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Regular Savings
Money Market Account
Certificates of Deposit
IRA/Individual Retirement Account
Christmas Club
Fee Schedule

 

 

 


Regular Savings

Earn interest and have access to your funds at all times. This flexible account is great for stashing away those extra funds. Build up your balance to save for a special item or occasion.

  • Just $50 starts your account
  • Interest paid quarterly
  • If balance falls below $50.00 any day of the cycle a $5.00 service fee is charged.
  • A per debit fee of $1.00 will be charged for each debit transaction in excess of nine during a quarter.
  • Transfers from a savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no transfers by check, draft, or similar order to third parties.
  • Rate may change on account at any time.

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Money Market Account

Investors can earn a higher rate of return and still have easy access to their funds.

  • Just $2,500.00 starts your account
  • Interest paid monthly
  • If balance falls below $2,500.00 the account earns our regular savings interest rate.
  • If the average daily balance in the account falls below $1,000.00 for the monthly statement cycle a $5.00 service fee is imposed.
  • The minimum amount to deposit or withdraw is $100.00
  • Transfers from a money market account to another account or to third parties by, preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.
  • Monthly statement with check images via mail or pick-up—FREE

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Certificates of Deposit

Lock in those higher rates with a certificate of deposit. We have a variety of rates and terms to fit your needs. Short term or long the choice is up to you.

Just $1,000 starts your account
Certificates of 1 month, 91 days and 182 days:

    • Interest posted at maturity
    • Interest can be added back to certificate, transferred to another account or mailed to you by check.
    • Penalty for early withdrawal is ONE month interest for 1 Month Certificate and THREE months interest for 91 and 182 Day Certificates

Certificates of 12, 18, 24, 30, 36, 48 and 60 months:

    • Interest posted semi-annually
    • Interest can be added back to certificate, transferred to another account or mailed to you by check.
    • Penalty for early withdrawal is SIX months interest

All certificates renew automatically for the same term at maturity unless the customer contacts the bank within the 10 day calendar grace period.

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IRA/Individual Retirement Accounts

You have the choice between a Traditional or Roth IRA. Either plan can enhance your retirement based on your current needs.

  • The Traditional IRA is an account which allows you to defer taxes on your earnings until they are withdrawn. In addition certain contributions are tax deductable in the tax year for which they are made.
       
  • The Roth IRA is a nondeductable account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. You must have earned income (or your spouse must have earned income) and your modified adjusted gross income cannot exceed certain limits. Please contact us for more details.
     
  • We also have the Coverdall Education Savings Account or ESA. Esa’s allow you to put away up to $2,000 each year for higher education expenses, earning interest tax-free. Contributions do not count against the limits for other IRA’s. There are contribution restrictions and the beneficiary must be under the age of 18.

Consult your tax advisor before opening any retirement account.

18 month variable IRA:
12 to 60 month fixed IRA (rollovers or transfers):

 

18 month variable IRA:

  • Just $50 starts your account
  • Interest is paid quarterly
  • Interest rate can change on 1st day of each new calendar quarter
  • Penalties may be imposed for early withdrawals as well as IRS penalties
  • Additions can be made at anytime


12 to 60 month fixed IRA (rollovers or transfers):

  • Just $1,000 starts your account
  • Interest is paid semi-annually
  • Penalties may be imposed for early withdrawals as well as IRS penalties
  • Additions are NOT allowed

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Christmas Club

Its never too early to save for the holidays. Open a Christmas Club account and deposit each week. You will have a nice present waiting for your holiday shopping.

  • Just $1.00 starts your account
  • No withdrawals allowed until club ends
  • Checks mailed the first week of November each year

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