Saving Options
| Savings Account | Certificate of Deposit | Individual Retirement Account | |
|---|---|---|---|
| Account Benefits | The interest will be compounded and paid to your account quarterly. | Higher interest rate than savings or money market. | • Interest rate may be higher than savings or money market. • Possible income tax benefits. |
| Account Requirements | No minimum balance to open. | Minimum balance to open - $100 unless otherwise noted. | Subject to Internal Revenue Service guidelines. |
| Fees and Costs | • Quarterly statement cycle service charge of $1.00 will be imposed if the average daily balance falls below $200 in that cycle. • A per debit fee of $ .50 will be charged for each debit transaction in excess of nine during a calendar quarter. | A penalty may be imposed for early withdrawal. | • A penalty may be imposed for early withdrawal. • The Internal Revenue Service may impose a penalty for early withdrawal. |
Savings Account
Account Benefits
The interest will be compounded and paid to your account quarterly.
Account Requirements
No minimum balance to open.
Fees and Costs
• Quarterly statement cycle service charge of $1.00 will be imposed if the average daily balance falls below $200 in that cycle.
• A per debit fee of $ .50 will be charged for each debit transaction in excess of nine during a calendar quarter.
Certificate of Deposit
Account Benefits
Higher interest rate than savings or money market.
Account Requirements
Minimum balance to open - $100 unless otherwise noted.
Fees and Costs
A penalty may be imposed for early withdrawal.
Individual Retirement Account
Account Benefits
• Interest rate may be higher than savings or money market.
• Possible income tax benefits.
Account Requirements
Subject to Internal Revenue Service guidelines.
Fees and Costs
• A penalty may be imposed for early withdrawal.
• The Internal Revenue Service may impose a penalty for early withdrawal.
