Savings Department

We offer a variety of savings options in order to offer our customers the product that will best meet their individual needs. From standard savings accounts to CD’s, our Customer Service Representatives will welcome the opportunity to work with you to meet your savings goals.

Passbook Savings

Savings accounts are the most flexible way to save. Our regular passbook savings account requires no minimum deposit but will only draw interest if more than $10.00 is in the account balance. Interest is compounded daily and paid quarterly.

Christmas Club

Deposits may be made in any amount and at any time with a maximum balance not to exceed $5,000 per household. Interest is compounded daily and paid at maturity. Interest will not be earned on a balance below $10.00. No withdrawals are permitted before maturity.

Money Market Deposit Account (MMDA)

The MMDA requires an initial deposit of $1500.00. If the account drops below $1500.00 during the statement cycle-a $5.00 fee will be assessed. If the balance drops below the $1500.00 daily balance the interest will be paid at the passbook rate until the balance returns to $1500.00. The combined total of withdrawals you make during a statement cycle by telephone, transfers, preauthorized transfers, debit cards, or checks to third parties cannot exceed six.

Individual Retirement Account

Retirement accounts help you plan for your future. Through the tax advantages offered by an IRA you get immediate tax savings while your contributions earn interest. Both principal and interest remain tax-deferred until retirement. We offer Individual, Roth and Education IRA’S.

Certificates of Deposit

CD’s are offered for terms of 91 days, 182 days, 12 months, 18 months, 30 months, 36 months, and 48 months. Specially termed CD’s are offered occasionally. Automatically renewable CD’s are available. Interest on 91 and 182 day CD’s is paid at maturity only. On all other terms, interest may be paid monthly, quarterly, semi-annually, or annually. The offered interest rate will be in effect for the term of the CD and a penalty will be assessed for the early withdrawal of funds. The minimum deposit on 91 and 182 day CD’s is $500.00. A minimum deposit of $1,000.00 is required for the 12, 18, & 30 month certificate, and a minimum of $5,000 is needed for any term beyond 30 months.

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