NBTA Credit Union has accounts specifically designed for young people with benefits designed specifically for different age groups. From the “Sam’s Account” for our younger savers, to our “Student Advantage” account for Teens and Post-Secondary Students, we have an account that offers flexibility for your lifestyle.
NBTA Credit Union also has a wide array of options for RESP’s, in-trust accounts, and other ways to save for education and the future. For general inquiries, or to speak to someone about these services, contact us or call 1-800-565-5626 (Toll Free in NB only).
YOUNG SAVERS
Under 17
SAM Accounts
NBTA Credit Union is pleased to offer our SAM Account specially tailored for students up to age 17. This account is free to our younger members and includes: Free ATM access, Free point of sale/direct debit transactions, Free Internet banking, Free pre-authorized debits, and Free monthly statements. The SAM account earns interest at .25% (paid monthly on the minimum monthly balance).
Moonjars and Financial Education
NBTA Credit Union offers short seminars on Financial Education to help young people get in the habit of saving at a young age.
Adopt-A-School Program
The NBTA Credit Union has an Adopt-A-School program. This program is one of the most cherished programs that we offer. Each month one school in the New Brunswick system is randomly drawn to receive a cheque in the amount of $300 to be used however the staff of the school wishes. NBTA Credit Union has made an addition to its Adopt-A-School Program, and now too, makes a draw for a donation towards a Safe Grad activity each year.
Scholarships and Bursaries
NBTA Credit Union presents a minimum of five $1000 scholarships to students each year. Students may be in High School enrolling in University or College, previously enrolled in University or College , or Teachers continuing their education. These awards are available to students whose parents are members of the NBTA Credit Union as well as to any member of the NBTA Credit Union. The awards are non-renewable, but may be applied for again every year.
Fun Links
YOUNG SAVERS
Advantage
18-23
Advantage Accounts
NBTA Credit Union is pleased to offer our Advantage Account. Available to members aged 18-23, this account is service-charge free and includes: Free ATM access, Free point of sale/direct debit, Free Internet banking, Free cheques and cheque processing, Free pre-authorized debits, Free E-Transfers, Free monthly statements and earns interest at 0.25% (paid monthly on the minimum monthly balance).
Scholarships
NBTA Credit Union presents a minimum of five $1000 scholarships to students each year. Students may be in High School enrolling in University or College, previously enrolled in University or College , or Teachers continuing their education. These awards are available to students whose parents are members of the NBTA Credit Union as well as to any member of the NBTA Credit Union. The awards are non-renewable, but may be applied for again every year.
Registered Education Savings Plan (RESP)
It’s never too early to start saving for your child’s post-secondary education. We can help.
What is a Registered Education Savings Plan (RESP)?
A Registered Education Savings Plan (RESP) is a special tax-sheltered savings account that allows you to save for a child’s post-secondary education.
Anyone can open a RESP for a child—parents, guardians, grandparents, other relatives, or friends. Your child can take money out of the RESP when they enroll in university, college or another qualifying education program.
If you save for a child age 17 or under, the federal government also puts money into the RESP through grants and programs available.
Information about RESPs (Government of Canada)
Government Grants & Programs for RESPs
The Canadian Government has programs and grants available that will help you save for your child’s education faster.
Canada Learning Bond (CLB)
The CLB was designed to support lower income Canadians wanting to save for a child’s education. Qualifying families will receive $500 initially for opening the RESP without needing to make any contribution. Your child may also qualify for an additional $100 annually up to the age of 15, which could result in an additional $1,500 for an RESP.
The amount of funding received depends on the number of children in the family and net family income. To learn more about this program and eligibility rules, please visit the Government of Canada’s CLB website.
Canada Education Savings Grant (CESG)
Through the CESG, the federal government will match 20% of funds contributed to the RESP of an eligible child to a maximum of $500 each year and a lifetime amount of $7,200. This base amount of 20% matching is not dependent on income, however, those from mid to lower income families may qualify to receive higher matching amounts of up to 40%.
A contribution must be made to the RESP for a child to get the CESG. To learn more about this grant, please visit the CESG website.