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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 has grown rapidly. 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 Acorn Account has a mascot named Stasher, which visits the bank, schools, and community events. And the bank welcomes their Acorn Account customers by providing them with their own teller window decorated in the Acorn Account theme.
Requirements
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12 years and under
Initial $25.00 deposit
You may change your existing
savings account to Acorn Account. |
*Interest Rates
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Rate 1.75% APY 1.76%
Bank Bucks
Every $10.00 Deposit =1 Bank Buck |
Prizes
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10 bank bucks= Acorn pencil box
10 bank bucks= Acorn pencil set
15 bank bucks= Flashlight
15 bank bucks= Acorn hat
15 bank bucks= Acorn wallet
20 bank bucks= Acorn back pack
20 bank bucks= Acorn overnight bag
20 bank bucks= Acorn t-shirt
20 bank bucks= Acorn squirrel (Stasher)
(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.
* Variable Rate
APY means: Annual Percentage Yield |
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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 and has a base rate of 1.75%. But a student can increase their rate of interest with every A or B they make in scholastic subjects (.10% for every A and .05% for every B). 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.
Requirements
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Opening Deposit $300.00
13 years until high school graduation
Only 2 withdrawals per year
A $10.00 service fee if balance falls below $300.00 |
*Interest Rates
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*Rate 1.75% APY 1.76%
G.P.A. rate based on academic subjects only
(A's and B's-semester average)
G.P.A. rate changes semiannually.
* Base Rate Variable
APY means: Annual Percentage Yield |
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About S. B. & T. Co.
