Youth Savings Account
Here at Ridgewood, helping children save is a really big deal to us, and we're here to make it as simple as possible. Our Youth Savings account is a great way for children to save and learn about managing their money. The account is opened in the child’s name, providing them with a sense of independence, and they can select either a passbook or statement savings option.
Getting started is easy:
- Interested children need a Social Security card and must be able to sign or print their name to open an account.
- Any amount over $.25 can be deposited at any time
- Customers must be 17 or younger to qualify for this account.
One account per person. Offer subject to change or termination at any time. Up to $10 will be credited upon account opening and will be reported as interest income with a 1099 form. Rate and terms may change after the account is opened. Fees may reduce earnings.
*Rates are effective as of 10/25/2023, the first $25,000 ($.01 to $25,000) of the balance will earn an interest rate of 1.47% with an annual percentage yield of 1.50%. Balances over $25,000 ($25,000.01 and greater) will earn an interest rate of 0.25% with an annual percentage yield (APY) of 0.25%.