Our lobby is now open. Please practice Social Distancing Rules by keeping a 6' distance from another person. Masks are not required and hand sanitizers are available throughout the lobby. Please stand on an orange dot and move up a space when the next dot becomes available. If no orange dot is available, please wait in your vehicle until someone exits the bank.
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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