This account is for Vectra Bank Colorado customers 25 and younger. It comes with a low opening deposit requirement and no monthly fee. While it does have the ability to earn interest on any amount, the rate is low â€” albeit higher than the regular Savings account.
This account also comes with mobile and online banking platforms. As a savings account, this one is subject to Federal Reserve Regulation D, which allows certain withdrawals and transfers up to six per month. You face an excessive withdrawal fee of up to $15 if you exceed that number from the bank. Once the account holder turns 26, this account will turn into a regular Savings account.
Both of these accounts can be opened online or in person if youâ€™re at least 18. Youâ€™ll need your Social Security number, as well as a form of ID â€” such as your driverâ€™s license â€” and an existing account to fund your new one. Those younger than 18 who are wanting to open the Young Savers account will need a parent or legal guardian to be a joint owner on the account. They will also need to open the account at a branch.