OAKLAND, Calif.—Spectrum CU is offering an eye-popping 7% APY to attract young depositors.
Spectrum’s MySavings Account pays the rate to members ages 21 and younger on account balances up to $1,000. Deposits above $1,000 receive the CU’s regular savings rate.
The young savers must also take e-statements within 60 days of opening the account. The account must also be opened online.
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