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Account Details ~ Personal Accounts

Checking

PERSONAL CHECKING ACCOUNT – There is no monthly service charge if you maintain a $500 minimum daily balance. An initial deposit of $100 is required to open a Personal Checking Account.

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FREE CHECKING ACCOUNT – A checking account with no monthly service fee, no check writing limit, and no minimum balance. A minimum deposit of $25 is required to open a Free Checking Account.

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STUDENT CHECKING ACCOUNT – A checking account offered to students with no monthly service fees, no check writing limit, and no minimum balance fee. No minimum deposit required to open a Student Checking Account.

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SCHOOL EMPLOYEE CHECKING ACCOUNT – A checking account for our valued school employees with no monthly service fees, no check writing limit, and no minimum balance fee with no charge for travelers and cashier checks. An initial deposit of $100 is required to open a School Employee Checking Account.

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SENIOR CHECKING – Customers at least 62 years of age are eligible. A checking account with no monthly service fees, no check writing limit and no minimum balance fee. A minimum deposit of $100 is required to open a Senior Checking Account.

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 NOW CHECKING ACCOUNT – A checking account which offers fixed interest rates where interest is compounded and paid monthly. There is no monthly service charge if you maintain a $1,500 minimum daily balance. A minimum deposit of $1,500 is required to open a NOW account.

 

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Savings

PERSONAL SAVINGS ACCOUNT – This savings account offers fixed interest rates and a $100 initial deposit is required to open the account. Interest is compounded daily and credited quarterly. You are limited to two (2) free withdrawals per month: each additional withdrawal will have a fee of $2.

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 STUDENT SAVINGS ACCOUNT – This savings account offers fixed interest rates. No minimum balance to open the account, and no service fees.

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 MONEY MARKET ACCOUNT – This savings account offers interest that is compounded and credited monthly based on a tiered variable interest rate. There is no monthly service charge if you maintain a $2,500 minimum daily balance. A minimum deposit of $2,500 is required to open a Money Market Account.
 

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Certificates of Deposit

CERTIFICATES OF DEPOSIT (CD’s) – A safe high-yield way to develop an individualized savings program. You can acquire a CD for as little as $1,000 and make additional principal deposits and withdrawals at the CD’s maturity. The Step-Up Rate CD allows you to change the interest rate once during the original term on a 24 month or longer CD.

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Retirement

INDIVIDUAL RETIREMENT ACCOUNT - An Individual Retirement Account (IRA) is a savings plan to provide retirement income. If you are under 70 ½ with earned income, you are eligible to make a contribution to a Traditional IRA, regardless of your income level. What makes a Traditional IRA special is that you may be able to deduct the contribution from your current taxable income. This gives you the immediate benefit of paying less in taxes, in addition to the tax-deferred growth of the account. You will generally need to pay taxes on traditional IRAs when you take the money out later – say at retirement.

The term on an Individual Retirement Account is 12 months and a minimum deposit of $500 is required to open the account. After opening the account, if you wish to make small periodic contributions, you may do so. Refer to current interest rates.

With a Roth IRA your contributions are made with after-tax dollars, and the interest you earn is tax free.

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