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Spectrum Credit Union MySavings Youth review

Earns a whopping 7% APY on balances up to $1,000, but has strict membership eligibility requirements.’s rating: 3.7 / 5.0


The Spectrum Credit Union MySavings Youth account offers a generous interest rate to help kick-start your little one’s savings. But you’ll need to open two savings accounts at the same time if you aren’t already a member— a Primary Share savings account to qualify for membership and the Spectrum Credit Union MySavings Youth account. And while the MySavings Youth account requires no opening deposit, you’ll need to set aside $25 for the Primary Share account.






Minimum deposit to open


Annual percentage yield (APY)7.00%
Minimum deposit to open$0
Minimum balance to earn interest$500
Interest compoundingDaily

Review by

Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The Spectrum Credit Union MySavings Youth account offers a strong interest rate of 7% for balances up to $1,000, making it a good option for minors jump-starting their savings.

But for balances above $1,000, interest drops to APY. This means that in one year, you’ll earn $72.29 on the first $1,000. Yet if you keep $2,000 in your account for one year, you’ll only earn $3 more — bringing it to a total of $75.29.

So, how does that stack up to a kids’ account that earns the same interest regardless of balance? Compared to an Alliant Kids Savings Account — which earns 1.7% APY no matter the balance — you’d only earn $11.03 in one year when you keep a balance of $2,000. This means you’ll earn back $64.26 more in interest when you open a Spectrum Credit Union MySavings Youth account.

And although Spectrum’s membership eligibility is strict, you may be able to join when you donate $15 to one of its partnering nonprofit organizations.

Other highlights for this account is that your child can continue to earn interest until they’re 22. Most kids’ savings accounts automatically convert to an adult account when they turn 18.

Plus, if you want your child to have easy access to their money, they can get an ATM card once they turn 13. But watch out for potential ATM fees when they reach nine withdrawals at any partnering ATM.

How do I open a Spectrum Credit Union MySavings Youth account?

Signup for a Spectrum Credit Union MySavings Youth account in 11 steps.

  1. Go to the provider’s site and follow the steps to apply.
  2. Under the menu bar title Become a member, choose Apply for membership.
  3. Scroll down and select Minor membership application.
  4. Select the account type.
  5. Add the first and last name of the minor and joint account holder.
  6. Choose how you qualify for membership.
  7. Add the required Primary Share savings account by selecting the + icon.
  8. Answer the questions in the pop-up window about whether you would like an ATM card for your Primary Share savings account.
  9. Add the MySavings account by selecting the + icon.
  10. Fill in your personal information, including employment and contact details.
  11. Fund the account.

Who qualifies for Spectrum Credit Union membership?

You — and your immediate family members — may be eligible to join Spectrum Credit Union if you:

  • Live, work, worship, attend school or conduct business in select areas of San Francisco, California or Frederick County, Maryland.
  • Are a nonmanual employee of Bechtel Corporation and its affiliated companies.
  • Are a member or employee of a Spectrum Credit Union sponsor organization.
  • Become a member of a Spectrum Credit Union partner nonprofit organization by donating $15.


To open a MySavings Youth account, you’ll need to meet these requirements:

  • Spectrum Credit Union membership
  • Child up to the age of 21
  • A legal guardian as the joint account holder if the member is under age 18
  • $25 minimum opening deposit for a Primary Share savings account
  • Opt into e-statements within 60 days of account opening


The application will require the following details:

  • Social Security number
  • Government-issued ID
  • Residential address
  • Date of birth
  • Employment information
  • Proof of membership eligibility

4 benefits of a Spectrum Credit Union MySavings Youth account

Consider these upsides of a Spectrum Credit Union MySavings Youth account:

  • No monthly maintenance fee. Zero monthly payments to maintain the account.
  • High interest rate. Earn an unreal 7% APY on account balances up to $,1000. But interest drops to on balances above $1,000.
  • ATM card. Minors at least 13 years old can request an ATM card.
  • Overdraft protection. To avoid the overdraft or nonsufficient funds fee, request free overdraft protection to transfer funds from another Spectrum Credit Union account to cover a transaction if you don’t have enough money in your MySavings Youth account.

3 things to watch out for

Take note of its pitfalls before signing up:

  • Requires another savings account. On top of meeting the eligibility requirements, you’ll also need to maintain a Primary Share savings account on top of the Youth Saving account.
  • Converts to a regular savings account. Unlike most kids’ savings accounts that convert to an adult account when they turn 18, this one converts once they turn 22, allowing more time for their money to grow. But once it converts to the Primary Share Savings account, they’ll only earn as long as they maintain a balance of at least $500.
  • Potential fee for in-network ATMs. We spoke to a representative who confirmed that after eight ATM transactions using a non-Spectrum ATM, you’ll pay $1 per transaction, plus a fee after the ninth transaction using any of Spectrum’s four major ATM partners.

If you want a strong interest rate on your entire balance, shop around for a kids savings account with a higher yield — even on balances over $1,000.

Spectrum Credit Union ATM network and fees

Spectrum Credit Union and its parent company, Chevron Federal Credit Union, partner with four major ATM networks to provide over 85,000 free ways to access your cash nationwide.

Withdraw money at any of the following ATMs:

  • Spectrum Credit Union
  • Chevron Federal Credit Union
And these four partnering ATMs:

  • CO-OP Shared Branch
  • Alliance One
  • Allpoint
  • MoneyPass
Spectrum Credit Union won’t charge an out-of-network fee on the first eight transactions at a non-Spectrum Credit Union ATM. But you’ll pay a $1 fee as well as the fees the ATM owner charges. Spectrum’s ATM fee also applies to its four partner ATM networks on the ninth transaction.

How do I deposit or withdraw my money?

You and your child can conveniently access your cash in several ways.

Funding options

  • Deposit-accepting ATMs
  • Mobile check deposit
  • ACH transfer
  • Wire transfer

Withdraw options

  • ATM withdrawal
  • ACH transfer
  • Wire transfer
  • Bill pay

Other savings options Spectrum Credit Union offers

Aside from the MySavings Youth account, Spectrum Credit Union offers several other ways to store your money for the future:

Account nameType of accountHighlights
Spectrum Primary Share SavingsPersonal savings
  • This account is required for credit union membership
  • Earns 0.4% APY
Spectrum MarketEdge Money Market SavingsPersonal high-yield savings
  • Tiered interest rate that earns up to 0.4%
Spectrum Credit Union Share CDCertificate of deposit
  • Terms from three months to five years
  • $500 minimum opening deposit
  • Interest earns up to 3.1% APY

How to contact Spectrum Credit Union about my savings account?

Besides visiting a local Spectrum Credit Union or Chevron Federal Credit Union branch, the only two ways to speak to a representative is by:

  • Calling 800-782-8782 weekdays from 6 a.m. to 6 p.m. PT.
  • Sending an email on its Contact us page

Kids’ debit card ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top debit cards for kids and rate them one to five stars based on factors that are most important to you. We rate kids’ checking accounts by these factors: Monthly fee, features, ATM access, customer support options, and availability. We also consider APY as a factor only for those that earn interest. We rate prepaid debit cards for kids by these factors: monthly fees, features, customer support options and account availability.

Read the full methodology of how we rate Kids’ debit card accounts.

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