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Last Updated: 04/18/2025

Spectrum Credit Union MySavings Youth Account

from Spectrum Federal Credit Union

Last Updated: 04/18/2025

Rating not yet determined3 total votes

3 users recommend

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Highlights

APY (Annual Percentage Yield)

0.75% - 7%(Verified 06/21/2024)

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Minimum Opening Deposit

Up to $25

Minimum Balance to Earn APY

$25

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 savings Account are available in 50 states and Washington, DC.

Key Takeaways

High yield savings. This account offers an annual percentage yield of up to 7%*, which is much higher than the average interest rate for a savings account. However, you must meet minimum balance requirements for higher APYs.

Spectrum Credit Union savings Account Pros & Cons

Pros

Cons

Available in 50 states and Washington, DC.
High yield APY (see terms and conditions for details).

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.
No signup bonus.

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 Balance to Earn APY

$25

Minimum Opening Deposit

Up to $25

What APY* does Spectrum Credit Union MySavings Youth Account offer?

Spectrum Credit Union savings Account offers a variable APY* starting at 0.75% and ranging up to 7% (APY stands for annual percentage yield, rates may change).

Dividend rate applies to balances up to and including $1000.00. Balances of $1,000.01 and above will earn the same dividend rate as Primary Share Savings account.

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.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

500 12th Street, Suite 200

Oakland, CA 94607

(800) 782-8782

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Email Support

Other Services by Spectrum Federal Credit Union

Checking Accounts

Rating not yet determined (2 Reviews)

SuperMoney Net Recommendation Score

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Spectrum Credit Union MySavings Youth Account Community Reviews

Would you recommend Spectrum Credit Union MySavings Youth Account to your friends?

Dylan C.

Oct 31, 2023

May or may not recommend

I cannot believe what amazing results I have seen with my experience in this institution! I have never been happier with the results that have occurred. My money has grown and it has let me expand my future immensely. For these reasons, I could not recommend Spectrum Credit Union Savings Accounts more!

Lashane H.

Jan 25, 2023

May or may not recommend

This account makes it easy to teach your kids and teens to save for a brighter financial future. My daughter enjoys having her own account and I enjoy cheering her on as she reaches her goals.

Nicole S.

Jan 22, 2023

May or may not recommend

This account has the best return on investment for a child’s money. A long term investment like a cd needs to have a higher return to counterbalance interest rates within the market. This will give your child a better chance of walking out with a profit at the end of the term. Also giving you child an initial investment of $1,000 in a CD with 7% interest ensures that they ...Show More

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