Account Overview – The minor savings account operates the same as a regular statement savings account, but the monthly service fee is waived until the minor reaches the age of 18.
Rate Information - Your interest rate and annual percentage yield may change at any time.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $25 to open this account.
Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $100 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method – 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.
Accrual of interest on non-cash deposits – Interest begins to accrue on the first business day after the banking day you deposit non-cash items (for example, checks). If you close your account before interest is credited, the accrued interest will not be paid.
Transaction limitations - Transfers from a Minor’s Savings account to another account or to third parties by preauthorized, automatic, internet, ATM, or telephone transfer are limited to six per month with no transfer by check, draft, debit card, or similar order to third parties. Over the counter transactions are unlimited.
General Information: A signed Birth-date Certification form must be on file. This account will be converted to a regular Statement Savings account, and be subject to the Rules of Account for that account type, upon the owner reaching age 18.