Moola Moola Kids Savings Club

WHO IS ELIGIBLE:  Any child 12 years old or younger

Moola Moola Kids Savings ClubPURPOSE:  The purpose of the club is to teach young people the value of saving and keeping good records.  We will reward them for saving and filling out their deposit slip.  We will give them coupons, which they may accumulate and use to redeem for prizes.These prizes will have different values and the club members may redeem their coupons for prizes immediately, however, certain prizes may require saving longer.

POINT SYSTEM:

  • 50 POINTS
    – Open an account
    – Bring in a friend that opens an account
  • 10 POINTS
    – Making a deposit (one deposit per week)
    – Wear your Moola T-shirt to make your deposit
    – Prepare your deposit ticket in advance

MINIMUM OPENING DEPOSIT: $10.00

MONTHLY MAINTENANCE FEE: None

PER ITEM FEE: None

CLOSING ACCOUNT FEE:  If you close your account within 3 months of the account open date there will be a $15.00 fee.

DORMANT ACCOUNT FEE: If for 12 months you have had no communication with us about your account or if there has not been a customer generated transaction for 12 months and the balance is less than $5.00, there will be a monthly fee of $5.00.

INTEREST BEARING: Yes, interest begins to accrue on the business day you deposit non-cash items.  (For example checks)  We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.  Interest will be compounded monthly. Interest will be credited to your account monthly. Your interest rate and annual percentage yield may change, at our discretion, at any time.  If you close your account before interest is credited, you will not receive the accrued interest.  Today’s rate is available upon request.

The following terms apply to all Interest Bearing Savings Accounts:

  • Interest begins to accrue on the business day you deposit non-cash items.(For example, checks)
  • We use the daily balance method to calculate the interest in your account. This method applies a daily periodic rate to the principal in the account each day.
  • Interest will be compounded every month, interest will be credited to your account every month.
  • The interest rate and annual percentage yield on your account may change. At our discretion, we may change the interest rate on your account at any time.
  • If you close your account before interest in credited, you will not receive the accrued interest.
  • Withdrawals or transfers from a Savings account to another account or third parties by preauthorized, automatic, telephone, or computer transfers are limited to six per month.
  • Today’s rate is available upon request.