Regular Savings
This is a basic, interest earning, savings account. The minimum balance for this account is $50.00. Interest is credited to the account semi-annually on/or about 05/01 and 11/01. If the balance falls below $50.00 any day during the 6 month cycle, a $1.00 service charge will be imposed. A statement is produced quarterly.
Limitations: During any statement cycle you may not make more than 6 withdrawals (debits) or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
Minor Savings
A minor account is an interest bearing account and requires a $10.00 minimum balance to avoid a service charge. A child is considered a minor until the day of their 18th birthday. Interest is credited to the account semi-annually on approximately 05/01 and 11/01. If the balance falls below $10.00 any day during the 6 month cycle, a $1.00 service charge will be imposed. A statement is produced quarterly.
Limitations: Transfers from the account to another account or to third parties by pre-authorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, or debit card. Excess withdrawals will be charged $.50 per item.
- Interest accrues daily, is posted semi-annually
- Automatic transfers of specified amounts at regular intervals from checking to savings accounts are available
Christmas Club Savings
A Christmas Club Savings account can be opened with as little as $10.00. The customer has the option of having their payment directly debited from a deposit account here at the bank. The account will accrue interest until November, when a check will be issued to allow for holiday shopping.
- Interest accrues daily and is paid from the day of deposit to the day of withdrawal
- Automatic transfers of specified amounts at regular intervals from checking to Christmas Club account can be set up
- Not allowed to withdraw funds until check is issued in November
Money Market Account
The Money Market account best serves those who maintain a high balance in their savings. The minimum balance required for this account is $2,500.00. If the balance goes below the minimum one day during the statement cycle the account will be assessed a $5.00 charge and no interest will be accrued. The account generally carries a higher interest rate than the regular savings account.
Limitations: During any statement cycle you may not make more than 6 withdrawals (debits) or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
- No fee for phone transfers
- Interest is paid monthly
- Statements are prepared monthly
Money Market Plus
This savings account requires a minimum balance of $10,000 to earn a higher interest rate than the Regular Money Market. The interest rate and annual percentage yield on this account is determined by the bank and is subject to change. The account’s interest rate will never go below the rate being paid on the Regular Money Market Account. This account is designed for our customers who don’t want to lock up their funds in a CD but want to earn a competitive rate.
If the account falls below the minimum balance requirement of $10,000, the interest rate and APY will be the same as our regular money market account rate on that day and a service charge of $5.00 will be imposed.
Limitations: During any statement cycle you may not make more than 6 withdrawals (debits) or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
- Interest is credited to the account monthly
