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See the charts below to find the accounts that best meet your savings needs.  Click on the account name for additional information about each type of account.

Description Personal Savings

This account pays a competitive rate of interest and with regular deposits can help you build a nest egg.

Young Savers Account

This account helps children develop a regular savings habit. (up to age 18)

Minimum Opening Deposit

$100

$50

Balance Requirement to Avoid Fees

$100

$50

Fees

$4 monthly maintenance fee if minimum balance requirement is not maintained

$2 monthly maintenance fee if minimum balance requirement is not maintained

Withdrawals Allowed per Statement Cycle

6

6

Excess Withdrawal Fee

$2 per withdrawal over 6 per monthly cycle

$1 per withdrawal over 6 per monthly cycle

Pays Interest

Yes

Compounded daily and paid quarterly

Yes

Compounded daily and paid quarterly

Interest Tiers

All balances earn interest.

All balances earn interest.

Electronic Statement Available

Yes, quarterly*

Yes, quarterly*

Telephone Banking

Yes

Yes

Online Banking

Yes

Yes

Federal regulations allow unlimited withdrawals and transfers at teller windows, ATMs, and by mail.  Telephone withdrawals (made via check mailed to customer) are also unlimited. All other types of transfers and withdrawals are limited to six per statement cycle, made by check, draft, debit card, or similar order to third parties.

 

*If electronic funds transfer takes place, a monthly statement is generated.

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Personal Savings

This account provides an easy way to start a savings program.  With its low minimum balance and competitive rate of interest, you can be on your way to saving steadily. 

Features and Benefits
  • Just a $100 deposit to open
  • Low minimum balance requirement of $100
  • $4 monthly maintenance fee if balance is not maintained.
  • Withdrawals limited to 6 per monthly cycle
  • Excess withdrawal fee of $2 per withdrawal
  • All balances earn interest
  • Interest is compounded daily and paid quarterly
  • Free Online Banking
  • Free Telephone Banking
  • Quarterly* statement via E-Docs or U.S.Mail


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Young Savers Account

There’s no better time than the present to start your child on the path to savings. Remember, good habits learned early can last a lifetime. Our Young Savers account is designed for children under the age of 18. At age 18, the account becomes a Personal Savings account   

Features and Benefits
  • Just a $50 deposit to open
  • Low minimum balance requirement of $50
  • $2 monthly maintenance fee if balance is not maintained.
  • Withdrawals limited to 6 per monthly cycle
  • Excess withdrawal fee of $1 per withdrawal
  • All balances earn interest
  • Interest is compounded daily and paid quarterly
  • Free Online Banking
  • Free Telephone Banking
  • Quarterly* statement via E-Docs or U.S. Mail

*If electronic funds transfer takes place, a monthly statement is generated.

Children’s Online Privacy Protection Act (COPPA)

The online financial services offered through the bank’s website are not designed for or directed toward children under age 13. We do not knowingly solicit or collect data from children and we do not knowingly market to children online without express parental consent or notification. If we receive online information from any child we will use the information to respond directly to a child’s request. We recognize that protecting children’s identities and online privacy is important and that responsibility rests with us and with parents. If you believe your child has provided personally identifiable information to us, please contact us so we can allow you the opportunity to review and delete such information. Please contact us at South Atlantic Bank, 630 29th Avenue North, Myrtle Beach, SC 29577.


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