Savings

CD's

Our CD's offer a high-yield, safe investment opportunity with many options as to deposit amount, maturity, interest rate, and method of interest payment.

  • Terms of 6 Months to 6 Years
  • Interest Rate is Fixed Until Maturity of Account
  • Account Automatically Renews at Maturity at Current Rate For Term
  • There is a 7 Day Grace Period After the Renewal Date When the Certificate May be Redeemed With No Penalty
  • Can Be Used as Collateral For a Share Loan*

* 6 Month CD excluded

IRA's

Education Savings

An Education Savings Account contributions are non-deductible but the earnings are tax-free and distributions are tax-free if used by the account beneficiary (designated student) for the qualified expenses of kindergarten through 12th grade, college, or trade school.

  • Minimum Opening Amount of $100
  • Fixed Rate Terms of 1 - 6 years
  • Maximum Contribution Per Year is $2,000 for Designated Beneficiary Under Age 18
  • Contributions May be Made by Any Individual Whose Modified Adjusted Gross Income Does Not Exceed Certain Levels

Roth

Contributions to a Roth IRA are not deductible, but if the funds are distributed in a "qualified distribution," they are not subject to federal income tax. Therefore, the earnings on the Roth IRA are generally tax-free.

  • Minimum Opening Amount of $100
  • Fixed Rate Terms of 1 - 6 years
  • Variable Rate Term of 18 Months
  • Non-Deductible Contributions May be Made at Any Age According to Income Levels
  • Distributions Are Not Required During Life of Owner
  • After 5 Years - if qualified - Distribution is Tax Free, Including Earnings
  • "Catch-Up" Contributions Apply to People 50 Years and Older. Whereby Additional IRA Contributions can be Made Over and Above the Maximum Limits

Traditional

A Traditional IRA offers tax-deferred growth of your contributions and earnings. Upon distribution of this IRA after age 59 1/2, your deductible contributions and earnings are fully taxable as ordinary income. Must have earned income or received alimony and are younger than 70 1/2.

  • Minimum Opening Amount of $100
  • Fixed Rate Terms of 1 - 6 years
  • Variable Rate Term of 18 Months
  • Tax Deductible Contributions Based on Tax Filing Status and Modified Adjusted Gross Income
  • Distributions Must Start at Age 70 1/2
  • "Catch-Up" Contributions Apply to People 50 Years and Older. Whereby Additional IRA Contributions can be Made Over and Above the Maximum Limits

The above IRA information provided is based on current interpretation of the Taxpayers Relief Act of 1997. You should seek competent tax and legal advice concerning your specific situation.

Traditional Savings

Save for that something you have been wanting or for those unexpected events.

Passbook Savings

  • Minimum Opening Amount of $50
  • Interest Compounded and Credited Quarterly

Statement Savings

  • Monthly Statement Issued for Active Account
  • Minimum Opening Amount of $50
  • Interest Compounded and Credited Quarterly

Club Savings

Save for your vacation or Christmas shopping expenses.

Christmas Club

  • Minimum Opening Amount of $10
  • Deposits of Even Dollar Amount
  • Matures in October
  • A Check for the Balance is Automatically Sent to You Shortly After Maturity
  • Interest Bearing Account

Vacation Club

  • Minimum Opening Amount of $10
  • Deposits of Even Dollar Amount
  • Matures in March
  • A Check for the Balance is Automatically Sent to You Shortly After Maturity
  • Interest Bearing Account

See our Truth in Savings Regulation DD Disclosure for further information.

 

 

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