Savings Accounts

Passbook Savings Account
  • Rate Information - Your interest rate and annual percentage yield may change.
  • Frequency of rate changes- We may change the interest rate on your account.
  • Compounding and crediting frequency -Interest will be compounded quarterly. Interest will be credited to your account every quarter.
  • Minimum balance to open the account- You must deposit $50.00 to open this account.
  • Minimum balance computation method -We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
  • Accrual of interest on non cash deposits - Interest begins to accrue on the business day you deposit non cash items (for example, checks).
  • Transaction limitations:
    Transfers from a Passbook Savings account are limited to four per month with no transfers by check, debit card, or similar order to third parties.
  • Fees:
    A service charge fee of $ 1.00 will be charged for each withdrawal in excess of four per month.
    To avoid the imposition of a dormant fee you must meet the following requirements. A dormant fee of $5.00 will be imposed every year if the balance in the account falls below $250.00 any day of the year.

Christmas Club Account
  • Transaction limitations: If any withdrawal is made from this account before October, this account may be closed.
  • All deposits made to this account must be in the prearranged amount of your weekly payment.
  • At account opening, you have chosen that amount to be $1.00, $2.00, $5.00, $10.00, or $20.00.
  • Bonus - If you make 49 consecutive and timely weekly deposits of the same amount to this account, then we will make the 50th deposit of that amount for you. (You choose the amount of the deposit, within any limits we may set.)

Certificates of Deposit

Our Bank’s Certificates of Deposits give you the option to choose the amount of money to invest and the length of time you want to invest. Certificates of Deposit are one of our highest yielding investments.

Benefits:

  • Competitive interest rate
  • Security of FDIC Insurance on insured amounts
  • $1,000 minimum to open
  • Certificates of Deposit can automatically renew
  • Compounded Interest

Interest: At the date of maturity, interest earnings are:

  • Added to the Certificate
  • Deposited to a checking or a savings account
  • Issued an interest check

Terms:

  • 31-Day Certificate
  • 91-Day Certificate
  • 6-Month Certificate
  • 12-Month Certificate
  • 18-Month Certificate
  • 24-Month Certificate
  • 30-Month Certificate
  • 36-Month Certificate
  • 48-Month Certificate
  • 60-Month Certificate
Early withdrawal penalty will apply.
If you need a special term, please see a Customer Service Representative.

Individual Retirement Accounts
A great way to save for your retirement years while getting the tax benefits today.

Traditional IRAs

The Traditional Individual Retirement Account (IRA) allows you to make tax-deductible contributions to an account which accrues interest of capital gains on a tax-deferred basis until they are withdrawn at your retirement. You must start receiving distributions from your account by April 1 of the year following the year in which you reach age 70 ½.

Benefits:

  • Available for short and long term investments
  • Great tax deferral while paying for retirement  (Consult your tax advisor)
  • Interest compounded monthly, paid semiannually

Terms:

  • 6-Month
  • 12-Month
  • 18- Month
  • 24-Month
  • 30-Month
  • 36-Month
  • 48-Month
  • 60-Month

Roth IRAs

The money you contribute to a Roth IRA has already been taxed. So the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines.

This retirement plan allows the money you contribute to grow tax-deferred. If you do not withdraw any of the earnings until you have had a plan for at least five years, and satisfy one of the qualifying events, those tax-deferred earnings become tax-free.

Individuals may contribute up to $4,000 per year if their modified adjusted gross income (MAGI) is less than $110,000. If an individual's (MAGI) is between $95,000 and $110,000, they may contribute a reduced amount adjusted for their income. Married couples filing jointly may contribute up to $4,000 each if their MAGI is less than $160,000. Contributions for joint filers are reduced for MAGIs between $150,000 and $160,000.
 
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Member FDIC
DISCLOSURE: Citizens Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

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