Optimum Savings Account

STONEHAMBANK DEPOSITORS ARE FULLY INSURED

All deposits are fully insured at StonehamBank through both FDIC and DIF.

Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC insurance amount are insured by the Depositors Insurance Fund (DIF). The combination of FDIC and DIF insurance provides customers of our bank with full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF. Please Click Here to view our 2022 Annual Report.

Optimum Student Savings¹ Features

No monthly maintenance fee
No minimum balance requirement
Receive a monthly statement
Interest paid at the end of each month
$10 minimum balance to open and earn Annual Percentage Yield (APY)
Link to an Optimum Student Checking account and receive $10². Optimum Student Checking and Savings accounts are a banking package that helps you earn more and grow your money!
Can be linked to your Visa® Debit Card (requires a checking account) with access to 55,000+ surcharge-free Allpoint network ATMs and SUM network ATMs
Access your money at any time³

¹ Primary account holder must be 22 years of age or younger but not younger than the age of 13. Upon the primary account holder reaching the age of 23, the account will convert to a statement only Optimum Savings Account with all terms and conditions in effect at the time.

²Limit of $10.00 credit per account. The $10.00 credit to the account will be processed to Optimum Student Savings account in good standing after 30 days of account opening and will be reported on 1099-INT.

³ Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic, check or telephone transfers per statement cycle from your Savings account to another account or third party. If you exceed these restrictions, we may assess an excess fee.

1.00%: Interest Rate

1.00%: Annual Percentage Yield (APY)

$10.00: Minimum Balance to Open & Earn APY

APY = Annual Percentage Yield

Fees may reduce earnings. Variable rate may change after account is opened. Certain restrictions may apply.

For a full explanation of our fees, please refer to our Fee Schedule.

Open Account

*Student must be 18 years of age to open this account online. Video Banking and both branch locations are options for anyone under 18 years old to open an account.

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