Savings Account Interest Rates Today: Commercial Bank at 1.00% APY
Commercial Bank in St. Louis has placed a great priority on giving children an outlet to start building their savings. Working in accordance with the Uniform Transfers to Minors Act, the UTMA Custodial Savings Account offers savers a secure way to earn interest — at 1.00% APY — and build a nest egg until the age of 21.
Savings Interest Rates: Terms and Conditions
Commercial Bank’s UTMA product is custodial, meaning that a child’s parent or guardian manages the funds in the account; once children reach the statutory age of 21, they can use their funds as they wish.
The current APY of 1.00% compounds and credits to the UTMA account each calendar quarter, and there are no minimum balances needed to start saving. Account holders should keep in mind that a maximum of six “limited” withdrawals are allowed each month — withdrawals exceeding that amount are subject to a fee. (According to the Commercial Bank website, withdrawals in person, by mail or through an ATM are not subject to this rule.)
About Commercial Bank
Commercial Bank recently celebrated its 25th anniversary; in 1988, it opened its doors in place of a former restaurant in the West Port section of St. Louis. Now, with three locations and an influential community focus, Commercial Bank is currently looking forward to future expansion, growth and relationship building, with the aim of improving people’s personal finances.
Click here for the best savings account interest rates today.
Other Terms and Conditions may apply. Additionally, interest rates are based on the institution’s online published rates and may have changed since this offer was posted. Please contact the financial institution for the most recent rate updates and to review the terms of the offer.