UMB Youth Savings
A UMB Youth Savings account allows a parent or custodian to save money in the name of a child. This account can be used to teach children about the value of savings and take the first steps toward an understanding of money and finances.
Youth Savings Features
- $25 minimum opening deposit
- No monthly service fee
- Three withdrawals per month at no fee1,2
- 24-hour access to account information online or over the phone
Information about this deposit account is available in UMB Bank's Deposit Account Agreement (called Important Information Regarding Your Deposit Accounts), and information about service fees and charges for this deposit account is available in the bank’s Consumer Banking Schedule of Service Fees and Charges.
1Withdrawal limitations apply. Federal regulations limit certain types of withdrawals (including transfers) from savings and money market accounts. Under these regulations you may make no more than six (6) withdrawals and transfers from your UMB Youth Savings account to another of your accounts or to third parties during a monthly service charge cycle. Examples of transfers and withdrawals limited by these federal regulations include transfers and withdrawals made by check, ACH, telephone, online banking, debit card purchase, and pre-authorized funds transfers. If you were to exceed these transaction limitations on your UMB Youth Savings account, then UMB Bank may be required to close your UMB Youth Savings account or transfer its balance to a deposit account that is not subject to these transaction limitations. Deposit accounts that are not subject to these transaction limitations might not earn interest, or might earn interest at a lesser rate or have different interest rate tiers, than your UMB Youth Savings account.
Certain types of transfers and withdrawals, such as in-person cash withdrawals at a UMB Banking Center, internal (within UMB Bank) transfers of funds to pay a UMB Bank loan obligation, and ATM withdrawals, are not limited by these federal regulations.
2Your UMB Youth Savings account will incur an Excessive Withdrawal Charge (which will appear as a debit on your account statement) if you make more than three (3) withdrawals (including transfers) from your UMB Youth Savings account during a monthly service charge cycle. You will incur a $1 Excessive Withdrawal Charge for each withdrawal or transfer from your UMB Youth Savings account in excess of the three (3) withdrawal and transfer maximum. The $1 Excessive Withdrawal Charge will be incurred on all withdrawals and transfers from your UMB Youth Savings account that are made in excess of the three (3) withdrawals and transfers maximum, not only on those withdrawals and transfers that are limited by federal regulation.