Here are some key details of the account that you should know:
- Eligibility
This account is for children aged 5 to 18. It must be opened jointly with a parent or legal guardian, who must be present and countersign for all withdrawals.
- Compound and Crediting
Interest will compound continuously and will be credited to the account monthly. If an account is closed before interest is credited, clients will receive the accrued interest.
- Minimum Balance Requirements
Clients must deposit $1.00 to open this account, and must maintain a minimum balance of $1.00 to keep the account open.
- Balance Computation Method
We use the daily balance method to calculate interest on the account. This method applies a daily periodic rate to the principal in the account each day.
- Accrual on Noncash Deposits
Interest begins to accrue on the business day the client deposits noncash items (for example, checks).
- Transaction Limitations
No transaction limitations apply to this account.
We are committed to providing our clients with the best possible savings options. If you have any questions about the Young Savers account, please do not hesitate to reach out to us.
Benefits & Features
Benefits for your Regular Savings options include:
- No monthly maintenance fee
- Low minimum balance
- Online banking
- Mobile banking with check deposits (Statement Savings)
- e-Statements (Statement Savings)
- ATM card (Statement Savings)
Minimum deposit of $50.00 is required to open this account.
APY = Annual Percentage Yield
APYs accurate as of Thursday, May 02, 2024.
Young Savers: This account is for ages 5 to 18 and must be joint with parent or legal guardian. Your interest rate and annual percentage yield may change at any time. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). APY assumes interest remains on deposit. Withdrawal of interest will reduce earnings. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Other account fees may apply. Fees may reduce earnings.
Regular Savings: Your interest rate and annual percentage yield may change at any time. Interest begins to accrue on the business day you deposit non-cash items (for example, checks). APY assumes interest remains on deposit. Withdrawal of interest will reduce earnings. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Other account fees may apply. Fees may reduce earnings.