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
- No checks can be written and no automated clearing house (ACH) debits are allowed on FAT CAT share accounts
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 members.
2Quoted rates and annual percentage yields (APY) are subject to change daily.
3Fees may reduce the earnings on this account.