Youth Accounts
Develop good financial habits that will last a lifetime. Our accounts are designed with various stages of youth in mind. These accounts are the best places for your kids or grandkids to start saving money and learning about the value of keeping money in the bank. And where better than the public safety family oriented C.A.H.P. Credit Union to start their first account.
These accounts earn the same dividends as Regular Share Accounts, but the minimum balance to maintain the Cadet Club or Rookie Club accounts is only $10.00. The Explorer Club has a minimum balance requirement of $50.00 to earn interest, and Explorer Members may also be eligible to open a CAHPCU Checking Account.
All youth club accountholders enjoy free online and telephone access to their accounts. We encourage parents or guardians to be joint owners on all Youth Accounts.
Custodial Accounts may also be assigned as Youth Account, but the minor cannot withdraw funds from a Custodial Account without the expressed written permission of the parent or guardian who is set up as the custodian of the account. Parents or guardians must be a joint owner.
If your children are already CAHPCU members, you can convert to a Youth Club account at no charge.
This account is not subject to monthly service fees or inactivity fees. Applicants must provide proof of age. Upon reaching age 18 this account becomes a regular share account.
If you are not already a member, it’s easy to join:
a) Confirm you belong to an authorized Public Safety Organization
b) Complete our Membership Application
c) Fund your account
d) Start saving immediately
At C.A.H.P. Credit Union, we value our young members and encourage them to use this credit union as their primary financial institution. We will be with them from birth all the way through adulthood. We look forward to serving your family and helping children and teens grow into financially responsible adults.
The Cadet Club Account is designed with our youngest members in mind. This account encourages saving, so savings account tiers are lower, enabling Cadet Club members to earn dividends on smaller balances.
Cadet Club
|
Average Daily Balance
|
|
|
|
APY1
|
|
$10.00
|
|
$100.00
|
|
0.05%
|
|
$100.01
|
-
|
$200.00
|
|
0.15%
|
|
$200.01
|
-
|
$350.00
|
|
0.20%
|
|
$351.01
|
-
|
$500.00
|
|
0.25%
|
|
$500.01
|
-
|
$750.00
|
|
0.25%
|
|
$750.01
|
-
|
$500,000.00
|
|
0.30%
|
It's easy to become a Cadet Club member. Simply follow the directions on the Membership Application and check the box for "Cadet Club."
Cadet Club members have limited ATM access1, so money can be deposited at any CO-OP Network deposit location. When Cadet Club members reach age 7; they are automatically moved into the Rookie Club.
This account also encourages saving, but offers the Rookie Club owner greater account access than their younger counterparts. Rookie Club members need higher balances in their savings accounts to earn the same rates on savings as Cadet Club accountholders, but they enjoy higher daily ATM withdrawal limits.
Rates:
Rookie Club
|
Average Daily Balance
|
|
|
|
APY1 |
| $10.00 |
- |
$100.00 |
|
0.05% |
| $100.01 |
- |
$250.00 |
|
0.15% |
| $250.01 |
- |
$500.00 |
|
0.20% |
| $500.01 |
- |
$1,000.00 |
|
0.25% |
| $1,000.01 |
- |
$2,500.00 |
|
0.25% |
| $2,500.01 |
- |
$500,000.00 |
|
0.30% |
To join the Rookie Club simply follow the directions on the Membership Application and check the box for "Rookie Club."
When Rookie Club members reach age 13; they are automatically moved into the Explorer Club.
Explorer Club (ages 13-17)
It's a special time when a young person becomes a teenager, that's why we developed the Explorer Club Account. This account offers greater ATM access2 compared to our other Youth Accounts, and has some exciting bonuses. For example, Explorer Club members enjoy the highest ATM withdrawal limits of all CAHPCU Youth Club programs. Plus, when Explorer Club members reach 16 years of age, they may apply for an Explorer Club Checking Account*, complete with their own Visa Debit Card. But in order to encourage financial responsibility, Explorer Club members must read a pamphlet and pass a test on basic checking account ownership to qualify.
Additionally, those who read a pamphlet and pass a basic credit skills test may apply for a Visa Credit Card* with a special design, signifying their status as an Explorer Club member.
Rates:
Explorer Club
| Average Daily Balance |
|
|
|
APY1 |
| $50.00 |
- |
$100.00 |
|
0.05% |
| $100.01 |
- |
$250.00 |
|
0.15% |
| $250.01 |
- |
$500.00 |
|
0.20% |
| $500.01 |
- |
$1,000.00 |
|
0.25% |
| $1,000.01 |
- |
$2,500.00 |
|
0.25% |
| $2,500.01 |
- |
$500,000.00 |
|
0.30% |
Joining is easy. Simply follow the directions on the Membership Application and check the box for “Explorer Club.”
* A parent or guardian co-signer is required for Explorer Checking and Explorer Visa accounts. Explorer Club members will automatically convert to a regular member on their 18th birthday.
1 Annual Percentage Rate (APY)
2 Parent or Guardian must be joint owner
Rates effective 7/1/2010. Rates and terms subject to change without notice.