Account Information and Disclosures

 

Statement Savings
The minimum deposit to open the account is $25 with a minimum balance required to earn interest of $25.  Transfers to another account or to third parties by preauthorized, automatic, online or telephone transfer are limited to six per month, or statement cycle; with no transfers by check, draft, debit card, or similar order to third parties.  However, there are no restrictions to the number of withdrawals that you make personally in our office.  All transactions are posted on a monthly statement.  Interest is calculated on a 365 day factor and paid quarterly. Interest rates on variable rate accounts may change after the account is opened. Fees or penalties may reduce earnings.

IRA
Variable and fixed rate IRA certificates are offered for fixed terms, compounded daily, calculated on a 365/360 day factor, and paid quarterly, with a minimum opening balance of $25. The interest rate and annual percentage yield on the variable rate IRA account may change weekly after the account is opened. The rate is determined by matching the current rate being offered on the 12 month fixed rate IRA certificate. There are no percentage restrictions that the interest rate may change.

The method of calculating interest remains the same as the fixed rate certificate. A statement will be mailed quarterly.  The maximum IRA annual fee is $15.00 per IRA plan. Credited interest may be withdrawn at any time without penalty; however, a 90 day (12 month accounts) or 180 day (24 month or longer accounts) loss of interest penalty will apply on early withdrawals from the principal amount, which may reduce earnings (separate IRS early withdrawal penalties may apply, however; please consult a tax advisor). Early withdrawal penalties will not apply for anyone over the age of 59 ½.

Short Term CDs (3, 6, 9 & 12 months)
These are fixed rate and fixed term certificates, with a minimum opening balance of $1,000.  In order to earn interest, and keep the account open, a minimum balance of $1,000 must be maintained. Interest is compounded daily, calculated on a 365/360 day factor, and can be paid either monthly, quarterly, or at maturity. A statement will be mailed quarterly. Credited interest may be withdrawn at any time without penalty. There will be a penalty of 90 days loss of interest on early withdrawals from the principal amount, which may reduce earnings.

Long Term CDs (24 Months or longer)
These are fixed rate and fixed term certificates, with a minimum opening balance of $1,000. In order to earn interest, and keep the account open, a minimum balance of $1,000 must be maintained. Interest is compounded daily, calculated on a 365/360 day factor, and can be paid monthly, quarterly, or annually. A statement will be mailed quarterly. Credited interest may be withdrawn at any time without penalty. However, there will be a 180 day loss of interest penalty on early withdrawals from the principal amount, which may reduce earnings.

Grow With Us CD (18 month)
The rate and term is fixed for this CD. The minimum opening balance is $500.  In order to earn interest, and keep the account open, a minimum balance of $500 must be maintained. Interest is compounded daily, calculated on a 365/360 day factor, and can be paid monthly, quarterly, or annually. A statement will be mailed quarterly. Credited interest may be withdrawn at any time without penalty. However, there will be a 180 day loss of interest penalty on early withdrawals from the principal amount, which may reduce earnings.

30 month CD
The rate and term are fixed for this CD. The minimum opening balance is $1,000. In order to earn interest, and keep the account open, a minimum balance of $1,000 must be maintained. Interest is compounded daily, calculated on a 365/360 day factor, and can be paid monthly, quarterly or annually. A statement will be mailed quarterly. Credited interest may be withdrawn at any time without penalty. However, there will be a 180 day loss of interest penalty on early withdrawals from the principal amount, which may reduce earnings. An interest rate “Bump Option” is available one time during the term of the certificate. The interest rate will change if the Bump option is exercised.


Additional Information:
Interest rates on variable rate accounts may change after the account is opened.
Fees or penalties may reduce earnings.




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