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Disclosure

Savings

  • Interest is compounded daily and credited quarterly
  • Quarterly statements
  • $25 minimum opening deposit
  • If balance falls below $25, no interest will be accrued
  • If balance falls below $100, a $3 service charge will be incurred
  • Limit 6 withdrawals per quarter
  • Interest rate subject to change monthly
  • $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 deposits: $1,000.00 – $5,000.00 – $10,000.00 
  • 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

30 to 89 days62 days interest
90 days to 12 months180 days interest
over 12 months360 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 Combs at 606-679-6341 ext. 2231.

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