Our lobby is now open. Masks are required to enter the bank until further notice for the safety of our customers and employees. Thank you for your continued patience and cooperation during this difficult time.
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
- 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
- Same limited yearly contribution as Traditional IRA
- Contributions are not tax deductible
- Withdrawals are tax free
- Does not require distributions based on age
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