Somerville Bank and Trust Co. offers two unique savings accounts for children and students. The Acorn Account and the Grade Promotion Account.
The Acorn Account was created in 1995 and it is a fun way to teach children the good habit of saving their money. It requires an opening deposit of $25.00 and for every $10.00 brought in, a child receives a bank buck. By collecting bank bucks, prizes can be purchased. The bank welcomes their Acorn Account customers by providing them with their own teller window decorated in the Acorn Account theme.
|12 years and under
Opening deposit $25.00
Minimum daily balance of $25.00 in account each day to obtain the annual percentage yield.
||10 bank bucks= Acorn Memo Pad
10 bank bucks= Acorn Sunglasses
15 bank bucks= Acorn Clock
15 bank bucks= Acorn Drawstring Bag
15 bank bucks= Acorn Lunch Bag
20 bank bucks= Acorn Back Pack
20 bank bucks= Acorn Flashlight
20 bank bucks= Acorn Stasher Squirrel
20 bank bucks= Acorn T-Shirt
(above items may change)
When you receive bank bucks you can either spend them or save them for later.
When you withdraw from your Acorn Account you must pay back your bank bucks equivalent to your withdrawal if you have not already spent them.
Back to the top
When the Acorn Account customer becomes 13 years old, they can roll their account over to a Grade Promotion Account (G.P.A.). This account was created to help students save for their educational goals. It is good through high school graduation. But a student can increase their rate of interest with every A or B they make in scholastic subjects. The initial opening deposit for the G.P.A. is $300.00
SB&TCo. is committed to teaching our youth the importance of saving while emphasizing that good grades do pay.
13 years old until high school graduation
Fee of $10.00 if balance falls below $300.00
Minimum daily balance of $25.00 in account each day
To obtain the annual percentage yield.
Interest rate increases with scholastic grades.
Contact us for a list of limits and fees that may apply to
901-465-9864 or 1-866-465-9864
Back to the top