BASSETERRE, St. Kitts – TWO new services are in line to be launched this week by the St. Kitts Cooperative Credit Union (SKCCU) and a bounty of benefits are anticipated to be enjoyed by the members as a result.
As part of the SKCCU’s special week of activities, company officials have informed that the institution will be officially launching a Junior Saver’s account and a credit card service to its members.
As of tomorrow (Oct. 13), children as young as seven-years-old would be able to live out the adage ‘saving for a rainy day’ by opening an account for just EC $5. There will be no stipulations to deposit or withdrawal, and a 3% interest rate would encourage the juniors to save more.
To keep a heightened level of interest in the new account, junior savers will be awarded for consistent deposits and for reaching their savings goal.
Marketing and Human Resource Manager Julie Charles said the new service is expected to cultivate a spirit of financial discipline, as it would allow them to better manage their money.
“It gives the child a sense of independence and a wider understanding of money management. It’s about building financial confidence in children by teaching them how to save. Plus, we have tied savings to a goal, and once children are educated toward that they would understand if I can save this I can get that,” Charles said.
The credit union official also revealed plans for Thursday’s (Oct. 15) official launch of the company’s credit card service. Charles said that the credit card is necessary and reflects the main objective of the credit union, which is to move its members to higher financial levels.
The new service will be provided through a partnership with the Caribbean Credit Card Corporation and will offer international visa cards to its members.
“This new service will be open to all our members and shareholders. A lot of them would love to have a credit card, but some banking institutions may pose financial barriers for them,” she noted.
Charles concluded that both new services are appropriately launched this week as credit unions around the world celebrate International Credit Union Day on Thursday and the Eastern Caribbean celebrates Financial Information Month.
