Kids Savings Disclosure

Kids Savings Disclosure

This is an age restricted personal savings account – not intended for business use. The minimum opening deposit for this account is $5.00. To qualify for this account, the primary account holder must be 0-18 years of age and a parent or legal guardian must be a joint owner until the primary account holder reaches 18 years of age. The account must maintain a daily balance exceeding $0.01 to earn the stated Interest Rate and Annual Percentage Yield (APY). Interest earned will be paid to the account and compounded quarterly. There are no quarterly service charges associated with the Kids Savings Account. The APY is variable and eligible to change on the 1st business day of each quarter. See our rate sheet for the current APY.  Both cash and non-cash items accrue interest on the business day that the transaction is processed. If you close the account before interest is credited, you will not receive the accrued interest. This account is not eligible for Courtesy Pay or Courtesy Pay PLUS.

Upon the primary account holder turning 18 years of age, the account will automatically convert to a Savings Account. Current disclosures will be provided upon conversion to the Savings Account informing the account holder of the fees and terms associated with the new account. Please see Miscellaneous Fees and Charges disclosure for a full list of the associated fees and charges specific to this account.