Youth Area
Youth Accounts
We offer multiple options for youth accounts:
The regular share account allows children to deposit funds at any time. A $0.01 minimum balance is required for the account to remain open. This balance represents your individual ownership in the Credit Union.
We also have our Youth Savers Certificate account for members ages 0-17. With a great rate, it is an excellent way to save your money. You only need $50.00 to open the account and can make deposits anytime. These accounts have a maximum balance of $10,000 and have a 5-year term.
It is extremely important to educate our youth on the importance of financial literacy. Good saving habits are the foundation to financial success, so it is essential that children start learning how to manage their money at a young age.
Learn more about youth savings at these great sites!
Pocket Cents
Treasury Direct KIDS – Treasury Securities and the U.S. Debt
Consumer Information – Federal Trade Commission
Youth Savings Account
Youth Savings accounts must have at least one legal guardian listed as joint owner.
Features
- $0.01 minimum balance to secure membership with 802 Credit Union.
- Dividends are paid monthly.
- Statements (paper or electronic) are generated quarterly but can be changed to monthly upon request.
- One Youth Savings account allowed per minor (under 18 years of age).
Benefits
A Youth Savings account is required for a minor to gain access to all products and services offered by 802 Credit Union.
Deposit Products
- Total E-Checking
- Special Savings
- Share Certificates
- Money Market
Services
- Notary Public
- Medallion Guarantee
- Online/Mobile Banking
- Bank Checks & Money Orders
Total E-Checking Account
A Youth Savings account is required to open a Total E-Checking account.
Features
- No minimum balance requirement, no monthly service charges, no monthly fees, and no direct deposit requirements.
- Minors must have a legal guardian listed as joint owner.
- Available to minors aged 13-18.
- Non-interest-bearing account.
- Statements are generated monthly.
- Any/all other accounts can be combined into one monthly statement.
- eStatements are available via Online Banking and the 802CU mobile app.
- Overdraft capabilities are disabled for minors, eliminating the risk of overdraft fees.*
*The account’s balance can be overdrawn, however, no overdraft fee will be charged.
Benefits
Debit card available for ATM access (checking and savings) and purchases (checking only)
- $500 daily spending limit (can be adjusted by request for limited time frames)
- $200 daily ATM withdrawal limit
Youth Savings and Special Savings accounts can be linked as draw accounts to transfer funds from once daily (if available) to cover purchases made from a checking account with insufficient funds ($2 fee withdrawn from draw account per transfer).
Mobile check deposit available via 802 Credit Union mobile app.
Youth Savers Certificate (CD)
A Youth Savings account is required to open a Youth Savers Certificate
Features
- This is a certificate product for minors up to 18 years of age.
- One Youth Savers Certificate is allowed per individual
- A Youth Savers Certificate account must have at least one legal guardian listed as joint owner.
- $50 minimum balance.
- $10,000 maximum balance.
- 5-year (60 month) term.
- Higher annual percentage yield (APY) than our Youth Savings account. See current rates.
- Dividends are paid monthly.
- Statements (paper or electronic) are generated monthly.
- Can be combined with all other 802CU accounts into one monthly statement.
- Unlike traditional certificates, the Youth Savers Certificate allows additional deposits throughout the term of the certificate.
- 180-day dividend penalty charged for early withdrawals.
Benefits
A long-term savings option will help teach a minor the value of saving with the benefit of a higher rate of return on their money.
Additional funding of the account can be set up automatically on a weekly, biweekly, or monthly basis from any account of the minor or the joint owner (adult).
National Credit Union Youth Month
Youth Month is a great time for our youth members to save money and win cool prizes. We celebrate every April with activities and giveaways for children ages 0-17. Past events have included:
- Coloring Contests – winners received deposit into a Youth Savers account
- Drawings for great prizes and gift cards
- Small prizes with each deposit
- Youth Member Referrals – earn $25
It’s never too early to teach children how to save money and reach financial goals!
Become a Member and Elevate Your Financial Experience
Join 802 Credit Union today to unlock personal financial services designed to help your money grow faster and go further. From fee-free checking to flexible savings options, membership offers a lifetime of benefits.
Learn More About Membership | Join Today
Already a Member? Open Your Youth Account In-Branch.
As a member of 802CU, you’re already set to unlock more financial opportunities. To open your youth account, visit one of our branches today and continue maximizing your financial potential with competitive products and personalized service.
