You can choose between a
statement or passbook savings account. Our Christmas Club can help you
ease your holiday bills.
Passbook Savings:
Yes, we still offer our customers the old-fashioned Passbook Savings Account.
Statement Savings Account:
Receive
a statement that shows the monthly activity of your account.
Retirement Passbook Savings Account:
An economical way to start saving for retirement. Open with as little as
$1.00.
Christmas Club:
A great way to lessen the sting of those holiday bills.
Passbook
Savings, Statement Savings and Retirement
Passbook Savings Accounts
Yes, we are one of the few
financial institutions that still offer the old fashioned Passbook Savings
account. In addition, Individual Retirement Accounts can be invested in
a Retirement Passbook Savings Account.
We also give our customers
the choice of opening a Statement Savings account. Instead of a passbook,
a statement will be mailed to you each month there is activity on your
account. If there is no activity on your account a statement will be mailed
to your quarterly. Those Statement Savings customers that are eligible
and qualify, upon request, can also receive a FREE ATM
or Check-Mate
Debit Card.
Competitive interest rates
are paid on all of our savings products.
Common Features of Passbook
Savings, Statement Savings and Retirement Savings Accounts:
-
Minimum balance to open this
account is $1.00.
-
You must maintain a minimum
balance of $10.00 in the account each day to obtain the disclosed Annual
Percentage Yield.
-
Your interest rate and annual
percentage yield may change at any time and at our discretion.
-
Interest begins to accrue on
the business day you deposit noncash items (for example, checks).
-
We use the daily balance method
to calculate the interest on your account. This method applies a daily
periodic rate to the principal in the account each day.
-
Interest will be compounded
every quarter and will be credited to your account every quarter and at
maturity.
-
Transfers from one of the above
mentioned accounts to another account by preauthorized or automatic transfer
are limited to 6 per month from passbook accounts, 6 per statement cycle
from statement accounts, with no transfers by check, draft, debit card
or similar order to third parties.
-
Retirement accounts are subject
to the additional rules and regulations as determined by the IRS and the
Federal Government.
-
Consult your legal or tax advisor
regarding the tax deductibility for your specific situation.
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Christmas Club
- You must deposit a minimum of $1.00 to open this account.
-
The bonus percentage amount paid on your Christmas Club will
not change during the term of your Christmas Club; however, at the renewal of your Christmas Club, we will reserve the
right to change the bonus percentage paid on your new Christmas Club. Currently the bonus is 1%.
-
The bonus will be credited to your account after the second Saturday in October.
-
If you close your account before the bonus is credited, you will not receive the bonus.
-
If any withdrawal is made from this account before the second Saturday in the ensuing October, then this account will be closed.
-
If you make the equivalent of the 50 scheduled payments or more
of the Club amount that you choose, then we will pay the bonus in the Club account after the second Saturday in October. To obtain this bonus, this account must be opened prior to February 1st each year.
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