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Savings

Savings for Minors - LAUTMA (Louisiana Uniform Transfer to Minors Accounts)

  • Opening balance $0.01
  • No account maintenance fees
  • Quarterly statements
  • 3 free withdrawals per quarter ($2 for each additional)
  • $10 fee on accounts closed within 90 days of opening
  • Interest accrues daily and is paid quarterly

Note: A minor is anyone under the age of 18 who has not been emancipated.

Regulatory limits for savings accounts are up to 6 external/internal transaction combinations.

 

Regular Savings

  • Opening balance $200
  • Quarterly statements
  • 3 free withdrawals per quarter ($2 for each additional)
  • Balances below $500 will be assessed a $5.00 maintenance fee per statement

Regulatory limits for savings accounts are up to 6 external/internal transaction combinations.

 

Christmas Club

  • Opening balance $5.00
  • Interest accrues daily and is paid at program end
  • Checks are mailed during the first week in November
  • Early withdrawals result in a reduction of earnings and a $10.00 service charge
  • Fees could reduce earnings

Regulatory limits for savings accounts are up to 6 external/internal transaction combinations.