College Savings Account requirements.
Account must be opened with a minimum of $100, before the child's 6th birthday. Account must receive a deposit of at least $50 each month until the child's 18th birthday. We may allow for one "skipped" month's deposit per the calendar year. Any withdrawal from a College Savings account prior to the main member’s 18th birthday will disqualify the member from receiving the $1,000 award. Northeast Credit Union will award a $1,000 interest gift into a College Savings account if meeting all account requirements in the month immediately following the primary account holder’s 18th birthday to assist with upcoming college or other expenses faced after completing a high school education. It is not required that College Savings account funds or it’s bonus award, be spent on education expenses; however, the primary account holder of the College Savings account must be the child for which the savings is intended.
