Treasure Hunt Savings Account

The Treasure Hunt Youth Savings account is created for kids ages 3-12 and will teach the little ones about savings and spending as they start their financial journey. Check out the benefits below:

• Free gift upon new account opening

• Every $5 deposited earns a gold coin that can be used to purchase items from the Treasure Chest Store

• Birthday card mailed during the month of their birthday

• Celebrate Youth Month in April

• Online banking and mobile app

• No monthly service fees

• Automatically signed up for e-statements

When child turns 13 this account automatically rolls into a Captains Choice Savings account

Captain’s Choice Teen Accounts

Savings

Designed for children ages 13-17 this account teaches positive savings habits, through fun contests and promotions. The child will learn positive savings habits enter to win great prizes, and enjoy a fun and interactive games. Savings account opened by minor under 16 must have parent or adult in household as joint.

• Free gift upon new account opening

• Opportunities to participate in contests and promotions

• Automatic entry for a chance to win $25 gift card during the month of your birthday. (Winner randomly drawn at the end of the month and be notified by phone. One entry per person.)

• Online banking and mobile app

• Automatically signed up for e-statements

• No monthly fee, no minimum balance

• ATM card available

Checking

Smart money habits start young. Help your teen gain important financial skills while saving money to use towards a future goal with ICCU. This account is available for members who are 13-17 years old, with a joint ownership by a member parent. When member turns 18 they roll out of the club.

• Contactless debit card (one for you and one for teen)

• Social media follow, like and watch the Student Run Credit Union Instagram

• Online banking and mobile app (with mobile check deposit)

• Automatically signed up for e-statements

• No monthly fee, no minimum balance

• Access to over 30,000 ATMs

ICCU Youth CD

The ICCU Youth CD is an easy way for kids and parents to start saving money now for big returns later. This Certificate earns a higher interest rate, while still allowing monthly deposits. A Youth Certificate teaches our youngest members how their money can grow and work for them. This can encourage a culture of saving and help them accumulate funds for future needs like education, their first car, or other important milestones.

• Minimum $100 deposit

• Flexibility to add additional funds at any time

• For members 0-18 years of age.

• Up to three CD’s at $10,000 maximum

• 12 Month Term

Early withdrawal penalties may apply. *APY is the Annual Percentage Yield effective March 15, 2024. $100 minimum deposit. Fees could reduce the earnings on the account. A penalty will or may be imposed for early withdrawal.

Interested in opening a Youth CD? Contact our Member Service Team at 989-773-5927.

Plan Ahead for Your Child's Education

A Coverdell education savings account (ESA) allows you to make nondeductible contributions on behalf of a child each year until they are 18 years old. The earnings generated on the ESA contributions remain tax-deferred in the account. When a child uses the funds to pay for qualified education expenses, the contributions and the earnings are distributed tax-free.

Schedule an appointment with us to open an account for the young student in your life!

Qualified Education Expenses

• Tuition and fees

• Books

• Supplies and equipment

• Room and board

• Computers

• Special needs services

Who Can Contribute?

Anyone can contribute to a child's ESA as long as their modified adjusted gross income (MAGI) falls below or within the income limits for the year (see below). Those who are eligible can contribute to more than one ESA on behalf of multiple children, not to exceed the yearly limit of $2,000 per child. Also, no individual child can receive more than $2,000 total per year in ESA contributions.

Modified Adjusted Gross Income Limits

• Single Filer: $95,000 - $110,000

• Married, Joint Filer: $190,000 - $220,000

Distributions

If a child does not use the ESA funds or does not transfer or roll over the ESA funds to an eligible family member (see below) by the time they are 30 years old, the ESA will be distributed. The child must include the distributed amount in gross income for the year and pay a penalty tax on the earnings if the distribution is not used to pay for qualified education expenses.

Eligible Family Members

Eligible family members must be under the age of 30 and include the child's, father, mother, stepfather, stepmother, or in-law, spouse, brother, sister, stepbrother, stepsister, or in-law, child or descendent of child, stepchild, eligible foster child, or in-law, first cousin, aunt, uncle, niece, nephew, or the spouse of the childs' niece or nephew.