Some savings banks will receive on deposit any sum from five cents to five thousand dollars.
Other banks will not receive less than one dollar at a time, nor more than a thousand.
We have heard of "penny savings banks," but they are rarely chartered, and are organized, only to encourage thrift among children.
Fractional parts of a dollar are not usually reckoned as drawing interest.
Some banks require as much as three, four or five dollars before allowing interest.
Savings banks in the eastern states pay from three to four per cent. In the west it is sometimes as high as six.
Each bank has certain dates at which calculation of interest begins. As a rule this is January 1st, April 1st, July 1st, and October 1st.
Money deposited at any time between these dates does not draw interest till the beginning of the next quarter.
But never mind the interest.
The best time to make a deposit is when you have the money.