Services / Deposit

Passbook Savings Account

A Passbook Savings Account is an account for those customers who wish to save excess funds and earn interest. The account is often opened for specific purposes such as education, taxes, home improvements, down payments on homes or cars, and various other financial goals. It can also be used for a rainy day fund or an account for minor children. Passbook Savings Accounts require a $10 minimum opening deposit.

Rates

Account Type Interest Rate Annual Percentage Yield
Passbook Savings 0.39% 0.40%

Statement Savings Account

A Statement Savings Account is a tiered account for those customers who wish to have funds available yet earn a higher rate for larger deposits. Statement Savings Accounts require a $500.00 minimum opening deposit.

Rates

Account Type Interest Rate Annual Percentage Yield
Tier 1 ($500 - $9,999) 0.39% 0.40%
Tier 2 ($10,000 - $ 24,999) 0.74% 0.75%
Tier 3 ($25,000 +) 0.83% 0.85%

eSavings Account

This account allows the customers to earn money market interest rates on their funds. Withdrawals must be processed by electronic transfer through the Automated Clearing House ( ACH) system to a preauthorized (linked) checking account number that you provide. You will have access to money transferred from your eSavings Account into the linked checking account usually in two to three business days. We do not issue third party checks. Federal regulations limit the number of debit transactions to six (6) per month. This account carries a $25.00 minimum opening deposit and $25.00 minimum balance requirement.

eforms folder Print eForms

Rates

Account Type Interest Rate Annual Percentage Yield
eSavings 0.88% 0.90%

Certificates of Deposit

Certificates of Deposit provide customers with a higher rate of interest on their funds than savings accounts. They are intended for depositors who can “invest” money for a period of time. The interest rates are subject to change daily, but, once the CD is purchased, the interest rate on that certificate is guaranteed for its term. A penalty may be assessed for any early withdrawal prior to the maturity date. The minimum deposit to open a CD is $500. Terms range from 6 months to 60 months. Interest will be compounded daily. Customers also have the option of receiving their interest by check direct or transfer to an existing savings account. Direct deposit of interest.

Rates

Account Type Interest Rate Annual Percentage Yield
6 Months 0.88% 0.90%
12 Months 1.13% 1.15%
18 Months 1.27% 1.30%
24 Months 1.66% 1.70%
36 Months 2.34% 2.40%
48 Months 2.82% 2.90%
60 Months 3.11% 3.20%

Individual Retirement Account (Traditional)

An Individual Retirement Account (IRA) is an IRS-approved retirement plan with special tax benefits and privileges that may save the customer on taxes now and provide significant income after he or she retires. All of our Certificates of Deposit are available for Traditional IRA investments.

Rates

Account Type Interest Rate Annual Percentage Yield
6 Months 0.88% 0.90%
12 Months 1.13% 1.15%
18 Months 1.27% 1.30%
24 Months 1.66% 1.70%
36 Months 2.34% 2.40%
48 Months 2.82% 2.90%
60 Months 3.11% 3.20%

Individual Retirement Account (ROTH)

The Roth IRA is non-deductible Individual Retirement Account that offers tax-deferred earnings and tax-free distributions. This allows customer’s earnings to grow at a much faster pace than with taxable investments. Also, the customer may receive TAX-FREE distributions after five years, if qualified. All of our Certificates of Deposit are available for ROTH IRA investments.

Rates

Account Type Interest Rate Annual Percentage Yield
6 Months 0.88% 0.90%
12 Months 1.13% 1.15%
18 Months 1.27% 1.30%
24 Months 1.66% 1.70%
36 Months 2.34% 2.40%
48 Months 2.82% 2.90%
60 Months 3.11% 3.20%

All accounts have interest compounded daily.

Conveniently transfer funds between accounts.