SimplyKids Savings
Fostering smart banking practices while they're young.
Built exclusively for minors, SimplyKids Savings is a great way for children to develop responsible financial habits that will last a lifetime. Our financial craftsmen also offer one-on-one advice for money management for minors at our branches.
KEY ACCOUNT FEATURES:
- Higher interest rate on the first $500 deposited
- Free transfers between parental and minor checking accounts
- Free, easy-to-balance online statements
- Free VISA® debit/ATM card (for kids 13 years or older)1
- Preferred CD rates available by keeping $5,000 or more in combined checking, savings, and money market accounts2
- 24-hour telephone banking
- No monthly minimum balance
- No monthly service fee
- Can be opened for kids and young adults up to 22 years of age
SERVICE FEE:
No monthly service fee
All savings accounts come with:
INFORMATION TO NOTE:
Rate information — Your interest rate and annual percentage yield may change.
Frequency of rate changes — We may change the interest rate on your account at any time.
Determination of rate — At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency — Interest will be compounded every month. Interest will be credited to your account every month.
No minimum opening balance required to open in a branch. $1 minimum to open online.
Daily balance computation method — We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits — Interest begins to accrue on the first business day after the business day you deposit noncash items (for example, checks).
Transaction Limitations — An unlimited number of deposits or withdrawals are permitted in person, by mail or ATM to the extent that these services are available with your account. By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals or check or debit (also known as point of sale [POS]) withdrawals are permitted per calendar month. If you go over these limits, we may either charge your account, close your account, or end your right to withdraw or transfer money from your account by telephone or online transfer, check, debit card, automatic withdrawal or transfers, and preauthorized withdrawal. We may also refuse to permit withdrawals or transfers that go over these limits and may charge you for requesting such withdrawals or transfers.
Fees — An excess preauthorized withdrawal fee of $10 may be charged for each preauthorized, automatic, online or telephone transfer or withdrawal or check or POS withdrawal in excess of six during a calendar month.
Interest accrual upon account closure — Interest accrues up to the business day that you close your account and is credited when the account is closed.
We reserve the right to change account benefits at any time without notice. Certain restrictions may apply. Please see the complete Disclosure Guide for additional details.
1This debit card is issued by Flagstar Bank pursuant to a license from Visa U.S.A. Inc. Minor must be 13 years or older to be eligible to use.
2Excludes promotional rates.
3Not all devices may be supported. Customer eligibility required. Personal customer checking and savings accounts only. Must be an active personal online banking user. Must be customer for a minimum of two business days. SimplyOne account holders are not eligible. Accounts must be in good standing.
4Currency conversion fee may apply to transactions outside the U.S.