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People Driven Credit Union

Youth Accounts

Youth accounts teach kids money management, with parental oversight and limits.

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Introducing the People Driven Credit Union Youth Account

Empower your children with smart money habits from an early age by opening a PDCU Youth Account for them. With this account, you’re not just providing them with a bank account – you’re opening up a world of financial literacy education.

Membership and eligibility requirements apply, with approval subject to application. To open and manage an account, you must be the child’s parent, grandparent, or legal guardian. As the joint account holder, you’ll have access to set up account alerts, parental controls, online access, and more.

Open a Youth Account Online

Youth accounts are tailored for ages 0-17 and offer a comprehensive solution for teaching your kids and teens about money management. Each PDCU Youth Account includes both a checking and savings account and is equipped with features that allow parents to set up alerts and limits.

Furthermore, you can actively guide your child through real-world financial experiences like using an ATM. With a minimum initial deposit requirement of just $5 and no monthly service fees, getting started is easy and affordable.

To open and manage an account, you must be the child’s parent, grandparent, or legal guardian. As the joint account holder, you’ll have access to set up account alerts, parental controls, online access, and more. Start your child’s financial journey with a PDCU Youth Account today!

Youth Account Perks

  • Free debit card
  • 34,000+ free ATMs
  • Parent advantages and monitoring
  • Limit on withdrawals and spending alerts

As they grow, let them take control of their finances while you monitor their progress.

  • Help your child and teenager think before buying.
  • They’ll learn to distinguish between needs and wants.
  • They can access their money using an ATM or debit card.
  • They can practice creating and sticking to a budget.
  • Having their own account can help them learn to save money.

Open a Youth Account Online

I have been a member for years. The service is phenomenal! It begins with their greeter and continues with rest of the staff until the completion of your business.

Pamela D.

Features & Benefits of PDCU Youth Accounts

Youth Accounts offer a range of benefits designed to provide parents and guardians peace of mind while teaching children the fundamentals of money management. With features like parent controls, easy ways to add money, and automatic savings tools, our Youth Accounts make it simple and convenient for families to save and manage money together. Whether you’re looking to instill financial responsibility in your child or help them reach their savings goals, our Youth Accounts are the perfect solution. Join us today and start your child’s journey towards financial success with People Driven Credit Union.

Parent controls

The parent or legal guardian on the account can give them limited access to account services. You can allow them to:

  • Check account balance
  • Transfer money
  • Make a deposit

Easy ways to add money

Whether you’re at home or on the go, you can easily add money to a PDCU Youth account.

  • Transfer money directly into your child’s account. Use automatic transfers for chores or an allowance.
  • Deposit checks from your smartphone using Deposit@Mobile®.
  • Teach your teen how to deposit money at select ATMs.See note3

Open a Youth Account Online

Automatic savings

Our savings tools provide easy ways to show your child how to save. When you have a PDCU checking account and are listed as the parent or guardian on your child’s PDCU Youth Savings account, you can:

  • Move small amounts from your checking account into your child’s savings account.
  • Select a portion of a regular deposit, like a paycheck, to transfer from your PDCU checking account to their savings account.

Frequently Asked Questions

You must be the child’s parent, grandparent, or legal guardian to open and manage an account. As the joint account holder, you’ll be able to set up account alerts, parental controls, online access and more.
It’s a bank account that can help your kids and teens learn to manage money. Our youth accounts come with both a checking and saving account where parents are able to set up alerts and limits. Plus, you can guide your child through real-world experiences like using an ATM. There’s a minimum of $5 for the first deposit – and no monthly service fee.
Our youth accounts are for ages 0-17.

APY stands for Annual Percentage Yield. It is a measure of the total amount of interest earned on an account based on the interest rate and the frequency of compounding over a year. APY is a useful metric for comparing the annual earnings on different savings products, such as savings accounts, CDs, and money market accounts, because it standardizes the effect of compounding.

Key Points About APY

  • Includes Compounding: APY accounts for how often interest is compounded (e.g., daily, monthly, quarterly), which can significantly affect the total interest earned over time.
  • Comparison Tool: APY provides a standard way to compare the annual interest earnings of different savings products, regardless of how frequently interest is compounded.
  • Formula: The formula for calculating APY is: 
    APY = (1 + r/n)^n - 1
    where r is the nominal interest rate (expressed as a decimal), and n is the number of compounding periods per year.
  • Higher APY: A higher APY indicates that you will earn more interest on your money over a year, assuming the same principal amount.

Example

For example, if a savings account offers an interest rate of 5% compounded monthly, the APY would be higher than 5% due to the effect of monthly compounding. This makes APY a useful metric for comparing the real return on different financial products.

Think of a CD (Certificate of Deposit) like a special piggy bank at People Driven Credit Union. You put your money in our big piggy bank, promise to leave it there for one year, and when the year is up, we give you all your money back plus extra money called interest. The longer you let us keep it safe, the more it can grow. It’s a fun way for kids to learn patience, saving, and how money can earn more money over time.

Early withdrawal penalties may apply and could reduce earnings. Ask us for current terms before withdrawing.
Absolutely. Parents and grandparents often open Youth CDs for birthdays, holidays, or special milestones. While kids might not fully appreciate the gift right away, the value grows over time.
A Youth CD earns a higher rate and helps teach the value of setting money aside for a specific period of time—building patience and healthy saving habits.
Youth CDs are available for members under 18. A parent, guardian, or custodian must be listed jointly on the account.
Yes! You can make additional deposits anytime until the CD matures.
The Youth CD is a one-year certificate. At the end of the year, you can renew it or withdraw the funds.
Just $25 is all it takes to get started. You can make additional deposits anytime until the CD matures.

Youth Account Rates

Savings Account Rate

Minimum Balance to Earn Dividend

Dividend Rate

APY²
$100 and over 0.010% 0.01%

Rates Effective as of:

Checking Account Rate

Minimum Balance (Range) to Earn Stated Dividend

Dividend Rate

APY²
$100 and over 0.00% 0.00%

Rates Effective as of:

Money Market Plus Account Rates

³New money required to qualify for this rate. Only new funds transferred from external sources to the credit union qualify for this promotion.

Minimum Deposit

Dividend/Interest Rate

APY²
$1,000 to $2,499³ 0.349% 0.35%
$2,500 to $9,999³ 0.499% 0.50%
$10,000 to $24,999³ 0.598% 0.60%
$25,000 to $49,999³ 1.094% 1.10%
$50,000 to $99,999³ 1.144% 1.15%
$100,000 to $249,999³ 1.243% 1.25%
$250,000 and above³ 2.960% 3.00%

Rates Effective as of:

High Yield Money Market Account Rate

³New money required to qualify for this rate. Only new funds transferred from external sources to the credit union qualify for this promotion.

Minimum Deposit

Dividend/Interest Rate

APY²
$10,000 and above³ 3.928% 4.00%

Rates Effective as of:

Youth Accounts: Certificate of Deposits

Minimum Deposit

Dividend/Interest Rate

APY²
Below $10,000 4.426% 4.50%
$10,000 and above 2.722% 2.75%

Rates Effective as of:

Disclosures

Federally Insured: Savings at People Driven Credit Union are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government.

²APY = Annual Percentage Yield. APY is a standardized measure of the total interest earned on a deposit account over one year, based on the interest rate and the frequency of compounding. APY assumes that interest remains on deposit until maturity. Early withdrawals and applicable fees may reduce earnings. Rates are effective as of and are subject to change at any time without notice.


Membership Requirement

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.

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