Additional information of M&T Starter Savings Account
The M&T Starter Savings account is designed for children under the age of 18 to start saving, as well as for legal representatives looking to establish a fund for their children, and for grandparents who want to teach their grandchildren how to manage their money through a joint account.
The requirements of this bank to apply for this product are as follows:
- Be under 18 years of age
- A representative of legal age acting as guardian
- The social security number of the child or adolescent and his or her birth certificate to verify his or her age during the in-person opening of the account.
Importantly, although you must be under 18 years of age to access this instrument, you can continue to manage the M&T Starter Savings account after reaching that age.
This banking product is FDIC insured (up to $250K), has no monthly maintenance fee and no minimum deposit to open.
For a simple and practical handling, you have mobile/online banking, use of ATMs and attention in an agency. In addition, it includes notifications, digital statements, direct deposit and M&T Easy Save.
This is a savings account that earns daily compound interest that is paid at the end of the month. The return on the account is currently 0.01% APY for any amount.
In summary, the M&T Starter Savings account can be an important step in the financial education of your children, nieces, nephews, grandchildren and minor beneficiaries.
Even so, be sure to review the banking products of other entities to find out which one suits you best. With Busconómico you can access the reviews of the best savings accounts to get the most out of your money safely.
Español: Cuenta M&T Starter Savings