telhio Youth Savings Account customers only. Limit one offer per person. Youth Savings Account must be opened at a Telhio Credit Union branch. Must use promo code: YOUTH50. To qualify for $50 bonus, account must be funded with $50 or more. Open date must be before 12/31/2024. Bonus will be deposited within 30 days of account opening. Account must be in good standing and not have a negative balance to qualify for bonus. Cash bonus may be considered income and reported on IRS Form 1099-INT. Telhio reserves the right to modify or eliminate this offer at any time.