Saving is a habit that pays big dividends throughout life (pun intended!). However, not all savings accounts operate in the same way. For example, Lake Ridge Bank can help you open any of the following types of accounts to help your funds flourish:
- Forward Savings – a standard savings account with no minimum balance or monthly maintenance fee
- High Yield Savings – as your cash-on-hand grows, take advantage of higher interest rates
- Forward Money Market Plus – your deposits can grow even faster when you maintain a higher balance
- Fixed-Rate CDs – enjoy higher interest rates in exchange for delayed access
- Individual Retirement Accounts (IRAs) – save for retirement
Let’s take a closer look at High Yield Savings* accounts at Lake Ridge Bank (Member FDIC):
- Minimum of $10,000 to open.
- No monthly maintenance fee.
- No fee for the first withdrawal each month. There is a $25 fee for each withdrawal after the first one per month.
- Earn up to 3.19% Annual Percentage Yield (APY). For any days your balance falls below $10,000, you will earn 0.25% APY.
Balance Interest Rate
$0.01 – $9,999.99 0.25% APY
$10,000 and above 3.19% APY
How to Open a High Yield Savings Account
There are several ways to open a High Yield Savings account. Each of the following options requires:
- Your Social Security Number (SSN)
- A Valid ID, such as a driver’s license, state ID, or passport
- $10,000 minimum opening deposit amount
If you are an existing Lake Ridge Bank customer, you can open an account online by logging into your personal online banking app to apply or visit any convenient Lake Ridge Bank location to have one of our personal bankers complete the process for you.
New customers should apply in person at any Lake Ridge Bank location.
*High Yield Savings: Checks you deposit into your account begin to earn interest on the business day you deposit them. Interest is compounded and paid monthly. Your interest rate and Annual Percentage Yield may change. We may change the interest rate on your account at any time. Fees could reduce earnings on accounts. For each withdrawal exceeding one per month, a $25.00 fee will be imposed per withdrawal.
