bank rates

Florida Youth Savings Pays 2.54%

Florida Traditions Bank pays its top rate on all deposits.If you have a youngster and live near Tampa, Fla., you might consider a youth savings account at Florida Traditions Bank, which pays more than twice what you can earn with the best nationally available savings deal.

The Lil-Traditions Savings account (www.fltraditionsbank.com), available for those age 18 and younger, pays 2.54% APY.

On all balances.

While you can find youth savings accounts in some parts of the country that pay higher rates, they typically only apply to balances of $500 or $1,000, and then the rates drop precipitously.

It only takes a $100 deposit to open a youth savings account at Florida Traditions, and the rate applies to all balances.

The account carries no monthly fees, and your youngster can make two withdrawals for free each month. After that, they’ll pay $2 per withdrawal.

Florida Traditions Bank is headquartered in Dade City, Fla., with four other branches in the counties outside of Tampa.

Lil-Traditions Savings accounts can only be opened at one of the branches.

If you don’t live near a Florida Traditions branch, the best nationally available savings deal is through TIAA Direct (www.tiaadirect.com), which pays 1.25% APY and is available to anyone, with no age restrictions.

You only need a $25 deposit to open an account at TIAA Direct, and the rate is good on all balances.

TIAA Direct is a division of TIAA-CREF Trust Co., the large retirement services provider. The company’s main emphasis has been on providing financial services and planning for those in the academic, medical, cultural, government and research arenas.

You can see how these savings rates compare to the best savings and money market account rates in our extensive database of banks.

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  1. Kathy at Bankaholic said:
    on May 7th at 09:55 am

    This savings rate is still available.