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Cds For Minors

JustLearning
  |     |   24 posts since 2023

Has anyone opened CDs recently for their kids? I have one at Metro CU in my son's name and I am on the account, but other banks don't offer CDs for minors. Is there a search term I could use? Are there similar stipulations challenges with high yield savings accounts for minors? Just want to put his money to work for him. Thank you!

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alan1
  |     |   876 posts since 2015
see Mountain America Credit Union "Youth Certificates" at https://www.macu.com/accounts/savings/youth-certificate


for current rates, scroll down to "Youth certificates" at https://www.macu.com/rates/certificates
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JustLearning
  |     |   24 posts since 2023
Thank you. I found NASA CU has youth certificates also. Very much appreciate your reply.
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1
alan1
  |     |   876 posts since 2015
If you're interested in obtaining a "Youth Certificate" at Mountain America's current rates, please note that Mountain America tends to announce rate changes at the beginning of the month. Their call center will be operating on Saturday, April 29.
https://www.macu.com/help/answers/mkt/hours-operation

As a practical matter, I do not know whether you would be able to join the credit union (on behalf of the minor) in time to obtain Mountain America's current rates. My (not so great) recollection is that if you call them on Friday (4/28), you should be able to join the credit union and open a "Youth Certificate". No idea about Saturday.
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2
JustLearning
  |     |   24 posts since 2023
Update alan1 I was able to open 2 Youth Certs for my son at MACU- the rates for the YCs did not change and we got one 12 mo and one 36 mo. He put his money in each (more in 12 mo, less in 36) and will pump his summer job money into them proportionally. Thank you for the info!
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Rickny
  |     |   1,296 posts since 2017
My daughter has a savings account paying 5% at Apple Savings Bank. This is available in NY Metro area.

https://www.applebank.com/personal/banking/savings-cds/savings/youth-savings
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3
txFish1
  |     |   476 posts since 2023
I opened a CD for my niece last year and I found it pretty hit or miss whether they have them for minors or not. Do not know of any specific search items but it seems like there were more Credit Unions offering them than banks. I found 4 or 5 Credit Unions locally where we could take care of it in person
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Rickny
  |     |   1,296 posts since 2017
Apple Bank NY Metro area pays 5% o youth accounts.
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