bank rates

Michigan Youth Savings Pays 3.04%

Saginaw Federal Credit Union pays this rate up to $25,000Some Michigan savers can take advantage of youth savings account rates that are an antidote to today’s interest malaise.

Saginaw Medical Federal Credit Union pays 3.04% APY on balances less than $25,000.

That’s more than two times the best nationally available rate for adult savers, now paying 1.30% APY.

The Young Savers Account is available for anyone 21 and younger, and carries no minimum deposit requirement.

You just need to join the credit union, which requires a $5 deposit in a savings account. Balances of $25,000 and above earn 0.25% APY for young savers.

While many financial institutions offer youth savings accounts, high rates often only apply to small sums, like $500 or $1,000.

Membership in Saginaw Medical Federal Credit Union (www.smfcu.com) is available to a wide swath of employees in health care and medical organizations in the Saginaw area, north of Flint, including doctors, nurses, lab technicians, veterinarians, health club employees, funeral directors and their family members.

The credit union has two locations in Saginaw, and you must apply in person to open an account.

Nationally, your best savings account choice is UFB Direct’s Airline Rewards Savings account, which pays 1.30% APY and also gives customers free airline miles for opening an account, and again for keeping it open for a year.

UFB Direct (www.ufbdirect.com), which is a division of Bank of Internet, based in San Diego, requires a $100 minimum deposit to open an account.

You can compare these deals to see how they stack up to the best money market and savings account rates from scores of banks in our database.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (4)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 4.00 out of 5)
Loading...
4 Existing Comments
  1. Kathy at Bankaholic said:
    on September 26th at 08:09 am

    Saginaw Medical FSB’s Young Savers rate is still available.

  2. Kathy at Bankaholic said:
    on October 3rd at 08:03 am

    The Young Savers rate is still available.

  3. Kathy at Bankaholic said:
    on October 11th at 09:14 am

    You can still get the Young Savers rate.

  4. Kathy at Bankaholic said:
    on October 19th at 08:47 am

    You can still get Saginaw Medical’s Young Savers rate.