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Savings for Kids & Students

Youth Savings Accounts
It's never too early to start developing good money management habits. Help a child in your life build a brighter financial future and open a savings account for them today. No matter what their age, Northeast Credit Union has the right savings account to help them achieve their savings goals.

Great Options to Help Kids Save:

MyFunds Savings^SM - a fun way to save for children 13 and under.

With a MyFunds Savings account, kids can:

Learn the value of saving.
Earn dividends that will help their savings grow.
Join the Smart Savings Kid's Club for free.

Parents will also love this great savings account. MyFunds Savings accounts:

Are available to young people up to age thirteen.
Offer a great rate of 1.52% APY* on the first $500 deposited.
Do not have any monthly maintenance fees.
Can be opened with as little as $5 dollars.
Can be easily set up so that family members can make automatic deposits or transfers from their Northeast Credit Union account into the MyFunds Savings account.

Student Savings - this account grows with your young saver and is perfect for ages 14-22.

With a Student Savings account, tweens, teens, and college students can:

Save for what's important to them
Learn to manage their money
Get the most of their savings by earning dividends.
Have easy access to their money with an ATM card.

Parents will also love this great savings account. Student Savings accounts:

Are available to youth 14-22
Offer a great rate of 1.52% APY* on the first $500 deposited.
Do not have any monthly maintenance fees.
Can be opened with as little as $5 dollars.
Can be easily set up so that family members can make automatic deposits or transfers from their Northeast Credit Union account into the Student Savings account.

College Savings - a special account that helps young savers plan for their future and rewards them with a $1,000 dividend gift!**

Earning a $1,000 dividend gift is an easy way to help your young saver finance their future after high school. Simply:

Open a college savings account with a minimum balance of $100 for the young saver before they turn 6 years old.
Make a deposit to the account of $50 or more each month until the young saver turns 18.
When the young saver turns 18, we'll deposit a $1,000 dividend gift into their account.

Plus, College Savings accounts:

Offer a great rate of 1.52% APY* on the first $500 deposited.
Do not have any monthly maintenance fees.
Allow for one "skipped" month's deposit per calendar year.
Can be easily set up so that family members can make automatic deposits or transfers from their Northeast Credit Union account into the College Savings account.

Click on the "Rate chart" link below for current dividend rates. Then click "Open Account Online" to become a member and sign up for a MyFunds Savings or Student Savings account. College Savings accounts must be opened in person at a branch or by telephone at 888.436.1847.

Rate chart

Open Account Online

Get your young saver off to a great financial start! Help them start saving and earning today! Conveniently open a youth savings account online.

Other Products and Services to Consider

*Members who are 13 years of age and younger are eligible for the MyFunds^SM Share Account. At the end of the month of the member's 14th birthday, the account will automatically convert to a Student Savings Share Account. Members under the age of 23 are eligible for the Student Savings Share Account. At the end of the month of the member's 23rd birthday, the account will automatically convert to a variable rate Regular Share Account at the regular share rate at the time of conversion. Members under the age of 6 at the time of account opening are eligible for the College Savings Share Account. At the end of the month of the member's 18th birthday, the account will automatically convert to a Student Savings Share Account. The MyFunds, Student Savings, and College Savings Share Accounts are variable rate accounts of 1.50% [1.52% Annual Percentage Yield (APY) effective as of January 1, 2011] for balances $0 to $500. A variable rate of .15% with an APY of .15% (effective as of October 1, 2010) applies to all MyFunds, Student Savings, and College Savings balances $500.01 and over. These variable rates may change after the account is opened. Our dividends are calculated day of deposit to day of withdrawal; compounded and paid on the last day of the month. One MyFunds or Student Savings Share Account per qualifying member. One College Savings Share Account per qualifying member. Fees (specifically an Inactivity Fee) could reduce earnings on the account. For complete details, please speak with a Member Services Representative at 1-888-436-1847.
**Any withdrawal from a College Savings account prior to the main member’s 18th birthday will disqualify the member from receiving the $1,000 award. Northeast Credit Union will award a $1,000 dividend gift into a College Savings account if meeting all account requirements in the month immediately following the primary account holder’s 18th birthday to assist with upcoming college or other expenses faced after completing a high school education. It is not required that College Savings account funds or it’s bonus award, be spent on education expenses; however the primary account holder of the College Savings account must be the child for which the savings is intended. For complete details, please speak with a Member Services Representative at 1-888-436-1847.

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