Savings Accounts
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
A traditional savings plan. You receive a book to present to the bank to record
transactions including deposits, withdrawals and interest. $25.00 minimum required to open account. A $5.00 minimum balance must be maintained to avoid a $1.00 quarterly service charge.
Same as the Passbook except you receive a quarterly statement of transactions along with
an I.D. card displaying your savings account number. This account can also be set up for Overdraft
Protection at no additional cost to protect your checking accounts from overdrafts.
“Depositors are not permitted to make more than six (6) transfers and withdrawals per calendar month
or statement cycle (at least a four-week period) from a savings deposit account (statement/passbook savings) by check, debit card, or similar order payable to third parties.”
$500.00 minimum required to purchase a Certificate of Deposit (CD). Maturity terms range
from one month to five years. Interest may be compounded monthly or quarterly. You may also choose
to be paid by check or have your interest deposited directly into your checking or savings account.
Special rates also available. Rates are subject to change weekly.
Call us today for more details and current rates.
If you haven't given much thought to IRAs in recent years, think about this: now IRAs mean a lot
more than just saving for retirement. It's flexibility for first-time home purchases, education
expenses, and a number of choices. Today you have unprecedented tax-free choices and more
freedom to deduct your contributions. That means you can get what you're saving for faster, easier,
and smarter than you could before. For more details on how an IRA can help you to a secure
financial future, please give us a call.
Save for the holidays with a Christmas Club account. Make payments throughout the year and receive your
check at the end of October. A Christmas Club is also a great way to save for your real estate and
personal property taxes.
Talk about advantages! Here's a way to benefit your business and benefit
your employees at the same time! Just click here
to go to the Hometown Business Connection page!
Build your balances with our FDIC-insured basic business savings account. You can even link it
to your business checking account to provide overdraft protection.
