KidSaver Account
These accounts are especially for youth under the age of eighteen (18) and allow deposits and withdrawals of funds with no time restrictions*. KidSavers (age 4-12) receive a special newsletter which is included with the June and December statements. When a KidSaver reaches the age of 13, the passbook account will be converted to a statement KidSaver savings account and a letter explaining it is now time to begin to learn about managing an account with reconciling statements will be sent.
- Earns interest. Refer to rates.
- Deposit of $1.00 required to open the account.
- Minimum balance to earn interest is $10.00.
- Quarterly statements.
- FDIC insured.
*Account must be in name of youth with youth's Tax ID. If youth is under age 13, an adult must be on the account as a joint owner. In order to be able to pay interest, we must reserve the right to require seven days written notice prior to withdrawal. At age 18, the account automatically becomes a regular statement savings account. Kids under 13 with existing accounts have the option of continuing as a passbook account until they reach 13.
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