Fast Facts: Young Americans Bank Savings Accounts
- Minimum opening deposit – $5
- Social security number of customer and sponsoring adult (if under 18) required
- Interest paid quarterly
- Limited to 6 pre-authorized withdrawls or transfers per month, or a combination of such withdrawls or transfers
- Unlimited number of withdrawls allowed in person
- No monthly service charges (if a deposit or withdrawal is made once every 3 years)
- Quarterly statements (monthly if electronic transactional activity)
- Deposit by mail (checks only), night drop or any branch
At Young Americans Bank, we think learning how to save money is one of the most important things a young person can do. Saving a little every day, week, or month can help you buy things like a bike or a car. It can help you have money available in case of an emergency. It can also help you save for long-term goals like paying for college or getting your own apartment.
Money in a savings account grows because it earns interest. For example, if you deposit $10 into a savings account that earns 2% interest, in 5 years you will have $11.05! Interest rates can change and a savings account will ‘earn’ the current interest rate. (Check with Young Americans Bank for the most recent rates.)
With a savings account, you can put in (deposit) or take out (withdrawl) money at any time.ecent rates and fees.)
Today, there are more than 14,000 savings accounts at Young Americans Bank – that’s a lot of young people working hard at saving their money!