Student Savings Account
The National Bank of Coxsackie is pleased to announce their Student Savings Program! Weekly or monthly, your child will have the opportunity to make a deposit which will be recorded in their register. This teaches them the importance of saving money as well as how to keep track of their deposits.
These accounts can be set up through participating schools or by stopping into your local branch!
Encourage your child to save
- Set a goal – Sit down with your child and make a “wish list” so they have items to work towards purchasing.
- Let them earn money – Make a chores list with your child. By working for their money it will give it more value.
- Track their progress – Help them keep a basic register so they can watch their savings add up.
- Rewards their efforts – Consider matching their savings or giving small prizes for different dollar amounts reached.
How does it work?
Student Savings Accounts will be opened as “Custodial Accounts” under the NY Uniform Transfers to Minors Act. Any reportable interest is under the name and Social Security Number of the minor.
What does that mean?
The money on deposit belongs to the minor. The minor has no access to the account (except for deposits). Only the custodian can withdraw money, to be used for the benefit of the minor. When the minor turns 21 the funds on deposit are turned over to him/her.
Ready to get started?! Collect the necessary items listed below and stop into your local branch to sign up today!
Items needed for child:
- Name and date of birth
- Copy of Social Security Card
- Physical address (No PO Boxes)
Items needed for parent:
- Name and date of birth
- Social Security Number
- Identification (Social Security Card, driver’s license, passport, government issued ID)
But wait, there’s more!
Best of all, NBC will make the first deposit into the child’s account once it’s opened!
The children receive prizes once a month for making deposits and once a year there will be a drawing of active accounts for a child to win a grand prize!
Our bank uses the average daily balance method to calculate interest on your account, if applicable. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The above mentioned account descriptions are not all encompassing. To request a full account opening disclosure by mail contact:
National Bank of Coxsackie
3-7 Reed Street
Coxsackie, NY 12051-0400
Attention: New Account Opening
(518) 731-6161 Voice or Email at: firstname.lastname@example.org