Community Bank offers a wide array of savings options, from money market accounts to certificates of deposit. Learn more about our savings products below:
Youth Savings Account
Start saving early with a Youth Savings account. Enjoy no required minimum balance as long as the owner of the account is younger than 18 years of age. Withdrawals are limited. A competitive interest rate is paid on the balance quarterly.
Statement Savings Account
Select the Statement Savings account if you’re on a smaller budget. A minimum balance fee of $6 is assessed quarterly if the minimum balance falls below $300 at any time during the 3-month statement cycle. Withdrawals are limited. A competitive interest rate is paid on the balance quarterly.
Money Market Account
Choose the Money Market account for higher rates to make your savings grow, with the flexibility that keeps your funds available. A minimum balance of $2,500 or an average daily balance of $5,000 must be maintained to avoid the $15 minimum balance fee per monthly statement cycle. Transactions are limited. Interest is calculated daily based on the balance, and paid monthly. The interest rate tiers are: under $10,000; $10,000 to $24,999.99; $25,000 to $99,999.99; and $100,000 or above.
Certificates of Deposit
Take advantage of investment terms as short as 90 days or as long as 60 months with Certificates of Deposits (CDs) at Community Bank. Choose the length of time you want to fit your portfolio need. The minimum to open a CD with is $1,000. Interest on CDs with terms less than one year is paid at maturity, while CDs of 12 months or longer receive interest compounded quarterly. CDs automatically renew at maturity for the same term, but at the interest rate that particular term is paying at maturity. An early withdrawal penalty will apply if you withdraw all or part of your funds prior to the maturity date.
Conventional Individual Retirement Accounts (IRA)
Achieve your financial goals with an Individual Retirement Account. IRAs provide income during your retirement years and tax-deferred growth of the investment until then. In addition, you may be eligible for a tax deduction of the funds deposited into the IRA. Call us today for more information about our rates and IRA options.
And be sure to check out Today’s Rates to see our most current savings account interest rates.