LANCO Federal Credit Union offers several types of accounts, and a variety of incentives, to encourage kids and teens to save on a regular basis. This is a great opportunity for parents to partner with LANCO to teach their children about financial responsibility and the value of saving for their future!

Share Savings

LANCO’s basic savings account, called a Share Savings Account, shows ownership in the credit union. Anyone wishing to take advantage of LANCO's services must open and maintain a Share Savings Account for the duration of their membership.

Youth Share Savings Accounts...

• Feature a low minimum balance of only $5.00
• Pay dividends on accounts with balances of $25.00 or more
• Are available for unlimited deposits and withdrawals*
• Show LANCO FCU ownership and membership!

Youth Savings Incentives

• Children ages 12 and under may choose a prize when they make a deposit into their account
• Report Card Rewards: Students in grades K-12 may bring in their report card to earn $1.00 from LANCO for each "A" (or "A" equivalent). (Maximum of $5.00 per report card)
• Members ages 0-18 are eligible to contribute to a Hang Ten account. Each month that $10.00 is deposited, LANCO will add $1.00! Learn more below.

Hang Ten Savings

Hang Ten is a long-term savings program designed to encourage youth to save consistently to better prepare them for financial responsibility in adulthood. With the noticible rewards of contributing to a Hang Ten account, your child is sure to develop an interest in saving their money!

• Each month that you deposit at least $10.00 into a Hang Ten account, LANCO will deposit $1.00. (LANCO contributions are deposited on a quarterly basis.)
• Hang Ten accounts with a balance of at least $25.00 will earn the same interest rate as regular share savings.
• Report Card Rewards may be deposited into this account to count toward the $10.00 member deposit.
• Funds from the Hang Ten account may only be withdrawn when the child reaches age 18 and has participated in LANCO's required financial counseling program.¹
• No partial withdrawals are allowed.
• If the account is closed prior to age 18, LANCO's contributions are returned to the credit union. There is a waiting period of one year before a new Hang Ten account may be opened in that child's name.
• To participate in Hang Ten, the child must have a Share Savings account with a minimum balance of $5.00. Hang Ten accounts may be opened at a $0.00 balance.

Youth Certificates

With Certificates (often called "Certificates of Deposit" or "CDs"), you will earn a higher dividend rate because your funds are deposited for a fixed period of time. Once a Certificate is opened, additional deposits cannot be made and early withdrawals will incur penalties.

LANCO offers the following Youth Certificates:

• Kids (ages 0-12): Minimum deposit of $100.00, Term of 1 Year
• Teens (ages 13-17): Minimum deposit of $250.00, Term of 1 Year

Youth who can make a minimum deposit of $500.00 or more may open any regular Certificate.

Certificate Rates | Certificates Truth-in-Savings Disclosure