Savings Account FAQs

The Academy Bank Savings Account interest rate is 0.03% with an 0.03% Annual Percentage Yield (APY).
Yes, there is a $25 minimum opening deposit requirement.  A $100 minimum daily balance is required to avoid the $5 monthly service charge.

Yes, if a $100 minimum daily balance is not maintained, a $5 monthly service charge will be charged.

Savings Accounts are a great way to save for specific purchases, vacation funding, and emergency funds. If you are looking for a way to save for retirement or other long term goals, such as college or a home, you might want to consider a CD or Money Market account instead. These types of accounts get better interest rates than a Savings Account, but they have limited access to encourage individuals to save and not spend.  
Savings Accounts are for storing and saving money, while Checking Accounts are designed for daily transactions and easy access to your funds. Savings Accounts typically do not come with debit cards and are not intended for regular transactions. To learn more read our blog, What is the Difference Between a Checking and Savings Account?

If you're interested in comparing Checking Accounts, browse our Checking options. 
Yes, you are allowed to withdraw from a Savings Account.  Some Savings Accounts may charge a fee for frequent withdrawals to encourage account holders to keep their money in the savings account rather than spending or withdrawing it often.  At Academy Bank, closing new accounts within 90 days of opening will result in a $20 early closure fee.