What is a Passbook Savings Account?
Easy, secure, and all there in the palm of your hand, a Passbook Savings account offers you peace of mind with variable-tiered interest rates to help you save even faster. We’ll keep track of each transaction you make, and will update your passbook each time you bring it into the bank to make a withdrawal. Passbook Savings accounts are great for those who do not need a monthly statement and make transactions infrequently. They are also an ideal way to start a savings account for your kids.
What is a Christmas Club Account?
The Christmas Club account will have you decking the halls stress free. This account allows you to set aside spending money for the holidays. Direct deposit a small portion of your paycheck each pay period into your account to build your savings over time. The Christmas Club Account can be opened with as little as $1, and your balance is transferred on Nov 1 each year to your Checking account. There are no account fees unless funds are accessed prior to scheduled payout.
Passbook Savings Account
- Debit Card available subject to approval
- Minimum deposit of $10.00 to open the account
- A minimum balance of $10.00 must be maintained to obtain the disclosed annual percentage yield.
- Interest rate and annual percentage yield may change at the bank’s discretion; interest is compounded and credited semi-annually to the account.
Christmas Club Account
- Rate Information– You will be paid the disclosed interest rate for at least 30 calendar days. We will never decrease this rate unless we first give you at least 30days notice in writing.
- Compounding and crediting frequency– Interest will be not be compounded. Interest will be credited to your account annually.
- Effect of closing an account– If you close your account before interest is credited, you will not receive the accrued interest.
- Daily balance computation method– We use the daily balance method to calculate the interest on your account. The method applies a daily periodic rate to the principal in the account each day.
- Accrual of interest on noncash deposits– Interest begins to accrue on the business day you deposit noncash items (for example, checks)
- Transaction limitations:
- The minimum weekly deposit we require to this account is $1.00.
- If any withdrawal is made from this account before November 1 then this account may be closed and no interest will be paid.