Start learning about money & savings early.
No matter your age, it’s always a great time to start saving!
It’s easy to start early, using Interra’s Kids Club program to start teaching your children or grandchildren the importance of saving money. It’s available for newborns through age 17 years and includes a gift at accounting opening and other special features, too.
What is the minimum opening balance for a Kids Savings account?
If the child does not have an account at Interra Credit Union, the minimum to open the account is $5.00 for the Member Share Savings (see separate FAQs for this account); and $5.00 for the Kids Club Savings. If the child has an existing account, the minimum opening deposit will be $5.00 for the Kids Club Savings only.
What is the minimum balance for a Kids Savings account?
There is a $5 minimum balance for a Kids Savings account.
Can the APY change on a Kids Savings account?
Yes, all rates on the account may change at Interra Credit Union’s discretion.
What will happen when the member is 18 years old?
At the age of 18, the dividends to date will be calculated and credited and the Kids Club Savings will be converted to a regular Share Savings, and at the rate of that account. The transaction will be reflected in the next account statement.
Will Kids Savings account members receive a 1099 at the end of the year reflecting dividends earned?
Yes, if applicable.