FAQ Category: Youth CD
Who can open the youth account for a child?
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.
Continue ReadingWhat’s a youth account?
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 ...
Continue ReadingWhat is the age range for youth accounts?
Our youth accounts are for ages 0-17.
Continue ReadingWhat does APY mean?
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 ...
Continue ReadingWhat’s a CD, and how would you explain it to kids?
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, ...
Continue ReadingIs there a penalty if we need the money early?
Early withdrawal penalties may apply and could reduce earnings. Ask us for current terms before withdrawing.
Continue ReadingCan a Youth CD make a good gift?
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.
Continue ReadingWhy choose a Youth CD over a savings account?
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.
Continue ReadingWho can open a Youth CD?
Youth CDs are available for members under 18. A parent, guardian, or custodian must be listed jointly on the account.
Continue ReadingCan we keep adding money?
Yes! You can make additional deposits anytime until the CD matures.
Continue ReadingHow long is the term?
The Youth CD is a one-year certificate. At the end of the year, you can renew it or withdraw the funds.
Continue ReadingHow much do I need to open a Youth CD?
Just $25 is all it takes to get started. You can make additional deposits anytime until the CD matures.
Continue ReadingWhat is a Certificate of Deposit?
A Certificate of Deposit is a secure and reliable savings tool that offers higher interest rates in exchange for committing your funds for a fixed period. It’s an excellent option for those looking to achieve specific financial goals with minimal risk. Key Features of a Certificate of Deposit (CD): Fixed Term: CDs have a specified term or maturity date, which ...
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