Newsweek has selected Spectrum Credit Union’s MySavings^SM Youth account as the “Best Savings Account for Teens” in its 2022 list of “America’s Best Banks.”

Newsweek believes, “Whether they’re putting money away for a first car or college, teens need a secure place to house their savings that will also help them quickly grow their balances. Our winning institutions provide stunningly high-interest rates to help teens make the most of their savings, no matter how small, with low or no minimum amounts needed to open the account and no monthly fees to maintain it.”

“This is a great accolade for Spectrum Credit Union and we are honored to be a part of Newsweek’s America’s Best Banks for 2022”, said Jon Berlin, President and CEO. “We have a long-standing tradition of helping our younger members feel the joy of saving money.”

Newsweek published its second-annual Best Banks rankings in partnership with LendingTree, an online marketplace and comparison site for financial services. They assessed thousands of FDIC-insured banks and credit unions, and the savings and checking accounts they offer, based on more than 50 different factors to land on best-in-class options in 26 different categories.