Personal Savings & Money Market Accounts
| Accounts & Features | Savings | Money Market |
|---|---|---|
| Minimum Balance to Open | $100 | $2,500 |
| Interest Earned |  |
|
| Service Charge | No, if minimum balance is maintained | No, if minimum balance is maintained |
| Check writing privileges | |
Yes, with restrictions |
| Withdrawals allowed – See Restrictions below | |
|
| ATM access – See Restrictions below | |
|
*See below for specific features regarding charges and restrictions.
*Interest bearing accounts calculate interest by using the daily collected balance method.
*Interest is paid by compounding to the account on the statement cycle date.
*Certain Fees may apply.
Savings
- $100 minimum opening balance
- No minimum balance to earn interest; interest paid quarterly
- No service charge if average collected daily balance is $100 or more; otherwise $4.50 per quarter
- Nine (9) withdrawals allowed per quarter at no charge
- $0.50 for each withdrawal in excess of nine (9) per quarter
- Additional withdrawal restrictions apply
- Debit card may be attached for ATM access (must have checking account)
Money Market
- $2,500 minimum opening balance
- Interest earned on daily collected balances exceeding $2,500; interest paid monthly
- Tiered interest rate adjusts with balance
- No monthly service charge if average collected daily balance is $2,500 or more; otherwise $8 per month with no interest paid
- Limited to six (6) withdrawals per statement cycle
- $6 per withdrawal in excess of six (6) per statement cycle
- Additional withdrawal restrictions apply
Additional Withdrawal Restrictions:
Savings and Money Market Account withdrawals are further limited by regulations. There may be no more than six “convenient” withdrawals and/or transfers in a four (4) week period.
“Convenient” transfers and withdrawals include:
- Automatic transfers (sweep) established for the purpose of overdraft protection
- Telephone transfers
- Checks/drafts
- Electronic payments/ACH
- Automatic recurring transfers
- Internet Banking transfers
However, an unlimited number of withdrawals and/or transfers may be allowed if they are not considered “convenient” such as: by mail, messenger, ATM or in person. Violators may be subject to account closure.
For more information including rates or to open an account, stop by our locations or call.
*There are documentation requirements that must be met to open an account.
