"The habit of
systematic saving is something that is best learned early. These
accounts can be started with as little as $100 and additions of $25 or
more may be made at any time without extending the 18-month term. It's
an outstanding way for parents and grandparents to encourage children
to save."
Southern Select CCU designed different versions of the CD product for two age groups with
features specific to each. For children age 12 and under, the Kids' Club Treasure CD
allows youngsters to collect "Treasure Tokens" weekly. With four
tokens, children can select from a variety of gifts in the credit
union's Treasure Chest.
For young people who are age 13 through 24, the Rule Your Money CD provides a withdrawal feature. Up to four penalty-free withdrawals may be made for college-related expenses.
The initial interest rate for the certificates was 8% APY.
