Way-above-market rates for Cultivate and Vault are helping savers of all ages get on the right track
Looking to build an emergency fund or give your child a financial head start? SELCO recently introduced two new tools for jumpstarting savings.
Our new Cultivate and revamped Vault youth savings accounts deliver exceptional annual percentage yields (APY) on the first $1,000 deposited (5% on the first $500, 3% on the next $500). That’s nearly seven times the national average. Once your $1,000 nest egg is established, additional balances grow at the Simple Savings account rates.
This rapid growth can go a long way toward developing healthy savings and habits.
Vault: Building money skills
It’s never too early to develop a solid financial acumen, and our revamped Vault program offers multiple ways to help children and teens level up their financial game:
- A robust educational hub. Visit our Youth Hub to discover age-specific videos, articles, and exercises to help you support your child’s financial learning.
- Quarterly drawings for the chance to win $250. Every deposit of $10 or more earns an automatic entry. That means the more often your child saves, the more chances they have to pad their savings further.
- Perks for teens. Vault is designed to grow with your child, with access to additional benefits as they age, including digital banking, a debit card, and checking accounts.
Cultivate: Worry-free banking
Besides offering a great rate out of the gate, Cultivate is designed to make your saving journey hassle-free:
- There are zero transaction limits or special requirements. No need to squint to read the fine print.
- Use SELCO’s digital banking app to make mobile deposits or transfers to Cultivate from another account, set savings goals, and more.
Ready to open a Cultivate account? Here’s how in digital banking (here’s a shortcut that will take you straight to the application page after logging in). To open a Vault account for your child, bring a photo ID (current student IDs are fine) to any branch to get started.