Savings

PASSBOOK SAVINGS ACCOUNT

• Minimum amount required to open account $50
• Interest is compounded and credited to your account quarterly
• Monthly service fee of $4.00 is waived if you maintain a daily balance of $300
• Monthly Service fee of $4.00 is waived until age 22 regardless of balance
• By federal regulation, you are limited to six transfers per month by pre-authorized automatic or telephone transfer

CHRISTMAS CLUB ACCOUNT

• Account can be opened with any amount
• Interest is compounded and added to your Club Account in October
• Checks are printed and available on a specified date in October
• If Account is closed prior to payout, interest will not be paid and a $5.00 fee will be imposed.

CERTIFICATES OF DEPOSIT

• Typically offer a higher rate of return than normal Savings
• Flexible terms to suit your needs
• Minimum amount to open varies by the different terms
• Various Interest options available
• Penalty for early withdrawal

TRADITIONAL IRA

• Individual Retirement Savings Plan that provides some tax advantages
• Limited yearly contributions may apply
• Account holder may begin taking distributions at age 59 1/2
• Must begin minimum distributions at age 70 1/2

ROTH IRA

• Same limited yearly contribution as Traditional IRA
• Contributions are not tax deductible
• Withdrawals are tax free
• Does not require distributions based on age