Spectrum Credit Union MySavings Youth Account

Spectrum Credit Union MySavings Youth Account Review

Spectrum Credit Union MySavings Youth Account is offered by Spectrum Federal Credit Union, a credit union founded in 1973 and based in Oakland, CA. Spectrum Credit Union MySavings Youth Account are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 7.00%, which is much higher than the average interest rate for a savings account.

Spectrum Credit Union savings Account Pros & Cons

Pros	Cons
Available in all 50 states. High variable APY.	No signup bonus. Does not offer mobile check deposits. Does not provide access to a nationwide ATM network. Does not come with a debit card Not FDIC-insured.

Spectrum Credit Union savings Account FAQ

Are savings accounts from Spectrum Federal Credit Union federally insured?

No, your Spectrum Federal Credit Union savings accounts are not insured by a federal insurance agency. This means that if Spectrum Federal Credit Union were to fall into financial difficulties, your deposits are not covered by a government-backed insurance fund like the FDIC or NCUSIF.

Does Spectrum Federal Credit Union offer a signup bonus?

Spectrum Credit Union savings Account doesn't offer a signup bonus.

What is the minimum initial deposit for Spectrum Credit Union savings Account?

Spectrum Credit Union MySavings Youth Account Minimums

Description
Minimum Opening Deposit	Up to $1,000

What APY does Spectrum Credit Union MySavings Youth Account offer?

Spectrum Credit Union savings Account offers an APY of 7.00% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Spectrum Credit Union savings Account charge?

Spectrum Credit Union savings Account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

Can you set up a direct deposit to Spectrum Credit Union savings Account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Spectrum Credit Union savings Account?

The customer support email for Spectrum Credit Union savings Account is spectrummail@spectrumcu.org.