Features of the FAT CAT account
- For children up to age 121
- To open an account, the child and the responsible adult1 should visit a local branch
- Must be joint with a parent, grandparent or other responsible adult1
- $5.00 required opening deposit
- Once the account balance reaches $25, it must be maintained
- Current interest rate is 0.75%/0.75% APY2
- Interest compounded daily and paid monthly3
- Passbook provided for recording transactions
- ATM/Debit card available
- Accessible via branch, ATM, touch-tone telephone and Internet
- Eligible to receive group term life insurance coverage in the amount of $1,000 at no cost
The child is eligible to receive group term life insurance coverage in the amount of $1,000 at no cost. The child’s parent/guardian can purchase an additional $9,000 of life insurance coverage through SECU Life Insurance Company at an annual cost of $18.
In the effort of continuing to educate our youth on financial responsibility, State Employees' Credit Union offers members ages 13-19 the opportunity to participate in our Zard program for teens. Focused on helping teens develop solid money management skills, the Zard program offers teens a variety of products and services tailored to meet their needs. At the age of 13, the FAT CAT account will automatically transfer over to a Zard share.
Other things to think about
- Coverdell Education Savings Account
- North Carolina 529 Plan
- Online Security
- Safe Deposit Box
- Savings Bond
1All account holders must be eligible for membership.
2Quoted rates and annual percentage yields (APY) are subject to change daily.
3Fees may reduce the earnings on this account.