Checking
Regular Checking Account
- No minimum balance
- Requires a $25.00 minimum opening balance
- Free Visa Check card
- Non-interest bearing account
Hi-Fi Checking Account
- Requires a $1,000 minimum opening balance
- Minimum average monthly balance of $1,000 to earn interest
- Interest bearing account, paid on a monthly basis
- Limited monthly withdrawals
- Monthly maintenance fee
Jumbo Hi-Fi Checking
- Requires a minimum $100,000 opening balance
- Interest bearing account, paid on a monthly basis
- Limited monthly withdrawals
- Monthly maintenance fee
Savings
Christmas Club Savings
- Requires a minimum $1.00 opening balance
- Interest bearing account, paid on an annual basis
- Available in weekly amounts of $1.00, $2.00, $3.00, $4.00, $5.00, $10.00, $20.00, $25.00, $30.00, $40.00 and $50.00
Passbook Savings Account
- Requires a minimum $10.00 opening balance
- Interest bearing account, paid on a quarterly basis
Super Savings
- Requires a minimum $100,000 opening balance
- Interest bearing account, paid on a quarterly basis
Certificates of Deposit
- Minimum certificate amount $500.00
- Interest may be compounded monthly back to the certificate or paid out monthly
- Penalties for early withdrawal
Individual Retirement Accounts
The IRA certificate of deposit allows you to select the rates and terms most beneficial to your needs.
Traditional IRA
The primary benefit of a Traditional IRA is to provide an additional source of income at retirement. The earnings remain tax deferred until distributed from the IRA. In addition, an IRA owner may be eligible for a tax deduction for contributions made to a Traditional IRA.
Roth IRA
A Roth IRA is an individual retirement plan designated as a Roth IRA at the time the plan is established. Contributions are nondeductible, but the earnings are potentially tax-free. An individual with compensation (or whose spouse has compensation) in a tax year may contribute to a Roth IRA, provided the individual’s modified adjusted gross income does not exceed certain limits.
Summary of features of Traditional and Roth IRAs
| Feature | Traditional IRAs | Roth IRAs |
|---|---|---|
| Minimum initial deposit | $250 | $250 |
| Tax deductibility of contributions | Yes | No |
| Maximum annual deposit, exclusive of catch-up contributions | $5,500 | $5,500 |
| Annual catch-up contribution for individuals who are at least age 50 by the end of the year | $1,000 | $1,000 |
| Tax penalty on distributions prior to age 59½ | 10% tax penalty | No tax penalty on distributions held on deposit at least 5 years |
| Maximum age for making contributions | 70½ | None |
| Age at which minimum distributions must be taken | 70½ | None |
| Penalty for withdrawal of funds prior to certificate of deposit maturity | 3 months interest penalty for accounts with terms of less than 12 months. 6 months penalty for accounts with terms of over 12 months. | 3 months interest penalty for accounts with terms of less than 12 months. 6 months penalty for accounts with terms of over 12 months. |
| Income eligibility | Can contribute 100% of compensation, not to exceed maximum contribution levels | Maximum contribution is allowable, provided adjusted gross income is less than $95,000 for single filers and $150,000 for married filing jointly |
| FDIC insurance coverage | IRA accounts insured up to $250,000 | IRA accounts insured up to $250,000 |