Youth
Savings
It's important for kids to learn good money habits. Saving money consistently means you will be prepared. No matter what the future brings, your savings will be there when you need it, whether it's for a new outfit, a trip to the movies, saving to buy your first car or starting a college career.
Minnesota Valley Federal Credit Union offers higher yield accounts to youth to help build savings.
Accounts for ages 0-22
- Above market interest rate on savings
- Free checking account
- Free 40 checks
- Free debit card
- Free online banking
- Free billpayer
- Low overdraft fees (first one free if applicable)
- guaranteed $100 minimum reserve line of credit attached to your checking account (must apply separately for line of credit)
- Low variable rate MasterCard Credit Card*
- College scholarship opportunities
- Parent-Student Education Loan
- Student Loan Options
Savings Rates
| SAVINGS PRODUCT | Minimum Opening Deposit | Other Terms | Dividend Rate | Dividends Compound | APY* |
|---|---|---|---|---|---|
| Share Savings (S1)*** | $5 | $5 to earn dividend | 0.30% | Quarterly | 0.30% |
| Special Savings (S2)*** | $0 | 0.30% | Quarterly | 0.30% | |
| Holiday Club (S3) | $0 | $300 monthly maximum deposit | 0.75% | Annually | 0.75% |
| Pays out annually November 1st | |||||
| Money Market Savings (S6) | $0-$999 | 0.30% | Monthly | 0.30% | |
| $1,000-$4,999 | 0.35% | 0.35% | |||
| $5,000-$9,999 | 0.70% | 0.70% | |||
| $10,000-$19,999 | 0.90% | 0.90% | |||
| $20,000-$39,999 | 1.10% | 1.10% | |||
| $40,000-$69,999 | 1.50% | 1.51% | |||
| $70,000-$99,999 | 2.00% | 2.02% | |||
| $100,000-$249,999 | 2.50% | 2.53% | |||
| $250,000 and above | 2.75% | 2.79% | |||
| Vacation Club (S14) | $0 | $300 monthly maximum deposit | 0.75% | Annually | 0.75% |
| Pays out annually June 1st | |||||
| Kids Club (S15, S18, S19) | $0-$5000.00 | 1.25% | Monthly | 1.26% | |
| Kids Club (S15, S18, S19) | $5000.01 and above | 0.30% | Monthly | 0.30% | |
| Health Savings Account (S16) | $10 Annual Fee Interest Bearing Checking Account | 0.75% | Monthly | 0.75% | |
| * = Annual Percentage Yield. Rate is effective as of 09/19/2024 Rates and terms are subject to change at any time based upon ALCO review and changing market conditions. Fees may reduce the earnings on these accounts. | |||||
| ** = Dividend paid at pay-out date, no dividend for early withdrawal. | |||||
| *** = Balances below the minimum balance will not earn interest. | |||||