Your parents probably give you all the things you need. But as a teen, you are beginning to realize that there are many things that you want – and those “wants” usually take money. Like developing good study habits, now is a good starting point to learn how to manage your finances. Whether your money comes from your allowance or a part-time job, now is the perfect time for you to start your journey for financial independence with an account designed with YOU in mind.
It only takes $5 to open a savings account and establish a CPM membership.
- Monthly dividends
- CPM Anytime Online Banking*
- Access to thousands to surcharge-free local and nationwide ATMs
- Rewarded for your hard work. $2.00 for every “A” on your report card. ($2.00 per subject with a max of $10.00 per student per school year)
- Account promotion to Simple Checking when you turn 18**
NeXGen Checking - A checking account designed just for YOU!
- No monthly service charges or minimum account balance requirement
- VISA© Debit Card with Card Controls and transaction alerts
- CPM Anytime Online Banking with eDeposit
Other options for savings include:
Youth and Young Adult Certificate Account
Start now with only $100, put away a few bucks each month, and watch your money pile up. Bonus- you earn at an awesome rate and have flexible terms with a $3,000 maximum certificate balance. Dividends may be withdrawn without penalty and you can add to principal at any time. Penalty for early principal withdrawals may apply.
Coverdell Education Savings Save up for School
Get a head start saving for college with a Coverdell Education Savings Account. You or your parents can drop in up to $2,000 each year until you’re 18, and you’ll be on your way. Get your money out—including the dividends we pay you—tax-free**** if you use it for elementary, high school or college.
Uniform Transform to Minors Act Account (UTTMAA)
Uniform Transfer to Minors Act (UTTMA) Account: The account is owned by the child but controlled by the custodian, who can be a parent or another adult. The child and the custodian must be eligible for membership. The custodian has the option to name a successor custodian to act in the event of his/her incapacity, death, resignation or removal. Funds in a UTTMA account may be released to the minor at the age of 18 and must be released when the minor reaches age 21.
Scholarships and Student Loans Available
Did you know that there is a scholarship available just for CPM members? You could be eligible for the CPM Federal Credit Union Easterling Memorial Scholarship. Click here to find out more>>
Want to go to school, but need some assistance? CPM can help you with a student loan. Click here to see if you qualify.
*Mobile phone carrier rates may apply
**Account promotion to Simple Checking is based on meeting specific criteria as defined by CPM. Accounts that do not qualify for account promotion will remain in the NeXGen Checking until member requests an account change.
***Gift card will be given at the time of account opening. No replacement gift card will be provided if lost or stolen. Cannot be used for initial $5 membership deposit.
****Consult a tax advisor for details.