Plain and simple, college can be an expensive investment, and it's more than just tuition. After adding in books, supplies, room, and board, the cost of college can escalate quickly. The average yearly budget for an in-state public college is $25,290.00, and the number doubles for a private college. Whether your children are toddlers or already in high school, taking small steps now could mean big dreams later. Below are a few simple ways Knoxville TVA Employees Credit Union can help prepare for those dreams!

 

Educational Savings Account

The Credit Union offers an Educational Savings Account, a simple way to save for education expenses without breaking the bank. The account pays out on their 18th birthday or when they start college, whichever comes first, and must be open for a minimum of three years. There's no minimum opening deposit required, and it earns a higher interest rate than a normal savings account. If you're looking to give your kids a head start on college expenses, this is a great option!

 

Certificate Account

If you're looking for a more short-term way to save for your children or grandchildren's college, consider our certificate rates. A certificate account earns higher interest rates than a normal savings account and provides the option to choose terms from 6 to 60 months. After the term ends, you can renew the certificate until it's time for college! 

 

Jump Start Savings Account

Jumpstart your child's savings by opening a Jump Start Savings Account! The Jump Start Savings Account is available to anyone 17 and under, and it earns dividends as well. There's a $5.00 minimum balance, and you can deposit as much as you'd like whenever you want. The first $500.00 earns a higher interest rate, and every dollar after earns the regular interest rate. Your kids will be forever grateful upon entering adulthood. 

Savings accounts can help teach your child the importance of saving and how to manage their money. You can teach your child how money can grow when they save money from birthdays, holidays, and allowances. Teaching good saving habits while your child is young leads to success in the future. 

Source: College Data