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.
Savings accounts are the most flexible way to save. Our regular passbook savings account requires a minimum balance of $100.00 to open an account. The account requires no minimum deposit but will only draw interest if more than $10.00 is in the account balance. Interest is compounded daily, paid quarterly, and is subject to change.
Deposits may be made in any amount and at any time. A minimum balance of $10.00 to open an account and a maximum balance not to exceed $5,000 per household. Check issued or transferred to checking or savings account at maturity. Account matures on November 1st and no withdrawals are permitted prior to maturity. Interest is compounded daily, paid at maturity and is subject to change.
Money Market Deposit Account (MMDA)
The MMDA requires a minimum balance of $1,500.00 to open an account. If the account drops below $1,500.00 during the statement cycle-a $5.00 fee will be assessed. If the balance drops below the $1,500.00 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. The fee for more than six restricted withdrawals per cycle period is $5.00 per item. Charges per item are based on the date the items are presented for payment, not by the date on the check. Interest is paid the last day of statement cycle and is subject to change.
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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