Personal Savings

heading-personal-savings

Passbook Savings

  • $100 minimum deposit to open
  • $50 minimum daily balance required*
  • Three withdrawals allowed per month**
  • Competitive interest rate
  • Online banking access
  • Kids savings available

Notes for Services:
*A service charge Of $6 will be applied if the account falls below the required average balance during the statement cycle.
**A maintenance fee of $2 will be applied for each additional withdrawal.

Money Market

  • $2,500 minimum deposit to open
  • $1,000 minimum daily balance required*
  • Six withdrawals per month**
  • Competitive interest rate
  • Monthly statements with images
  • Other options
    • Online banking access
    • Online bill pay
    • eStatements
    • CD ROM Statements

Notes for Services:
*A service charge Of $6 will be applied if the account falls below the required average balance during the statement cycle.
**A maintenance fee of $2 will be applied for each additional withdrawal.

Lock Boxes (select locations)

  • Low cost
  • Protects important possessions

Certificate of Deposit

  • Competitive interest rates
  • $1,000 minimum deposit to open
  • Competitive interest rate
  • Penalty for early withdrawal may reduce earnings
  • Automatically renewable certificates allow 10 days after maturity to redeem.

Individual Retirement Accounts

Traditional IRA
An individual retirement account (IRA) allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100 percent of compensation up to a specified maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible, depending on the taxpayer’s income, tax-filing status and other factors.

Roth IRA
The Roth Individual Retirement Plan bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal.

SIMPLE
The Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) is a retirement plan available for employers, including self-employed individuals. The employer is allowed a tax deduction for contributions and makes either matching or non-elective contributions to each eligible employee’s SIMPLE IRA. Employees may make salary deferral contributions.