Disclosure Information
Savings
- Interest is compounded daily and credited quarterly
- Quarterly statements
- $25 minimum opening deposit
- Limit 6 withdrawals per quarter
- Interest rate subject to change daily
- $5.00 quarterly dormant fee after 12 months inactivity
- $1.00 excess withdrawal fee over 6 withdrawals per quarter
Certificate of Deposits
- Various terms ranging from 30 days to 36 months
- Regular CD's automatically renew - Specials do not
- Interest is paid until maturity of the certificate of deposit
- Interest may be paid by check, deposit into a designated account or added back to the CD.
- Interest is compounded and credited at maturity, monthly, quarterly, semiannually or annually.
- Annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
- Minimum opening deposit varies from $1,000.00 - $2,500.00 - $5,000.00 - $10,000.00 - $100,000.00
- No additional deposits may be made into this account with the exception of our 12 month add-on CD
- Withdrawals made before the maturity date may result in the following penalties:
TERM PENALTY 0-12 months 90 days interest over 12 months 180 days interest
18 Months Fixed Individual Retirement Account
- Interest is compounded and credited annually
- Contributions may be tax deductible
- Interest income may be tax deferred
- $2,000.00 minimum opening deposit *
- Withdrawals before age 59 ½ may be subject to penalty
18 Months Variable Individual Retirement Account
- Interest is compounded and credited annually
- Contributions may be tax deductible
- Interest income may be tax deferred
- $40.00 minimum opening deposit **
- Withdrawals before age 59 ½ may be subject to penalty
- Interest rate subject to change the first day of each month
Roth Fixed Individual Retirement Account
- Interest is compounded and credited annually
- Contributions are not tax deductible
- Withdrawals are tax-free for certain distributions after five years
- $2,000.00 minimum opening deposit *
Roth Variable Individual Retirement Account
- Interest is compounded and credited annually
- Contributions are not tax deductible
- Withdrawals are tax-free for certain distributions after five years
- $40.00 minimum opening deposit **
Educational Individual Retirement Account
- Interest is compounded and credited annually
- Contributions are not tax deductible
- Tax-free withdrawals for child’s education
- $40.00 minimum opening deposit
- Limited to educational expenses only to avoid 10% penalty
Christmas & Vacation Clubs
- Savings account with weekly, bi-weekly or monthly electronic contributions from checking or savings, and a check sent to the customer or a deposit to customers account at maturity
- Account is automatically renewable on an annual basis, with a fourteen (14) day grace period
- Interest is compounded daily
- Interest is credited annually
- No statements
- $2.00 minimum opening deposit
- Deposits by electronic transfer only
- Interest rate subject to change daily
* A penalty will be imposed for early withdrawal.
** A penalty will be imposed for early withdrawal. The interest rate and annual percentage yield may change after account opening.
For more information contact Beth Rutherford at 606-679-6341 ext. 231.
