It is never too early for children to learn the benefits of saving for the future. Open a Kids Savings Account for a child with as little as a $25 deposit.
Unlimited deposits and interest is calculated by the daily balance method and credited semi-annually.
Savings Benefits & Features
Minimum Balance to Open
$25 - to open the account.
At the discretion of the financial institution, the interest rate for this account may change (please refer to Rate Chart)
Compounding & Crediting Frequency
Interest will be compounded and credited semi-annually.
Effect of Closing Account
If the account is closed early - prior to the interest credit – accrued interest is not credited.
Daily Balance Computation Method
Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Interest on Non-cash Deposits
Interest begins to accrue on the business day non-cash items (such as checks) are deposited into the account.
No limit on the number of deposits allowed.
Six (6) withdrawals are allowable from this account type per statement cycle. Excessive debit fee of $1.23 per transaction in excess of the 6 allowed will be incurred. Fees could reduce the earnings on this account.
Limitations on Frequency of Transfers
Transfers from this account to another account or to a third party by pre-authorized or automatic transfer, telephone transfer, internet bank transfer or draft is limited to six (6) per statement cycle. Excessive transfer activity could subject this account to closure.