Gateway Bank Introduces Young Saver AccountMay 9th, 2015 by gainesvillechamber
5.00% APY* (Annual Percentage Yield) on Balances up to $500.00
As part of its on-going efforts to encourage financial literacy and building a consistent savings pattern for local youth, Gateway Bank has introduced a Young Saver Account program available to customers age 18 and younger.
With just a minimum balance of $10.00 to open the account and no maintenance fee*, young depositors can earn a 5.00% APY on balances up to $500.00.
“This is a wonderful opportunity for young people to learn about the value of savings and at the same time pick up valuable life lessons on how to build for future goals,” said Danny Gilliland, Gainesville Market President.
Through experiential learning, Gilliland said students learn about the value of savings by opening and managing savings accounts, which help to form savings habits early. Research indicates that youth savings programs, when combined with financial education, may be effective in helping students to improve their long-term financial and education outcomes, such as completing college.
For more information and/or to open a Gateway Bank Young Saver Account contact Joanne Edde at 352-416-0330 in Gainesville or Nancy Armstrong at 386-418-8307 in Alachua.