Personal Savings Accounts
Savings accounts are not as simple as they once were. There are certain options that are a better fit for each customer depending on such things as your savings time frame and the amount of money you want to put away for safe keeping.
So whether you’re saving for a special need that’s not far away or for retirement, you’ll know that your money is always accessible. Call and let us answer any questions you may have and help tailor the best savings plans for you.
The Statement Savings Account earns a market rate* of interest. Interest is earned daily and is credited and paid quarterly. There is a $2.00 charge for accounts with balances that fall below $200.00 and a fee of $1.00 for each debit over six debits per statement period. Minimum of $300.00 to open account. *Rate subject to change daily.
Earn money market rate – subject to change on a daily or weekly basis. Minimum balance of $2,500.00. Deposits may be made anytime. Withdrawals and transfers are limited to three (3) transfers and three (3) checks per month. A statement will be issued monthly on the 15th.
CDs with maturities ranging from 29 days to 5 years; all certificates of deposit have a substantial penalty for early withdrawal.
For your convenience and tax savings, we offer various types of Individual Retirement Accounts that mature from six months to five years.
- Individual Retirement Accounts (IRA) provide tax advantages for retirement savings. You can contribute each year up to the maximum amount allowed by the Internal Revenue Service.
- Traditional IRA – Contributions typically are tax-deductible. You pay no taxes on IRA earnings until retirement, when withdrawals are taxed as income.
- Roth IRA – Contributions are made with after-tax funds and are not tax-deductible, but earnings and withdrawals are tax-free.
- SEP IRA – Allows an employer, typically a small business or self-employed individual, to make retirement plan contributions into a traditional IRA established in the employee’s name.
- SIMPLE IRA – Is available to small businesses that do not have any other retirement savings plan. The SIMPLE – which stands for Savings Incentive Match Plan for Employees – IRA allows employer and employee contributions, similar to a 401(k) plan, but with simpler, less costly administration, and lower contribution limits.
- Rollovers – A rollover is a tax-free distribution of cash or other assets from one retirement plan to another retirement plan. The distribution to the second retirement plan is called a “rollover contribution.” The IRS website has information on the benefits of rollovers, and how, when, and where to do a rollover.