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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