Kid's Savings

Interest bearing savings account for children under age of 18 years




Description:
Savings account for children under 18 years or younger
Minimum Balance to Open the Account:
$100
Monthly Maintenance Fee:
None
Minimum Balance Requirement:
None
Transaction Fees and Limitations:
  • Transfers to other accounts or payments to third parties by check writing and electronic transfers/payments are limited to six (6) per month.
  • The account may be converted to a non-interest bearing account if you continue to violate the transaction limitation rule.
  • Primary account holder should be an adult. Child can withdraw only with an adult’s pre-authorization.
Interest Compounding and Crediting Frequency:
Interest will be compounded daily and credited to the account quarterly
Daily Balance Computation Method:
Minimum Requirements to receive the above benefits:
Additional Benefits:
Effect of Closing an Account:
  • If account is closed within 90 days of opening, $50.00 will be charged.
  • If the account is closed before interest is credited, the accrued interest will be forfeited.
Savings Overdraft Protection:
Special benefits:
Other:

Children under age of 18 years. Must be jointly opened with parent or guardian. Primary account holder should be an adult. When the child reaches the age of 18, the account may be converted to another savings account available at the time of the conversion. . 

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