Minor Savings Account
- Summary
Minor Savings Accounts offer a great way to encourage savings at an early age. Accounts can be opened for as little as $25 minimum deposit. There is no minimum balance required for depositors under the age of 18.
- You may make up to 6 preauthorized transfers from your account per month
- See account representative for current rate
- Rate is subject to change at any time without notice
- Interest will be compounded on a quarterly basis
- Interest will be credited to your account on a quarterly basis
If you close your account before interest is credited you will not receive the uncredited accrued interest. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
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. Only $25 deposit required to open an account. Limit one account per minor.
- Fees
You are allowed 3 free withdrawals or debits per quarter with a $1 fee for each additional withdraw or debit.
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