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Whatcom Educational Credit Union (WECU) Ferndale branch exterior (March 19, 2020). Photo: My Ferndale News

WECU announces new checking and savings accounts for members under 19 years

Dubbed “First Step Accounts,” Whatcom Educational Credit Union announced this week they are now offering new youth checking and savings accounts.

According to a press release, “The First Step Savings Account is for members who are up to 19-years-old and offers 2.5% APY [annual percentage yield] on the first $500. The First Step Checking Account is for members 13- to 19-years-old and offers 2.5% APY on the first $250.”

These interest rates are substantially higher than the current savings certificate rates of up to 0.50% posted on the WECU website.

To open a First Step Account, parents and guardians are asked to either submit an application online at www.wecu.com/first-step or schedule an appointment at a WECU branch location.

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