What to expect when opening a kid-friendly savings account with grown up benefits.
A great rate and a safe way for kids to learn about savings. With a Kids Savings Account, you can help make their allowance go further with a great savings rate. Plus, your child’s balances are FDIC-insured up to the allowable limits.
KID-FRIENDLY WITH GROWN-UP BENEFITS
High interest A 2.50% APY that’ll keep their savings growing even faster.
No fees or minimum Kids Savings Accounts are fee-free and don’t require a minimum balance.
Automatic savings Send their allowance on schedule and make regular deposits.
Multiple accounts Create multiple Kids Savings Accounts for each of your child’s financial goals.
A top-rated Online Banking The ZestOnline Banking can help them manage money online anytime—almost anywhere.
This document provides important information about the terms applicable to your Kids/Teen Savings account. Please be sure to read it carefully and retain it for future reference. When you see the words "you" and "your," they mean each person or entity who owns an account either individually, jointly, or on behalf of another person. The words "our," "us," "we," "Zest Bank," and "bank" mean Zest Bank, N.A. Our "Business Days" are Monday through Friday, excluding holidays and any other day we are not open.
Please understand that when you submit an application, open an account, or use our services, you agree to be bound by these terms.
Initial deposit requirement - There is no minimum deposit required. You can open the account with any amount you wish.
Minimum balance to obtain Annual Percentage Yield (APY) - There is no minimum balance required to obtain the disclosed APY.
Rate information - The Interest Rate on your account is 2.4718% with an Annual Percentage Yield of 2.50%. The interest rates and annual percentage yields are variable and may change at any time at our discretion.
Compounding and crediting - Interest on your account will be compounded and credited on a monthly basis. Your account will only receive an interest posting if the amount earned during the month rounds to at least RM0.01.
Effect of closing an account - You will receive the accrued interest if you close your account before interest is credited.
Balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on deposits - For all types of non-cash deposits, interest will begin to accrue no later than the next business day following the banking day on which the funds were deposited. For cash deposits, interest will begin to accrue the same day on which the funds were deposited. (Here's an example - if you make a non-cash deposit on a Sunday, we will process it on Monday, and interest will begin to accrue no later than Tuesday.)
Fees - The following fees may be charged to your account:
- If you present us with a foreign check, we will not charge a fee, but the paying bank may deduct a fee from the proceeds.
- A Cashier's check purchased at a Zest Bank location is RM10.00.
Transaction limitations - Automated Clearing House (ACH) External Transfer transactions are subject to limits on the dollar amount of electronic transfers between your account and external accounts at other financial institutions. These limits are designed to be flexible in order to protect the security and integrity of the service and accounts, as well as you and all other users of the service. Based on confidential fraud and essential risk criteria, they may be modified at our discretion without advance notice.
We may limit, refuse or return all or any part of a deposit without prior notice to you.
Account limits - We reserve the right to limit the number of accounts you may open at our discretion and without advanced notice.
Once the minor account holder turns 18, they become a joint holder with equal privileges as the adult joint holder.
If you have Zest Bank MONEY Teen Checking account or another savings account and you're registered for online banking, you can apply online in minutes.
Log on to applyIt only takes a few minutes. Then, once you receive your security details, you can apply online right away.
Register for online bankingIf you don't have a Zest Bank MONEY Teen Checking account, call us to open the Flexible Saver or call us to make an appointment in your local branch.
If you’re liable to pay tax outside the United States, please apply at your local branch
Before applying, please take the time to read the following documents. You may also want to save them for future reference.
This tool will help you think about if your money is working hard enough for you and how you could take to achieve your goals.
Save up to RM3,000 at a fixed rate of interest for 12 months.
Find out more about tax efficient savings and how to make the most of your ISA allowance.
You can apply for a Kids/Teen Savings Account online or by popping into any of our branches.
If you’re registered for online banking you can apply online in minutes. It only takes a few minutes to register and once you receive your security details you can apply online to get an instant decision. If you don’t hold an Bank Checking Account then call us to apply or to make an appointment to apply in branch.
You can save any amount from RM1 upwards. There is no maximum balance.
You can access your money online, by phone or in any of our branches.
Preferential rates are available for Zest Bank customers.