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Account: Junior Savings
Account
An account that compounds interest quarterly.
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Requirements and Restrictions
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Must be for
the savings of a minor (under age 18) to open the account
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Must have
parent or legal guardian as party to account
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No minimum
balance is required to open the account
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Account will
convert to a Standard Savings Account upon attaining age 18
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No electronic
payments to a third party are permitted
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Benefits
- No
service charges apply
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Interest is
earned on the account regardless of balance
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