SAVINGS, CDS, IRAS

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We all have financial goals for our future or a lifestyle we want to live.  With a variety of ways to save from Security State Bank, you will ensure solid financial footing for yourself and your family.  Our banking experts can help you set up a savings account, CD or IRA to help you stretch your money for the future.

Savings Accounts

Regular Savings

The most common savings account that has interest compounded and credited to the account semi-annually (interest paid monthly on a single-system savings account with a checking account).  Other account details include:

  • Minimum Opening Deposit $100.00
  • Interest will be compounded semi-annually and will be credited to the account semi-annually. (Interest paid monthly on a single-system savings account with a checking account).
  • Interest rate is variable and is posted in the bank lobby.
  • $5.00 for each debit transaction over 6 per month.
  • Statement mailed semi-annually. (Statement mailed monthly if you have a single-system savings account.)
  • Free e-statements upon request (without check images), no paper statement is mailed
  • There will be a $5.00 minimum monthly balance fee if your average daily balance falls below $100.00. (fees waived for account holders age 22 or under)
  • You may elect to authorize an automatic savings transfer to your checking account. In the event that a debit(s) would overdraw your checking account, this savings account would transfer in $100.00 increments to your checking account and there would be a $4.00 charge per transfer.
  • Returned check/deposited item: $6.00 per check or item.

CHRISTMAS CLUB SAVINGS

Account details include:

  • Minimum Opening Deposit $10.00
  • Automatic transfer from checking on weekly, bi-weekly, semi-monthly or monthly intervals to this savings account.
  • Interest will be compounded monthly and will be credited to the account monthly. In November all funds in this account will be transferred to the checking account.

FRIENDSHIP CLUB SAVINGS

This account is available to anyone 50 years of age who maintains one of the followings:  a minimum balance of $1,500 in the Friendship Club Savings Account (variable rate) OR a certificate of deposit(s) of $10,000 or more.  Other account details include:

  • Minimum Opening Deposit $1,500.00
  • Interest will be compounded semi-annually and will be credited to the account semi-annually. (Interest paid monthly on a single-system savings account with a checking account).
  • Interest rate is variable and is posted in the bank lobby.
  • There will be a $5.00 monthly minimum balance fee if your average daily balance falls below $100.00.
  • $5.00 for each debit transaction over 6 per month.
  • Statement mailed semi-annually. (Statement mailed monthly if you have a single-system savings account).
  • Free e-statements upon request (without check images), no paper statement is mailed
  • You receive Visa Travel Money cards, money orders (up to 5 free per statement cycle), photocopies, notary services and a discount on your safe deposit box rental fee.
  • Returned check / deposited item:  $6.00 per check or item.

Please contact our Friendship Club Director for more information on club benefits.

For more information or to open any of our savings accounts, contact any of our branches today!

TIME CERTIFICATES OF DEPOSIT

CDs are a great tool for saving money and making it grow over time.  A CD from Security State Bank carries a competitive interest rate that is guaranteed for the term of the certificate.  The CD can be automatically renewed on its maturity date at the current SSB yield and term stated on the certificate.  There is a substantial penalty for early withdrawal.

Contact any of branches today to learn more about a time CD from Security State Bank.

INDIVIDUAL RETIREMENT ACCOUNTS

You want your money to last throughout your retirement, and an IRA from Security State Bank can help do just that.  Choose between a fixed annual interest rate or a variable interest rate.  Substantial interest and tax penalty for withdrawal. Withdrawals other than the required distribution may be subject to a $60.00 fee.

FEDERAL REGULATIONS GOVERNING SAVINGS & MONEY MARKET TRANSACTION LIMITATIONS

You may make six (6) transfers from your account during any month or statement cycle of at least four (4) weeks, if by preauthorized or automatic transfer, internet banking transfer, Telebanking transfer, or telephone transfer. Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited. ATM transactions at non-SSB ATMs are limited to six (6) per statement cycle without charge.

Please see full TIS Disclosure for all account details.

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