Become money wise today.
Savings accounts and CDs are a safe way to store and grow your money. Learn how interest works and how to open an account below!
Join the Young Americans Bank and take charge of your money.
Why save?
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.
What is a CD?
A CD is like a savings account – but you have to leave your money in the bank for a certain period of time. Because your money stays in the bank longer, we pay you more interest than a savings account. When you purchase a CD, you are ‘locked’ into the interest rate that was offered at the time you deposited your money until maturity.
You are not allowed to withdraw from a CD until your term is up (unless you want to pay a penalty).
Saving Accounts. Get the Fast Facts:
Minimum opening deposit – $5
Interest paid quarterly
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 any branch
Ready to open an account? Click HERE for the three easy steps.
Certificate of deposit (CD). Get the Fast Facts:
Minimum deposit is $100
Terms (how long you leave your money in the bank): 6 months, 1 year, 2 year
Interest paid quarterly
Statements mailed annually
Automatically renewable
Benefits of a savings account
Penalties for early withdrawal at Young Americans Bank:
6 month CD
1 year CD
2 year CD
Why is Member FDIC important for a bank?
Here’s the scoop. The Federal Deposit Insurance Corporation (FDIC) protects the money you deposit up to $250,000. If that sounds reassuring, you also get consumer protection through regulations that help ensure fair banking practices. So, it’s safe to say that this kind of backing gives you the confidence to bank with Young Americans Bank.
