SHARE CERTIFICATE FOR KIDS
Help your kids learn how to set and reach financial goals.
Want to help your kids build a strong financial foundation?
With the Kidicate, a share certificate designed just for kids, we teach how to save for long-term goals. It’s a great way to lock in competitive yields for a fixed, 24-month term. The Kidicate gives young savers unique opportunities to set financial goals and watch their savings grow to reach them.
*Available for young savers ages 0-17. Accounts eligibility expires on the child’s 18th birthday. Our Kidicates run for a term of 24 months and earn a higher rate than our regular 24-month certificate. A penalty may be assessed for early withdrawal. APY is accurate as of 05/17/23. Kidicate requires a minimum balance of $100 to open and obtain advertised APY and to avoid a service charge. APY = Annual Percentage Yield. Federally insured by NCUA.
- Designed for young savers ages 0 – 17
- Save with as little as $100 – up to $10,000
- Take your savings to new heights with 4.06% APY
- Lock in yields for a 24-month term
- Dividends are compounded monthly
Kidicate Share Certificates
Term Minimum Balance Required Rate APY 24 Months $100.00 3.99% 4.06%
*Available for young savers ages 0-17. Accounts eligibility expires on the child's 18th birthday. Our Kidicates run for a term of 24 months and earn a higher rate than our regular 24-month certificate. A penalty may be assessed for early withdrawal. APY is accurate as of 05/17/23. Kidicate requires a minimum balance of $100 to open and obtain advertised APY and to avoid a service charge. APY = Annual Percentage Yeild. Federally insured by NCUA.
Frequently Asked QuestionsWhat happens to this account when the accountholder turns 13?
Eligibility for the Kidicate is based on the child's age at account opening and are available for Youth and Teen Accounts. If the child turns 13 during the 24-month term, the existing Kidicate will mature as expected. If the child turns 18 during the 24-month term, the existing Kidicate will mature as expected, however, automatic renewal will default to our regular 24-month share certificate.Is the Kidicate transferrable?
The account(s) you have with us is/are nontransferable and nonnegotiable. This means that an account and the funds in the account may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.What is the Kidicate renewal policy?
Certificate accounts are automatically renewable accounts. Automatically renewable accounts will renew for another term upon maturity at the then-current rate. There is a 10-day grace period following the maturity of this account to withdraw the funds without penalty.Can I withdraw funds early?
You can, but we may impose a penalty if you withdraw any of the principal of the Certificate Account before the maturity date.
1) Amount of Penalty. For certificates with a term of one year or less, the amount of the early withdrawal penalty is 30 days of dividends calculated on the amount withdrawn. For certificates with a term of more than one year, the amount of the early withdrawal penalty is 90 days of dividends calculated on the amount withdrawn.
2) How the Penalty Works. The penalty is calculated as a forfeiture of part of the interest that has been or would be earned at the nominal interest rate on the account. It applies whether or not the interest has been earned. In other words, if the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal.
3) Exceptions to Early Withdrawal Penalties. At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: when an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.Where can I find the maturity date?Your Certificate Account with us will mature on the maturity date identified on your Account Receipt or Renewal Notice.Can I add deposits after I open the Kidicate?No, as with certificates of deposit, once the account is opened, you may not make additional deposits.
For more information or if you have a question, please get in touch with us.Contact Us
Kids save even more with the Kidicate!
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