Statement Savings

Statement Savings accounts have no minimum balance requirement to open. A $50 balance must be maintained to obtain interest.

Features:

  • No minimum balance required to open.
  • A $50 balance must be maintained to obtain interest.
  • ATM card accessible.
  • Interest is compounded every month and credited to your account.

Insured Money Fund

Insured Money Fund accounts pay interest with no minimum balance requirement to open. The interest rate is higher than Statement Savings if an average balance of $2500 is maintained.

Features:

  • No minimum balance required to open.
  • A $2,500 balance must be maintained to obtain interest.
  • ATM Card accessible.
  • Higher interest rate than Statement Savings if average balance of $2,500 is maintained.

Elite Money Market

Elite Money Market accounts may earn a higher rate of interest than the IMF and Statement Savings, plus allows limited check access.

Features:

  • No minimum deposit required to open.
  • A $2,500 balance needed to obtain interest.
  • Limited check writing capabilities.
  • Interest is compounded every month and credited to your account.

Coverdell Education Savings Account

Features:

  • Tax-free earnings and distributions.
  • Maximum annual contribution of up to $2,000 per child.
  • Contributions allowed until beneficiary reaches 18 years of age.
  • All funds must be used for education expenses by the time beneficiary reaches 30 years of age.
  • Non-deductible, after-tax contributions.

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Health Savings Account

Features:

  • Can be used in combination with a high-deductible health plan ($1,250 individual, $2,500 family).
  • Contributions are tax-deductible.
  • Payouts for qualified medical expenses are tax-free.

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