
Passbook Savings
Availability:
Available to any individual, organization, and corporation.
Minimum Investment:
Minimum deposit to open account is $20.00.
Rate:
See Product Rates
Interest compounds daily and is posted quarterly.
Liquidity:
There are no limits on the amount of withdrawals that can be made. However, there is a limit of six (6) pre-authorized transfers from your Savings Account per month.
Insurance:
All funds are insured up to $250,000 by FDIC
Benefits:
- $20.00 minimum balance required.
- No monthly service charge.
- Interest earned on $20.00 balance or more.
- Withdrawals and deposits can be made at any time.
- Can be used as collateral for a Savings Account Loan.
Dormant Savings Fee:
Any Savings Account that remains inactive for two years will be charged a $2.00 monthly dormant fee.
