| Savings, CDs, IRAs | |
Savings Account The minimum balance to open this account is $100. A below minimum balance fee of $1.00 will be imposed monthly if the balance in the account falls below $100 any day of the cycle. Transfers from a savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, debit card, or similar order to third parties. A per item fee of $.50 will be charged for each debit transaction in excess of four during a calendar month. This fee will not apply to individuals under 18 years of age. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. We may change the interest rate on your account at any time. Interest will be compounded every day. Interest will be credited to your account every quarter. Money Market Account The minimum balance to open this account is $2,500.00. A below minimum balance fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $2,500 any day of the cycle. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your interest rate and annual percentage yield may change. We may change the interest rate on your account at any time. Certificate of Deposit We offer a variety of certificate of deposits. The minimum balance to open CD’s is $1,000. A penalty will be imposed for early withdrawal of CD’s. Fees could reduce the earnings on the account. Interest will be compounded semi-annually. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. CD terms are as follows: View Our Rates 6 month 12 month 18 month 24 month 36 month 48 month 60 month IRA Our IRA’s are all invested into Certificate of deposits. You must deposit $50 to open this account. Interest will be compounded semi-annually. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. A penalty for early withdrawal will apply |
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