Accounts for Young Adults
adulting…
Scheduling your own doctor’s appointment, getting the oil changed, and paying your bills on time.
This is adulting.
And, it can be a drag sometimes. Don’t worry, though, we have your back.
Checking Accounts
Ready to start adulting?
We have 2 options for young adults with our checking accounts- Starter checking for beginners, and regular checking for those with some checking account experience. Both are great options, plus you get a debit card. Benefits include:
Free VISA debit card
Initial deposit of $20.00 is required
Free monthly statements
Easily manage money through online & mobile banking access
Go Green, help save the environment, and receive free e-Statements
Direct deposit available
Find surcharge free ATMs using Alliance One network
Savings Accounts
It’s never too early or too late to save money.
Establish and maintain your Eastern Indiana Federal Credit Union Membership with just $5 in a Share Savings Account.
Our savings accounts provide competitive returns on your deposits.
In credit union language, a savings account is called a “share account”. When you open yours at EIFCU with a minimum $5 deposit, you’re buying your share of ownership in the Credit Union. You’ll earn interest on your savings, and the money you deposit enables us to make loans to other Credit Union members, thus completing the cooperative circle.
Once your share account is opened, you can take advantage of all the other products and services EIFCU offers.
No service charge for active accounts.
You'll find saving is easier with a convenient payroll deduction or direct deposit of your paycheck. After your direct deposit is credited to your designated account, you can set it up to automatically be distributed into multiple accounts, such as your savings account, checking account, or a Holiday Club account.
Transfer funds between your accounts with Online Banking or our Mobile App.
Auto Loans
If you want to purchase a vehicle, you will probably need to borrow money in the form of a loan.
Are you tired of borrowing your parents’ car, taking the bus, or calling Uber? We know buying a car is a big monthly expense.
Benefits of an Auto Loan:
Dishing out a large sum of money to purchase a car can leave a dent in your checking or savings account.
Financing a car gives you the advantage of buying a vehicle with monthly payments you can afford.
Auto loans also allow you to purchase a better vehicle that may have been too expensive if you were to pay cash.
Get pre-approved! Pre-approval helps you by looking at your credit and determining how much you can borrow.
Credit Cards
Obtaining credit is a big step. Before you sign on the dotted line, make sure you understand what you’re signing up for. Don’t fall into the trap of many college students: amassing thousands in credit card debt before your four years is up. Be sure to look at:
Interest Rates - How much do you want to pay to borrow money? 21%, 18%? Are you earning that kind of interest on your savings? No! Be smart, shop for the lowest interest rate you can find.
Late Payment Penalties - You could be charged a $35 late fee on a $50 monthly payment! Always make sure you know how much the late fees are. Then avoid paying late by mailing your check several says before the due date.
Beware of Introductory Offers - Some credit cards charge little to no interest for the first six months to one year, but after that the rates go up. Read the terms of the credit card carefully so you know what the rates will be.
Annual Fees - Some credit cards have annual fees, some don’t. If the card has a fee, check out the reason for it. Does the card offer benefits, such as store discounts or travel rewards? If you don’t need the benefits offered, pick a card with no annual fee.
Look for all this information in the “Fed Box” of each credit card promotion. Don’t forget to check out our Credit Card.
Need Cash? How to Avoid ATM Fees
ATM surcharges keep rising. Here's a list of easy ways to help you avoid ATM fees.
If you have a Visa debit card, use it any place you can! Don’t spend your cash at restaurants, department stores and other places that take Visa. The money will come right out of your checking account.
Budget your money throughout the month so you make fewer ATM withdrawals.
Find surcharge-free ATMs using the Alliance One Network.
Use the cash back option at grocery stores, Walmart, Kroger, CVS, and others.
Avoid ATMs in hotels, casinos, restaurants and similar locations. They usually have high surcharges.
Budget Spending Tips
Create a spending plan. Calculate your monthly income. Next, subtract your expenses. Make sure you subtract an entire months’ worth of expenses from your total income.
Set goals for yourself. Allow yourself 10% of your paycheck to have fun or put towards something you can afford in the next month or so for your short-term goals. Start putting aside another 10% of your paycheck to start building your way towards your long-term goals.
Check your balance every day. Whether you’re using cash only or a debit card, make sure you get an idea of how much money you have in your account or wallet every day. This will help hold you accountable so you don’t overspend.
Resist the urge to spontaneously spend. Remind yourself how many hours and how much work went into the money you are about to spend.
Save for a rainy day. Rainy days can happen at anytime. Be prepared by saving 10% of your paycheck for those unexpected occasions.
Break down your budget. Remember to include your savings - long term savings 10%, short term savings 10%, and rainy day savings 10%.
Deposit Insurance
It really is important to keep your money safe.
Your accounts are FEDERALLY insured to at least $250,000 and backed by the full faith and credit of THE UNITED STATES GOVERNMENT, National Credit Union Administration, a U.S. Government Agency. Visit mycreditunion.gov to learn more about your Share Insurance Coverage and to access resources including a Share Insurance estimator tool, publications, videos, and more.
Once a member, always a member.
When you open an account with us, you’re a member for life, as long as the account stays open. You can move and take us along!