Savings Accounts, IRAs & CDs

Savings Accounts

A minimum initial deposit of $100.00 is required to open this account, and a balance of $100.00 must be maintained during the statement cycle in order to avoid the quarterly service charge of $5.00. Interest earned at the stated rate is accrued daily and paid quarterly. Savings interest rates are subject to change. In-house transactions are allowed in unlimited numbers, but no more than six transfers or withdrawals can be made per month and no more than three of those transfers or withdrawals may be by check payable to third parties. There is a $2.00 charge for each excessive item after the first nine withdrawals per quarter.

Certificates of Deposit (CDs)

May be purchased for 32 days up to 60 months with interest payable monthly, quarterly, semi-annually, annually, or at maturity. Interest may be compounded. Federal regulations require a penalty if funds are withdrawn before the maturity date of the certificate. Rates are quoted upon request. For more information concerning Certificates of Deposit, please see one of our Customer Service Representatives.

Individual Retirement Accounts (IRAs)

The law provides that any individual who is under age 70 ½ years and has earned income may establish an IRA and make contributions. Opening an IRA is easy. All it takes is the completion of a form that gives us the necessary information relating to your IRA and provides you with specific details regarding its operation. The deposits you make to your IRA will, naturally, be subject to the provisions governing those deposits. If you decide that an IRA will be a benefit to you, please see one of our Customer Service Representatives, who will gladly assist you in making the necessary arrangements.

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