Savings Accounts & CDs
Fast Facts: Young Americans Bank Savings Accounts
- Minimum opening deposit – $5
- Social security number of customer and sponsoring adult (if under 18) required or ITIN (Individual Taxpayer Identification Number)
- 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!
Fast Facts: Young Americans Bank CD
- 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 (you have 10 calendar days after your CD ‘matures’ to withdraw your money. If you don’t, it will automatically renew for the same amount of time at the current interest rate.
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.
You are not allowed to withdraw from a CD until your term is up (unless you want to pay a penalty).
Penalties for early withdrawal at Young Americans Bank:
- 6 month CD = 1 month interest (you will not receive 1 month of interest that you earned)
- 1 year CD = 3 months interest
- 2 year CD = 3 months interest