Personal Deposits

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Personal Deposits


Regular Checking Account

  • No minimum balance
  • Requires a $25.00 minimum opening balance
  • Free Visa Check card
  • Non-Interest bearing accounts

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 withdrawal’s
  • Monthly maintenance fee

Jumbo Hi-Fi Checking

  • Requires a minimum $100,000 opening balance
  • Interest bearing account, paid on a monthly basis
  • Limited monthly withdrawal’s
  • Monthly maintenance fee

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 maybe 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 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

An individual retirement plan which is designated at the time of establishment of the plan as a Roth IRA, 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 individuals modified adjusted gross income does not exceed certain limits.


Summary of Features of Traditional and Roth IRA's

Traditional IRA's Roth IRA's
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 the age Of 59 ½ 10 % tax penalty No tax penalty on distributions held on deposit at least 5 years
Maximum age for making contributions 70 ½ None
Age at which minimum distributions must be taken 70 ½ 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.