M&T Starter Savings Account
It’s never too early to start saving. Open an M&T Starter Savings Account,
designed for kids and anyone under the age of 18.
This product is best for people who:
IS AN M&T STARTER SAVINGS ACCOUNT RIGHT FOR YOU?
Are under the age of 18 and interested in saving
Are parents, grandparents or adults who want to be jointly titled on the account to help teach the child how to manage money safely and responsibly
Are custodians (parents or others) who want to maintain control of a savings account for a child
Top Features
- A great way for young kids to learn responsible money-management habits
- No minimum balance requirement to open the account and no monthly maintenance charge{{d349*}}
- Conveniently access and manage your account
- Online or on your phone with M&T Online & Mobile Banking {{d1160*}}
- At an M&T Bank Branch or ATM
- Accounts are FDIC-insured up to the maximum applicable limit
- Take advantage of tools that may help keep you informed and in charge of your accounts
FAQs
There are account setup options that control the child’s experience with the account. Children can have full access or none at all, depending on how the account is titled.
Although this account cannot be opened by someone 18 or older, there is no automatic conversion of this account to another savings account type. Custodians who manage this account for a child are responsible for closing the account and distributing the funds.
Fees{{d172*}}
Subject to transaction and service fees. Customers should refer to the:
- Specific Features and Terms for this account
- Additional Fees and Fees for Use of Electronic Banking Card for Consumer Savings Accounts
Eligibility Requirements
- Only available for those under the age of 18
- May require a custodian to be placed on the account; account custodian must be over age 18
- You’ll need the child’s Social Security Number and birth certificate for age verification when opening the account at your local M&T Bank branch
- Note: Accounts can only be opened by individuals under 18 years of age. Eligibility to maintain an M&T Starter Savings account does not end when you reach 18 years of age.
Interest Rates
Interest is compounded daily and paid monthly. This is a variable-rate account and the rate may change after the account is opened.
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