Open MySavings℠ Accounts for Your Young Ones
December 5, 2019 by Chevron Federal Credit Union
The holidays are a great time to give your kids the gift of a MySavings account!
The MySavings youth account pays an APY of 7.00% on the first $1,000 and then our regular savings rate on balances above that, so savings can grow quickly.*
- 21 years old or younger
- Have a Social Security number
- Opt out of paper statements within 60 days of account opening
To have a MySavings account, your minor must first become a member and establish his or her Primary Savings account with a $25 deposit.
If you are using our online membership application, make sure you start with the application for minor members. You will be establishing your minor as the Primary Member and yourself as a Joint Owner.
Once the membership and MySavings account have been established, be sure to sign your child’s account up for Digital Banking so you can turn off paper statements, check balances, and more.
For more information on MySavings or the online membership application, please stop by your local branch or give us a call at 800-232-8101.
*Annual Percentage Yield (APY) effective as of 11/22/19 and subject to change without notice. 6.770% (7.00% APY) available on balances $1,000.00 and less only. Balances of $1,000.01 and above will earn our regular Member Savings account rate of 0.50% APY effective as of 11/22/19 and subject to change without notice. Minimum balance to open and maintain a MySavings account is $25. Minimum balance to open and maintain a Primary Savings account is $25 ($50 for Joint). Dividends are compounded daily and paid monthly. One MySavings account per member.