[1] Annual Percentage Yield (APY). Kids Count Savings account is a variable rate consumer savings product that is subject to change after account is opened and at any time. The current APY is .70%. The minimum to open a Kids Count Savings account and to obtain the quoted APY is $1.00. There is no monthly maintenance service charge for this account. When a new Kids Count Account (passbook or statement savings) is opened, we will match the initial deposit up to $15. The matching bonus will be credited to the new account at account opening. There is no time requirement for the initial deposit to remain in the account in order to receive this bonus. The amount of the bonus will be added to any interest that is earned on the account. If the amount of the bonus plus interest is $10 or more in a calendar year, then the amount will be reported on IRS Form 1099-INT. This bonus offer may be discontinued without prior notice. There is a limit of one bonus per child.
[2] Within 60 days of the child who is the owner of the Kids Count Passbook or Kids Count Statement Savings Account reaching the age of eighteen (18), the account will automatically be converted to the Bank’s regular corresponding passbook or statement savings account and subject to the terms and conditions of that account.
