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Savings
Have security with a business savings account. We have multiple options to fit your needs.
Savings Accounts
|
|
Growth Savings |
Progressive Savings |
|---|---|---|
|
Annual Fee |
None |
None |
|
Minimum Opening Deposit |
$100.00 |
$1,000.00 |
|
Required Minimum Balance |
$100.00 |
$1,000.00 |
|
Minimum Balance Service Charge |
$10.00 monthly if daily balance falls below minimum balance |
$10.00 monthly if daily balance falls below minimum balance |
|
Interest |
Compounded and credited quarterly |
Compounded and credited monthly. Tiered interest rates based on daily balance |
|
Withdrawal Limitations |
6 per month |
6 per month |
|
Shazam ATM Cash Card |
Free |
Free |
CDs
|
|
Classic |
Bump Up |
Additions Permitted |
Penalty Free Withdrawal |
|---|---|---|---|---|
|
Required Minimum Balance |
$500.00 |
$5,000.00 |
$5,000.00 |
$5,000.00 |
|
Available Terms |
9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year |
9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year |
9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year |
9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year |
|
Automatically Renewable |
Yes |
Yes |
Yes |
Yes |
|
Early Withdrawal Penalty |
Yes |
Yes |
Yes |
Withdraw one time during lifetime of CD with out penalty starting 6 days after opening. Other withdrawals may be subject to penalty |
|
Additions Allowed |
No |
No |
Make unlimited additional deposits to the CD in $1,000.00 increments |
No |
|
Interest Rate |
Fixed |
Raise interest rate one time during original term of CD to match the current interest rate |
Fixed |
Fixed |
* Please contact a Business Banker for Government, Public Unit and Institutional Certificate of Deposit Information
Simplified Employee Pension Plans
Ideal if seeking a low-cost, easy-to-maintain retirement plan for you and your employees
- Tax Deductible contributions for you and your employees
- Make contributions for yourself and your employees at any age
- Change contribution amounts from year to year
- Invest in a Plan Savings account and/or Certificates of Deposit
- Tiered Interest Rates for Plan Savings based upon daily balance
- Earnings are tax-deferred
- 10% IRA early withdrawal penalty on distributions taken before age 59.5 (some exceptions apply)
- Penalty Free Distributions once attain age 59.5
- Distributions are considered part of yearly income and are taxable
- Required Minimum Distributions once attain age 70.5