Savings and CD’s

Savings Account Terms

** RESERVATION TO REQUIRE NOTICE TO WITHDRAW. We reserve the right to require at least (7) days notice prior to withdrawal or transfer of any funds from this account. If this bank determines that this exercise is right, it will do so on a seven (7) day basis, and the account holder’s request for withdrawal or transfer of funds will constitute commencement of the notification period.

• Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. There is no limitation on how much the rate may change.
• Interest begins to accrue on the day of your deposit.
• Interest is compounded daily and credited on the last day of each quarter. If you close your account before interest is credited, you will receive the accrued interest.
• 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.

 

If you close your deposit account, within 90 days of opening it, you will be charged a $10.00 service fee.

NSF fees apply to transactions created by check, in-person withdrawal, internal transfer, bank fees or other electronic means.  Overdraft fees will not be imposed on ATM withdrawals or one-time debit card items.

DORMANT ACCOUNTS

Your deposit account will be considered dormant and subject to a monthly service charge of $1.50 if for (12) TWELVE consecutive months you do not originate any transactions.

CERTIFICATE OF DEPOSITS
Term	Minimum Deposit To Open Account	Required Balance To Obtain Annual Percentage Yield	Interest Rate	Annual Percentage Yield
6 Month	$500	Paid On All Balances	0.20%	0.20%
9 Month	$500	Paid On All Balances	0.20%	0.20%
12 Month	$500	Paid On All Balances	0.30%	0.30%
18 Month	$500	Paid On All Balances	0.30%	0.30%
24 Month	$500	Paid On All Balances	0.30%	0.30%

 

Rates are effective as of 04/24/2024

Rates are subject to change without notice.
Fees will reduce earnings on the account.
Accounts are not transferable except on the books of the depository institution.

The above Certificate of Deposit can be used for Individual Retirement Accounts.
Individual Retirement Accounts opened for 6, 9, 12, 18 & 24 month terms can be opened with a minimum deposit of $250.

Term	Penalty
12 months or less	30 days of interest*
12.1 months or greater	90 days of interest*

* Whether earned or not

 

CERTIFICATES OF DEPOSIT ACCOUNT TERMS

• The interest rate on your account will be paid until the maturity date of your certificate.
• Interest on Certificates of Deposit is compounded daily and will be credited to your account as designated on your CD certificate. 
• Interest begins to accrue on the day of your deposit.
• Unless you receive a Non-Renewal Notice, your account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw your funds without being charged a penalty.
• After the account is opened, you may not make deposits into or withdrawals from this account until the maturity date.
• 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.
• Annual percentage yield assumes interest remains on deposit until maturity at the stated rate. Withdrawal of interest will reduce earnings on the account.
• If any of the deposit is withdrawn before the maturity date, a penalty will be imposed.  A certificate of 12 months or less will incur a penalty of 30 days of interest whether earned or not. Certificates of 12.1 months or greater will incur a penalty of 90 days of interest whether earned or not.
• No Penalty will be imposed on 12, 18, and 24 month IRA certificates for withdrawals prior to maturity if the owner has obtained age 59 1/2. Additions are permitted to 12, 18, and 24 month IRA certificates.