Sprout Savings Account
It's important to save for your child's future, but what if you're not sure what that future holds? You want your child to have opportunities beyond just education, and what if they get a scholarship, what if they don't plan on attending college, or what if they want to take a year off? FORUM's Sprout Account is the perfect place to watch your child's savings grow for whatever the need.
- Designed for the following purposes:
-Paying for college
-Purchasing a car
-Down payment on a home
-Other major expenses
- Account can be opened at any time from birth to age 18; funds are available when the child turns 18 and will automatically transfer to child's share savings account
- No minimum deposit required to open
- Contributions can be made by anyone and at any time
- FORUM will match 10% of deposited funds per calendar year at the following tier levels:
(ex. If you deposit $650 for the calendar year, FORUM will match 10% of the $500 tier level, giving you $50. Maximum match $100. FORUM will not match deposits made in the calendar year the child turns 18.)
- Earn a competitive dividend rate
- Certain penalties may apply for early withdrawals and/or early closure
*One account per child. Child is the account owner. Matching contribution is paid out on the last day of the year, December 31, for deposits made in the current year. Penalty for early withdrawal of 10% of the lifetime interest earned on the account and any matched funds. The following distributions are exceptions to the 10% penalty: the account owner has a disability; first-time auto purchase; tuition, fees, books, supplies, and equipment required for enrollment or attendance at an educational institution. Expenses and purchases must be incurred for the child named on the account.