Savings Options

[Savings]     [Money Market Accounts]     [CDs]    [IRAs]

Savings Accounts

Regular Savings

Combo Savings Club

Cool Cash Account

Christmas Club

Money Market Deposit Accounts (MMDA's)

Regular MMDA*

*  IMPORTANT NOTICE:  Transfers from a Money Market Deposit Account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.

Super Saver MMDA*

                Balance/Interest Rate Tiers                     Monthly Service Charge

                Under $10,000                                                    None
                $10,000 - $19,999                                               None
                Over $20,000                                                       None

*  IMPORTANT NOTICE:  Transfers from a Money Market Deposit Account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.

Certificates of Deposit (CD's)

Rates

Individual Retirement Accounts (IRA's)

Traditional IRA's

Many Americans save through IRA's because, like you, they want to enjoy a comfortable retirement.  A comfortable retirement begins with sound financial planning, and that's exactly what an IRA represents - part of a sound financial planning package.   IRA's offer you a number of advantages.

1. Security - By contributing to an IRA, you are taking an important step toward a secure financial future.
2. Tax-Deferred Earnings - All IRA earnings are tax-deferred.  This means your IRA earnings are not taxed until you take withdrawals from your IRA.
3. Tax Deductions - You may be eligible to deduct all or part of your IRA contributions.
4. Flexibility - Each year you decide whether you want to contribute to your IRA.  You are never required to make IRA contributions.
5. Accessibility - Unlike some retirement plans which only allow distributions at certain times, your IRA funds are always yours.  You may withdraw them whenever you wish (penalty may apply).

Roth IRA's

A retirement fund where you invest your after-tax dollars today, let the investment grow tax-deferred, and withdraw your principal and earnings tax-free after 5 years.   (You may be subject to a 10% penalty on the earnings if taken before age 59 1/2).

When Can I Use My IRA Assets?

If you satisfy two conditions, you may make tax-free and penalty-free withdrawals from your Roth IRA.  First, the plan must have been open for a minimum of five years.   Second, the withdrawal must be made after the occurrence of one of the following events:

Distributions, which meet the above requirements, are referred to as "qualifying distributions."  While you may take distributions from your Roth IRA at any time, distributions which are not qualifying distributions will be subject to taxes (and in some cases early distributions penalties) to the extent they exceed your aggregate contributions to Roth IRA's.

Coverdell Education Savings Account (formally Educational IRA's)

An investment tool created for the purpose of paying for the future cost of a child's post-secondary education.  The plan allows total after-tax contributions for each child until they reach the age of 18.  These contributions and their subsequent earnings are tax-free when withdrawn to pay for qualified expenses.

Rates

Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.  What this means to you:  When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver's license or other identifying documents.

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