Archive for the ‘ Youth ’ Category

WooHoo! We’re awarding $8,000 in Scholarships!

Graudating High School Seniors - check out the 2019 Citizens Bank Minnesota Scholarship

Graduating High School Seniors – check out the 2019 Citizens Bank Minnesota Scholarship!

We now offer 6 Scholarships!

  • 1-$1,000 Renewable up to three years
  • 3-$1,000 One time scholarships
  • 2-$500 One time scholarships

We’ve made the process of applying easier!  Simply watch two short, informative videos and answer a questionnaire for each. When the applications become available in February, if you meet the requirements, we’ll email you the application.

Visit citizensmn.bank/personal/scholarship for all the details or email Lori with any questions you may have at: ldummer@citizensmn.com

By Lori Dummer, Scholarship Coordinator

Save for their future…with WooHoo! U!

Who doesn’t want the best for their child or grandchild’s future? You can help them save for their future today by opening a WooHoo! U Youth Savings account for them!

With a 3.04% APY on balances up to $4,999.99, they are getting a GREAT rate until they GRADUATE! But don’t just take our word for it, check out our latest video testimonial from a happy parent!

For full details on our WooHoo! U Youth Savings Account visit our website at: www.citizensmn.bank/personal/savings-and-cds

Why WooHoo! U?

WooHoo UCitizens Bank Minnesota knows that banking experience at an early age can shape a young person’s financial identity, attitudes and habits in a way that can last a lifetime. Kids learn many things in school, but usually personal finance is not one of them. That responsibility falls on the parents/guardians. Citizens is here to help!

WooHoo! U is a tiered savings account that earns 3.04% APY on balances up to $4,999.99. With WooHoo! U, youth savers will earn a great interest rate and develop sound saving habits. You can learn more by visiting our website at: www.citizensmn.bank/personal/savings-and-cds

Stop in to talk with one of our Client Service Representatives and open your account today!

2018 Citizens Scholarship Winners

Jordan Golberg, a Lakeville North High School graduate, and Truman Pippert, a graduate of New Ulm Cathedral High School, were recently presented with the Citizens Bank Minnesota’s eighteenth annual scholarship awards.  These scholarships are part of the Community Bankers Scholarship Program TM.  Both of these students received a $1,000.00 scholarship that is renewable for a potential value of $4,000.00 over four years of post-secondary education.

Hayden Fischer, a graduate of Lakeville South High School, and Jacob Radloff, a graduate of New Ulm High School, were the recipients of a $500.00 Citizens Bank Minnesota scholarship.  The scholarships are offered through a random drawing to graduating high school seniors from the New Ulm and Lakeville area who have completed the Citizens Real Life Skillz online classes.

Each year, Citizens awards two or more high school seniors with scholarships. Applicants must be graduating high school seniors, have an active Citizens checking account and complete Citizens financial literacy courses. The scholarship program was developed to support our belief in the youth and their potential to make a difference in our community. Citizens is proud to invest in their futures by promoting education and excellence.

golberg-jordan.jpgJordan, son of Brad and Susan Golberg, will be attending Iowa State University this fall, pursuing a degree in engineering.

pippert-truman.jpgTruman, son of Chris and Tami Pippert, will be attending Creighton University this fall, pursuing a degree in business & dentistry.

Fischer, HaydenHayden, son of Jodi Fischer and Ryan Fischer, will be attending the University of Minnesota – Twin Cities this fall, pursuing a degree in engineering.

Radloff, JacobJacob, son of Doug and Patricia Radloff, will be attending South Dakota State University, Brookings this coming fall, pursuing a degree in agricultural engineering.

For more information about the scholarship visit: https://www.citizensmn.bank/personal/scholarship

By: Lori Dummer, Marketing Assistant/Youth Club Coordinator

Types of IRA’s for Children

girl with money

There are two different types of IRAs that are suitable for children: traditional and Roth. The primary difference between traditional and Roth IRAs is when you pay taxes on the money that you contribute to the plan. With a traditional IRA, you pay taxes when you withdraw the money during retirement (at your then-applicable tax rate). A traditional IRA contains pre-tax earnings. With a Roth IRA, you pay taxes when you put the money into the account, so it contains earnings after tax.

The money grows tax free while it’s in either a traditional or Roth IRA. But the benefit of a Roth is that when the child withdraws the money many decades from now, he or she won’t have to pay income tax on it. What’s more, there are no required minimum distributions (RMDs) on the money. Of course, these rules may change in the next 40 years, but that’s where they are now.

If you claim your child as a dependent, he may be required to file an income tax return of his own if his income exceeds a certain amount set by the IRS ($6,300 for 2017). If your child earns less than this amount, she is likely in a 0% income tax bracket and she probably won’t benefit from the up-front tax deduction associated with traditional IRAs.

Because many kids don’t earn enough money to benefit from the up-front tax deduction associated with traditional IRAs, it makes sense in most cases to focus on Roth IRAs. In general, the Roth IRA is the IRA of choice for minors who have limited income and who, therefore, would not benefit from a deductible traditional IRA.

Starting an IRA for your child can be a wonderful thing. At their young age, compounding kicks into high gear due to the long time horizon. And usually they will be in a low, or even zero tax bracket so the Roth is normally the best choice.

If a child keeps [a Roth] until age 59-1/2 (under today’s rules), any withdrawal will be tax free. In retirement, he or she would likely be in a much higher bracket, so  would effectively be keeping more of his or her money.

Benefits of IRAs for Kids

A single $1,000 IRA contribution made at age 10, for example, could grow to $11,467 over 50 years, assuming a conservative 5% average annual growth rate. Contribute $50 each month, and the account might grow to $137,076 (with the initial $1,000 contribution and the same hypothetical growth rate of 5%). Or double the contribution to $100 each month and the account could reach $262,685. As children make more money and eventually become adult earners, their annual contributions are likely to be higher, and the IRA could grow correspondingly. Setting aside money each month or year for an IRA – even if the contributions are small – helps your child develop awareness and healthy financial habits.

Another benefit of IRAs is that your child may be able to tap into the account for qualified higher education expenses and up to $10,000 towards a down payment on a first home without penalty. With a Roth IRA, you can withdraw any contributions, but not the investment earnings, for any reason without tax or penalty.

Information courtesy of: Investopedia.com

Visit www.citizensmn.bank or contact Citizens Bank Minnesota at 507-354-3165 to find out more information about the great rates we offer on our IRA CD’s!  The future starts NOW!

Halloween Safety Tips

halloween safety picIt’s almost that time of year when children look forward to trick-or-treating, dressing up in costumes, decorating and obtaining more candy than they can possibly eat. As fun as it is, Halloween is also a deceptively dangerous night, and preparations for a safe and enjoyable celebration should begin long before Halloween night.
SELECTING A COSTUME
• Select a costume that doesn’t risk slips, trips or falls. Costumes should not drag on the ground.
• Wear comfortable shoes for walking. As tempting as it may be to wear shoes themed with the costume – high heels for Cinderella come to mind – they can be unsafe for youngsters to navigate.
• Choose a bright costume that motorists can see.
• Place reflective tape on costumes and trick-or-treat bags for increased visibility.
• Wear costumes with flame resistant fabrics (such as nylon and polyester) or look in the label for the notation, Flame Resistant. Flame resistant fabrics resist burning and should extinguish quickly.
• Avoid outfits with big, billowy sleeves and flimsy materials that could contact candles.
• Test any makeup on the skin beforehand, and don’t use it if there is an allergic reaction.
• Beware of accessories that could injure a child. Choose soft swords, for example, and avoid items with sharp edges.
• Be careful when selecting masks, scarves and decorations that nothing obstructs a child’s vision.
PUMPKIN CARVING
• No matter how much they plead, don’t let small children handle knives and carve pumpkins. Instead, have them draw their design with markers and let an adult do the carving.
• To avoid the possibility of a fire, use a flashlight or glow stick instead of a candle to light your pumpkin. If you cannot avoid using a candle, a small votive candle with a holder is safest.
HOME SAFETY AND DECORATIONS
• Outside your home, use flameless candles or keep burning candles and jack-o’-lanterns away from landings and doorsteps, where trick-or-treaters’ costumes could brush against the flame.
• Keep your home safe for visiting trick-or-treaters by removing from the porch and front yard anything a child could trip over such as leaves, garden hoses, toys, bikes and lawn decorations.
• When indoors, keep candles and jack-o’-lanterns away from curtains, other decorations and other items that could ignite. Do not leave burning candles unattended.
• Whether indoors or outside, use only decorative light strands that have been tested for safety by a recognized testing laboratory. Check each set of lights, new or old, for broken or cracked sockets, frayed or bare wires or loose connections. When in doubt – discard.
• Don’t overload extension cords.
• Restrain pets so they do not inadvertently jump on, scratch or bite a trick-or-treater. It may be best to shut your pet away from the commotion; some animals find Halloween especially spooky.
TRICK-OR-TREATING
• An adult should always accompany young children on their neighborhood rounds.
• Obtain flashlights with fresh batteries for all children and their escorts.
• Make sure cell phone batteries are fully charged. If older children are trick-or-treating by themselves or in groups, review with them the geographic boundaries where they may go.
• Remain on well-lit streets and always use the sidewalk. Walk facing traffic. Avoid darting from house to house in the middle of the street – cars aren’t expecting you to be in the middle of the street.
• Notify law enforcement authorities immediately of any suspicious or unlawful activity.
Happy trick-or-treating, and be safe!

Article courtesy of: Cincinnati Insurance Company

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