bank rates

Virginia Youth Savings Account Pays 3%

a boy and a girl sitting on a stack of booksYoungsters in northern Virginia can earn 3.00% APY — far above the best nationally available savings offer — if they open a VCBee Savings account at Virginia Commerce Bank.

The impressive rate is good on balances up to $10,000. Any portion of the balance above that earns 0.50% APY.

The deal is available to kids and teens under the age of 18 at the community bank, which is headquartered in Arlington, Va.

Opening a VCBee Savings account doesn’t require a minimum amount for a deposit, and your child doesn’t need to keep a certain amount in the account to earn interest.

The VCBee Savings account is a nice change of pace from many children’s savings accounts, which offer whopping rates of up to 7.00% APY, but the sky-high yield only applies to balances of $1,000 or $2,000.

With the VCBee account, your child can accumulate some real savings over time.

And the 3.00% APY is more than twice what an adult can earn with the best nationally available savings offer. Salem Five Direct (www.salemfivedirect.com) pays 1.25% APY on its eOneSavings account for balances to $500,000. A minimum $100 deposit is needed to open an account.

Virginia Commerce Bank doesn’t have an online application, so you’ll have to stop by one of the bank’s 28 branches throughout northern Virginia to open your child’s account.

For more information, visit www.vcbonline.com or call 877-822-5015.

You can compare these deals to the best money market and savings account rates from scores of banks in our database.

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Comments (2)
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  1. monte said:
    on April 4th at 09:40 am

    B”H
    can you tell us abuot more of these accounts even if only allowed to have $1000 or $2000 balance for the kid?

  2. Mike Cetera said:
    on April 5th at 07:37 am

    We’ll look for some more. Thanks for your interest.