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Personal Savings Account*
Your Personal Savings Account must maintain a minimum daily available balance of $25 during the statement cycle. If your balance falls below $25, a $1.50 service charge will be assessed monthly. There is an excess withdrawl fee of $2 per debit for more than 6 debits per month.
Transaction Limitations: Your account is limited to six preauthorized debits during each monthly statement cycle. Preauthorized debits include transfers authorized by telephone, and transfers and payment authorized by agreement.
Money Market Account*
This money market account is designed for those who want to earn a higher rate of return than the savings account but still want immediate access to their funds. A $10 monthly service charge will be charged if the minimum balance falls below $1,000.
Transaction Limitations: Your account is limited to six preauthorized debits during each monthly statement cycle. Preauthorized debits include transfers authorized by telephone, and transfers and payments authorized by agreement.
Debits must be in amounts no less than $500.
Coverdell Educational Savings Account*
It is never too early to start saving money for college expenses, so why not make it as advantageous as possible for your college-bound child? By planning ahead, you can make an informed decision about your child’s future education expenses. The minimum to start an ESA is $100.
This plan allows for a total after-tax contribution of $2,000 per year for each child until they reach the age of 18, and can be contributed from almost anyone. The contributions and their earnings are then tax-free when withdrawn to pay for qualified education expenses.
A qualified education expense is one that is required for the enrollment or attendance at an eligible educational institution. Qualified expenses include tuition, fees, books, supplies and equipment. If the designated beneficiary of the Savings Account has completed their education and there are funds remaining, the remaining funds can be rolled over to another eligible member of the family.
*Account related fees apply to the account.
** A statement that provides an image of the front side of all paid checks and deposit tickets will be provided. If you need another copy of a paid check, you will be provided with a photocopy of the front and back of that check at no charge.