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Start ahead, stay ahead: 7 must-haves for a better first bank accountBy MSGCU on 1/25/2022


First things first, congratulations! Taking the time to learn more about how to manage, save, and grow your money demonstrates your readiness to open your first bank account. For a great start, here are our recommended must-haves plus some extras you may need depending on your age and interest level.

Must-Have: Trust

Choose a financial partner that always puts you first. Remember this important distinction: While banks are for profit and sell financial products to benefit their bottom line, credit unions such as Michigan Schools & Government Credit Union are for members and offer financial solutions to benefit members. MSGCU is a not-for-profit, all-for-members credit union dedicated to championing member financial success.

Must-Have: Solutions Tailored for You

As a young person, you deserve financial solutions aligned with your unique needs and goals. At MSGCU, the Achieve Student Debit Account is customized to offer 16- to 23-year-olds 24/7 mobile access, safeguards against overspending and fraud, plus easy ways to save with Roll Up The Change and more. And, there are no monthly service charges or minimum balance requirements for the account. Achieve also grows with you allowing for easy direct deposit of your paychecks when you get your first job.

Must-Have: 24/7 Access

Be sure you can reach your money when you want and how you want with financial tools that are brilliantly executed for safety and convenience. For example: the MSGCU mobile app allows you to make mobile deposits with your smartphone and offers a quick balance feature to check your balance without even having to log in, helping prevent overspending. Plus, add your card to your mobile wallet to safely pay by phone at the store or online.

Must-Have: Automatic Spending Safeguards

When you’re just starting out, and even when you’re not, it’s vital to have spending and withdrawal limits built right into your account. The Achieve Student Debit Account has daily transaction and ATM withdrawal limits to automatically prevent overspending and guard against possible fraudulent activity targeting teens and young adults.

Must-Have: Automatic Savings Solutions

Short-term lattes can rob long-term savings goals along with thousands of other “little things” that are competing for young money. To make saving easier, the Achieve Student Debit Account includes a feature called Roll Up The Change. It’s a simple way to make every purchase a savings opportunity. MSGCU will round up the amount of each purchase to the nearest dollar and automatically transfer the extra change into a savings account. Savings, done!

Must-Have: Privacy and Security

Young people are heavily targeted for fraud which means you need a financial champion that’s stronger, smarter and committed to the safety of teens and young adults. The MSGCU Achieve Student Debit Account has automatic safeguards including spending and withdrawal limits. MSGCU also helps teens, and all their members, from fraud with ongoing account protection. And we have a slew of resources you can use to stay vigilant against scammers, including regular posts on the socials for security tips to your newsfeed.

Here’s an important tip: Never, ever - and we mean EVER - give out your password or debit card PIN to anyone, even your close friends.

Must-Have: Room to Grow

Life moves fast, preschool to grad school, first car to investment portfolio, your best “first” financial partner is the one that can be your financial champion for life. So, look for a broad offering of financial solutions including vehicle loans, home loans, investment options, savings ideas and yes, even retirement planning. At MSGCU, we can help you start ahead and stay ahead, one smart financial move at a time. We’re driven by your financial success.

Bonus extras worth a look.

Live Local Help

If online all the time is exactly what you’re looking for, many providers can accommodate you, including MSGCU. The MSGCU Achieve Student Debit Account is completely mobile accessible 24/7. Sometimes, though, you just want to talk with someone. So if you would ever need or want a local, live assistance, it’s good to know MSGCU is close by with 22 Michigan-based branches to serve you and friendly team members available in their call center to help over the phone.

Financial Education

Today information and “advice” is in great supply, however the integrity of sources can vary widely. A great financial partner will always offer unbiased information to help you make the best decisions. At MSGCU, we have rich educational resources for our members, all at no cost, all with the goal of helping. Check out our educational playlist filled with 5-minute lessons Student Financial Success, read an article on our blog, attend a workshop, or get one-on-one support.

Give Backs

Opening your first account with a financial provider that also gives back can benefit you and your community. For example: MSGCU gives over $106,000 in scholarships to local students every year. They also give more than $45,000 every year in grants for teachers, and each of MSGCU’s 17 branches gives $1,000 every year to local organizations helping our communities like first responders and deserving local charities.

To open your first account with MSGCU visit a local branch or call (866) 674-2848.

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