September 1, 2024 – Indianhead Credit Union is pleased to introduce My Moolah – a new and improved youth account, simplified and designed to meet the needs of our youngest members, evolving with them as they grow from birth to 17 years old.
My Moolah offers:
- $5 Minimum Deposit to open (Credit Union will match the first deposit up to $5 at opening*)
*only one match per social security number / matched funds available for withdrawal 6 months after date of deposit - Competitive Rates featuring a 1% bonus interest rate over our Super-Rate Share Account rates
*once balance reaches $3000.00, the interest rate will convert to our super-rate share savings APY - Free Online/Mobile Banking with free electronic or paper statements
- Annual Birthday Newsletter up to age 17 containing a $5 gift certificate for deposit*
*some restrictions apply - Fun Events such as Youth Month, Halloween Activities, Community Events and more
- Variety of Accounts:
· savings (earns 1% over super-rate share savings account – at $3000 interest rate converts to Super-Rate Account rate)
· checking with debit cards (as early as 13 years old, with parent/guardian as signer)
· club accounts (ideal for class trip, phone, gaming system – earns 1% over standard club accounts)
· 6- & 12-month CDs (with opening deposits as low as $100 – earns 1% over standard 6- & 12-month CDs) - Credit Builder Loans of $250 – $1000* for teens with regular, earned income such as babysitting, lawn care/snow removal, part-time job, direct deposit of allowance, etc – teaches importance of financial responsibility and helps start building credit before they enter adulthood!
*credit standards & some restrictions apply - Vehicle Loans* for teens 16-17 (will be eligible for up to a .50% rate discount)
*credit standards & some restrictions apply - Scholarship Program for eligible graduating students
Indianhead Credit Union will continue to expand this program, adding other features and perks in the future. These may include things such as savings incentives, education incentives, online financial education program/app, seasonal or biannual newsletter in addition to the birthday newsletter, and class activity sponsorships! We’ll strive to grow as quickly as our young members seem to.
Call us today for more info or to schedule your appointment to open a new My Moolah Account!