Student Savings Account FAQs




Yes, the Academy Bank Student Savings Account  currently earns 0.03% APY (annual percentage yield). 
The Academy Bank Student Savings Account is specifically designed for individuals under the age of 23.  If you are under 23, there is no minimum balance required to open the account and no monthly service charge.  Once the student savings account owner turns 23, they are converted to a regular Savings Account with a required minimum balance of $100 (or a monthly  service charge of $5 applies). 
A Savings account is a great way to save money for specific purchases like vacation funding and emergency funds.  If you are saving for retirement or other long-term goals, such as tuition, or a down payment for a home, consider a CD or money market account.  CDs and Money Market accounts normally get a higher interest rate, and therefore, could be a better option for long-term goals.
Yes, you can withdraw from your Academy Bank Student Savings account, which is why the student savings account can be useful in an emergency.  Some banks will impose usage fees for withdrawing funds to often.  This is to encourage the student savings account owner to save instead of spending.
Savings accounts are specifically designed for setting money aside, while checking accounts are designed for accessing your money for daily use. Savings accounts do not usually have debit cards and are not considered transactional. 

If you are interested in checking accounts, have a look at a variety of our checking options.