A savings account is essentially a place for you to accumulate and hold your money while earning interest on your funds. Savings accounts are insured by the FDIC to the maximum extent permitted by law. At Scottrade Bank, you can open a savings account for a low minimum deposit, and interest will be accrued daily and paid monthly on balances of $100 or more. To view the interest earned on your account, click the Banking tab and view the Interest YTD field on the Bank Account List.
Compare to Checking Accounts
Unlike checking accounts, you will not be able to order checks for a Scottrade savings account or be able use your savings with Scottrade's Online Bill Pay service. You will be able to access the funds in your savings account with an ATM/Debit card wherever Mastercard ATM cards are accepted.
|Account Type/Services||Interest Eligible||Check Writing||Direct Deposit||ATM/Debit Card||Electronic Bill Pay|
Savings Account Deposits & Withdrawals*
Scottrade Bank savings accounts are limited to 6 withdrawals* per statement cycle. The withdrawal limit is applied to all ACH funds transfers, internal transfers, direct debits and wire transfers. The withdrawal limit does not apply to ATM withdrawals.
Federal law limits the number of certain withdrawals on any savings account or money market account to 6 per month. Withdrawals at ATMs are not subject to federal limits.
Early withdrawals are subject to penalties. Fees could reduce earnings.