Start your Young Savers saving account now! The savings account is available to custodians opening an account for a minor under the age of 18 under the Uniform Transfers to Minor Act (UTMA).
A Young Savers account is perfect as a child’s first savings account. The account helps establish smart saving habits at a young age. Enjoy competitive rates and no minimum-balance requirement.
- Available to individuals under the age of 18
- Interest is compounded daily
- Opening deposit of only $10
- No minimum balance requirement
- FDIC insured
Rates and Fees
- There is no monthly maintenance fee.
- Competitive rates
Note: When the minor reaches the applicable statutory age of majority, the Young Savers account will be transferred to a Regular Savings account and subject to the balance requirement and fees for Regular Savings.
- Free Online Banking
- Electronic Statements
- Auto Save – set up auto transfers to a Young Savers account from your Sandy Spring Bank checking account
To open a Sandy Spring Bank Young Savers account:
By law, certain types of withdrawals are limited. Withdrawals over the limits are excess activity. You may make up to a combined total of 6 withdrawals per monthly statement cycle (or calendar month if you receive a quarterly statement) by either check, draft, debit card purchase or similar order (if available on the account,) telephone, automatic or pre-authorized transfer to another of your accounts with us or to a third party. Such transfers include those made by Telephone Banking Line, Online Banking and transfers from your savings account to cover overdrafts. An excess activity fee of $25 will be assessed each time you exceed any of these limits