Savings Accounts & Certificates of Deposit

 Passbook Savings

• An FDIC insured savings account that offers competitive interest rates on low account balances; a great option for first-time savers or anyone who wants convenient access to their money while it earns interest.

Minimum balance to open:  The minimum balance required to open an account  is $100.00. No minimum to open account if under the age of 18 years.

Deposit limitations:  You may make an unlimited number of deposits into your account.

Limitations on frequency of transfers:  During any calendar month or statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction.  No more than three of the six transfers may be made by:  check, draft, debit card (if applicable) or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Rate information:  At our discretion, we may change the interest rate for this account. Please contact one of our bank offices for the current interest rates.

Compounding frequency:  Interest will be compounded semiannually.

Crediting frequency:  Interest will be credited into this account semiannually.

Effect of closing an account:  If you close your account before interest is paid, you will not receive the accrued interest.

Daily balance computation method:  Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits:  Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Statement frequency:  semiannually (monthly for accounts with electronic activity)

Money Market Savings

• Our money market account is FDIC insured and pays competitive money market interest rates with a low minimum balance requirement.

Minimum balance to open:  The minimum balance required to open an account is $1,000.00.

Minimum balance to avoid a fee:  If your balance falls below $1,000.00 on any day in the month, your account will be subject to a $10.00 Service Fee for that month.

Deposit limitations:  You may make an unlimited number of deposits into your account.

Limitations on frequency of transfers:  During any calendar month or statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than three of the six transfers may be made by:  check, draft, debit card (if applicable) or similar order to a third party.  If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Rate information:  At our discretion, we may change the interest rate for this account.  Please contact one of our bank offices for the current interest rates.

Compounding frequency:  Interest will be compounded monthly.

Crediting frequency:  Interest will be credited into this account monthly.

Effect of closing an account:  If you close your account before interest is paid, you will not receive the accrued interest.

Daily balance computation method:  Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits:  Interest will begin to accrue on the business day you deposit noncash items (for example:  checks) into your account.

Statement frequency:  monthly.

Certificates of Deposit 

• Protected by FDIC insurance, Certificates of Deposit provide low-risk diversification in your investment portfolio and retirement assets.   In addition, CDs offer an opportunity that can be used to meet your short term and long term investment goals.  You can choose from one of the following terms of certificates and you can be assured in the safety of your deposits.

• For short term investments, we offer:  3-month; 6-month; and 12-month Certificates of Deposit.

• For long term investments, we offer:  24-month; 36-month; 48-month; and 60-month Certificates of Deposit.

Minimum balance to open:  The minimum balance required to open a short term Certificate of Deposit is $500.00. The minimum balance required to open a long term Certificate of Deposit is $1,000.00.

Deposit limitations:  After the account is opened, you may not make any deposits.

Withdrawal limitations:  You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest anytime during the term after it is credited to your account.

Rate information:  Please contact one of our bank offices for the current interest rates.

Compounding frequency:  Interest will be compounded semiannually (at maturity for 3-month CDs)

Crediting frequency:  Interest will be credited into this account semiannually (at maturity for 3-month CDs)

Early withdrawal penalties:  A penalty may be imposed for withdrawals before maturity.

Daily balance computation method:  Interest is calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of interest on noncash deposits:  Interest will begin to accrue on the business day you deposit noncash items (for example:  checks) into your account.

            Individual Retirement Account (IRA)

We offer a variety of investment options for retirement purposes.  Talk to our retirement professional for details.

Karen Engesather

Park River Office

701-284-7272

Email Karen