We believe it is important to start financial education early in life, and we are proud to offer youth savings options to encourage long, healthy financial lives.
An initial Share Deposit of only $25.00 in a Youth Account, which remains for the life of the account, makes you a member of our credit union family and eligible for all other credit union products and services. This Share Deposit buys you a share of the credit union and allows you to earn dividends. Dividends are calculated and paid quarterly on a split rate basis. Please view our Rates page for the most current rates. Your savings is federally insured to at least $250,000.00 and backed by the full faith and credit of the National Credit Union Administration (NCUA), a U.S. Government Agency.
Scotty Savers – Share ID 002
Children ages birth through 12 years and 11 months may open a Scotty Saver Youth Account to begin learning about savings. Scotty Saver accounts require an individual over the age of 18 to be a joint owner. With the $25.00 Share Deposit, these accounts earn the same dividends as regular Share (Savings) Accounts. With every deposit, the child can choose a toy from the toy box.
Teen Savers – Share ID 004
Teenagers ages 13 through 17 years and 11 months may open a Teen Saver Account to have fun and learn more about financial matters. Teen Saver accounts require an individual over the age of 18 to be a joint owner. With the $25.00 Share Deposit, these accounts earn the same dividends as regular Share (Savings) Accounts. Classes may be held periodically to go over financial literacy topics that are specific to teens, like how to balance a checkbook, save for college and what to look for in your first car.
Teen Saver accounts are eligible to add Share Draft (Checking) Accounts once the member has turned the age of 16. Teen Saver Checking Accounts may use a debit card, but the debit card must be issued in both the teen and joint owner’s names.
Transition to Adult Savings
Upon turning 18, Teen Saver accounts are to be transitioned into regular Share (Savings) Accounts, which use the Share ID of 000. In order to make this transition, the member must come to the credit union to notify us of their change in age and to complete new account documentation. At this time, is the now adult member’s choice if they would like to continue having a joint owner or if they would like to be the sole owner of their account.
Check out our Credit Union Events page for Youth Month fun every year.