Education Club Savings Account
First Federal of Greene County is pleased to offer this program to help prepare for future college expenses or trade school. We understand that there are many students who desire to attend college or trade school, but even with grants and student loans the cost is sometimes more than they can afford. First Federal has always supported the young people in our communities and we believe this program is a way of encouraging students to begin saving now for their future college or trade school expenses. In addition to the savings benefit, First Federal will also be giving away scholarships based on participation in this program.
For details on First Federal's Scholarship program click here.
How the Program Works
This account may be opened by any student who has not yet completed their senior year in high school. The account can be just in the name of the student; however parents or guardians can also be joint owners on the account if so desired. It will be required that the student opening this account must use their social security number for interest reporting requirements. If the account is opened as a joint account any of the joint owners will be eligible to withdraw from the account unless otherwise specified when account is originated.
Interest Bearing Account
This account will be a variable rate interest bearing account with interest compounded quarterly. Click here for our current rates.
Because Of The Stated Purpose Of This Account The Following Rules Must Be Followed:
- No withdrawals are permitted on this account prior to the student graduating from High School and presenting a copy of his/her High School Diploma.
- If student requests a withdrawal from account prior to graduating from High School, the student will be assessed a $25.00 service charge and be charged a penalty of One Hundred and Eighty (180) days (6 months) of interest whether earned or not.
- First Federal reserves the right to require at least seven (7) days written notice before any withdrawal from an interest bearing account.
- Student must acknowledge acceptance of terms of this account when opening account.
This account has a maximum time extension of four (4) years commencing upon graduation from a qualified high school. This account may be closed upon accountholders termination as a qualified college student.