This account is available if you are under 19 years of age. Accounts will convert to a Regular Passbook Savings Account at the age of 19. Minimum balance to open this account is $10. If your balance falls below $25 on any day of the calendar month, we will impose a maintenance fee of $2 for that calendar month. A per debit fee of $.50 will be charged for each debit in excess of one during a month.

Passbook Savings Account

This is a flexible account that lets you save at your own pace. Minimum balance to open this account is $10. If your balance falls below $200 on any day in the calendar month, we will impose a maintenance fee of $2 for that calendar month. A per debit fee of $.50 will be charged for each debit in excess of one during a month.

Money Market Account

This account has no service fee for customers maintaining a $2,500 balance. If your balance falls below the minimum ledger balance requirements a monthly maintenance fee of $8.50 will be charged. Deposits can be made at any time, and six free debits are allowed each monthly statement cycle. The interest rate will be based on tiered balances. Please see Deposit Rates for rate and tier information. An excessive withdrawal fee of $7 will be charged for each debit transaction in excess of six during a monthly statement cycle.

Individual Retirement Account

Ask our IRA specialists for more details regarding our Fixed Rate and Variable Rate Traditional and Roth IRAs. Should you take a premature distribution on a Variable Rate account, you may be subject to a 10% penalty levied by the IRS, as well as income taxes on the amount distributed. Seek professional tax advice for the account that best suits your needs.

The following information applies to our Youth Passbook Savings, Passbook Savings, IRA Variable Rate Passbook and Money Market accounts:

Rate Information – Your interest rate and annual percentage yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – On our Youth and Passbook savings accounts, interest will be compounded and interest will be credited to your account every June 30 and December 31. Interest on our Money Market Account will be compounded and credited to your account every month. Interest on the IRA Variable Rate Passbook Accounts will be compounded and credited to your account every quarter.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Transaction limitations – Transfers from a Youth Passbook Savings or a Passbook Savings to another account or to third parties by pre-authorized or automatic transfers, or telephonic agreement, order or instruction, or by check, draft, debit card, or similar order are limited to six per month. Transfers from a Money Market account to another account or to third parties by pre-authorized or automatic transfers, or telephonic agreement, order or instruction, or by check, draft, debit card, or similar order are limited to six per statement cycle. Transactions counted toward the six items limit on the aforementioned accounts include Automated Clearing House deposits and withdrawals, Telephone Banking product initiated transfers, and Internet Banking product initiated transfer debits and credit. Should you take a premature distribution on an IRA Variable Rate account, you may be subject to a 10% penalty levied by the IRS as well as income taxes on the amount distributed.
Monthly Statement Cycle – Time period between your statements. For example, your statement may cycle on the 5th of each month; in this case, your monthly statement cycle would be the 4th of one month to the 5th of the next month (i.e. January 4th – February 5th; statement produces on February 5th).