Savings

Money Market Investment

  • $1500 minimum deposit to open
  • No service charge if balance is $1500 or more
  • $7.00 monthly service charge for balance below $1500
  • $5.00 per Excessive Reg D Transaction
  • Interest earned on balance of $500 or more at tiered levels
  • Interest compounded monthly
  • Detailed monthly statement

Regular Savings

  • $100 minimum deposit to open
  • Up to 6 withdrawals in 3 months
  • $5.00 service charge per statement cycle for balance below $100
  • $.50 per debit item over 6 in a statement cycle
  • $5.00 per Excessive Reg D Transaction
  • Interest paid on all minimum deposit balances
  • Interest compounded quarterly
  • Detailed quarterly statement

Silver Savings

  • $500 minimum deposit to open
  • Special interest rate paid on balances of $500 or more
  • Regular interest rate paid on balances below $500
  • $3.00 service charge per statement cycle for balance below $500
  • $5.00 service charge per statement cycle for balance below $100
  • $5.00 per Excessive Reg D Transaction
  • Interest compounded quarterly
  • Detailed quarterly statement 

Rainbow Savings

  • $25 minimum deposit to open
  • $25 Hold put on for the life of the account to keep it open
  • $3 Maintenance Fee per Statement Cycle
  • Up to 6 withdrawals in 3 months
  • $.50 per debit item over 6 in a statement cycle
  • $5.00 per Excessive Reg D Transaction
  • Interest paid if daily balance is $100 or more each day during statement cycle
  • Interest compounded quarterly
  • Detailed quarterly statement  

Christmas Savings

  • $25 minimum deposit to open
  • No limit on deposits
  • Earns a special stated rate of interest
  • Interest compounded annually
  • Check mailed in early October

 

Regulation D  - Applies to All Savings and Money Market Accounts

             
Limited Number of Transfers or Withdrawals Permitted
Limited to six (6) transfers or withdrawals per month or statement cycle (of up to four weeks).  $5.00 per Excessive Reg D Transaction.

  • Transfers or withdrawals by way of check, draft, debit card, or similar order made payable to a third party
  • Transfers or withdrawals to another account of the same depositor at the same institution or a third party, if made by way of a preauthorized transfer, automatic transfer, by telephone, including fax, or with the institution's home or Internet banking service

Unlimited Number of Transfers or Withdrawals Permitted

  • Automatic or preauthorized transfers or withdrawals for the purpose of repaying loans held at the same institution
  • Transfers or withdrawals made by mail, messenger, automated teller machine, or in person to another account of the same depositor at the same institution
  • Withdrawals initiated by telephone provided the funds are distributed by way of a check mailed to the depositor 

 

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