Savings

At the Savings Institute we offer several different options for your savings needs including passbook accounts.

Passbook Savings Account *
The Savings Institute continues to offer the traditional Passbook Savings account. It may be the best account type to use to accumulate savings through regular deposits. Withdrawals must be made in person with the passbook in hand thus limiting your access to funds you are trying to save for a future purpose. Passbook Savings accounts also are often preferred for the security and record keeping benefits that they offer. Deposits and withdrawals are recorded in the book each time it is presented. Minimum deposit to open a Passbook Savings account is $25.00.

Statement Savings Account *
A Statement Savings account, in addition to being ideal to accumulate savings through regular deposits, offers the convenience of a monthly statement and the flexibility to use electronic banking services such as ATMs, telephone banking and online banking. This account can be linked to your Savings Institute checking account and you will receive one convenient combined monthly statement. If you sign up for Overdraft Protection, we can automatically transfer funds from this account into your checking account, if necessary to avoid overdrawing the checking account. Minimum deposit to open a Statement Savings account is $25.00.

Money Market Savings Accounts *
A Money Market account is a tiered interest rate account that pays interest depending on the daily balance in the account. It offers competitive money market rates and allows you to take advantage of market fluctuations in rate. Minimum deposit to open a Money Market account is $500.00 and higher interest rates are often paid based on the following tier structure: $2,500 - $9,999, $10,000 - $49,999, and $50,000+. The Savings Institute offers both a Money Market Passbook account and a Money Market Statement account.

The Money Market Passbook account offers the security and record keeping benefits of presenting a passbook where evidence of deposits and withdrawals are posted.

The Money Market Statement account offers the convenience of a monthly statement that shows all activity and the flexibility to use electronic banking services such as ATMs, telephone banking and online banking. The limited check writing feature allows you to issue up to three checks per statement cycle.

Club Accounts * **
Club Accounts provide a systematic way to save for a special event such as holidays, vacations or some special purpose or purchase throughout the year. Deposits are made on an optional weekly schedule for 50 consecutive weeks. For your convenience, a payment schedule is available at your local branch office. The account balance is sent to you once a year. Minimum deposit to open a Club account is $2.00. The Savings Institute offers a Christmas Club account and an All-Purpose Club account.

The Christmas Club account helps take the stress out of planning for your holiday shopping expenses. The Christmas Club deposit schedule starts the first week of October. A check for the balance in the account is mailed to you the last week of September, in time for Christmas shopping.

The All-Purpose Club account provides a means to save for a well-deserved vacation or for any special purpose or purchase. The All Purpose Club deposit schedule starts the first week of May. A check for the balance in the account is mailed to you the last week of April, in time to pay for summer vacation expenses.

*Minimum $5.00 to earn interest