The Minor Savings Account is available to any minor under the age of eighteen (18) whose parents or legal guardian maintain an active demand deposit account with Kirkpatrick Bank. No minimum deposit is required to open this account. There is no monthly maintenance fee and there are no limitations on the number of deposits that may be made in connection with this account. You are however, limited during each month to having no more than six preauthorized withdrawals and withdrawals by check are not permitted. Two (2) free withdrawals are allowed each month with a $1.00 charge assessed for each additional withdrawal. In that the Minor Savings account is an interest bearing account the following applies:
The balance on which interest is calculated is determined by the daily balance method. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (e.g., checks). Interest will be compounded daily and credited monthly.
If the account is closed before interest is credited, accrued interest will not be paid. The interest rate paid on this account is established by Kirkpatrick Bank and may change daily.
Any change to the interest rate is at our discretion. Complete account disclosures, with current annual percentage yield information, are available upon request.
