The State Bank of Drummond offers several types of saving vehicles for the consumer who wisely saves for tomorrow. These accounts are available with features and benefits that will satisfy your requirements along with rates that are superior to our competition. If you should have questions on any of these products, please contact us.

Preferred Savings Account

  • Minimum balance to open the account is $100
  • Balance needed to avoid a service charge is $100 with a balance below that any day of the statement cycle incurring a slight $3 fee
  • Interest is earned daily and compounded quarterly. The rate on the account is variable and may change at any time
  • Quarterly statement showing all activity on the account in a easy to read ledger
  • With low minimum balance requirements, instant accessibility and competitive rate, this account is an attractive savings product

Christmas Club Savings Account

  • Minimum balance to open the account is $5
  • This account needs to be open all year but if the funds are needed, a small service fee of 3 months of interest with a minimum of $10 ,will apply
  • Interest is earned daily and compounded annually. The rate earned is variable and may change at any time
  • Quarterly statement showing savings growth
  • A check for your yearly savings will be drawn and sent to you for the Christmas season
  • With its convenient ability to save and meet a certain need, competitive earning rate and low balance requirements, this account is a popular savings tool for many individuals


Money Market Account

  • Minimum balance to open the account is $2,500
  • If the balance falls below $2,500 during the statement cycle, a slight service fee of $10 will apply
  • Interest is earned daily and compounded monthly. The rate earned is variable and may change at any time
  • Monthly statement showing all transactions
  • This account has a monthly convenient transaction limitation of 6 using preauthorized, automatic or phone transfers.
  • Earnings rate is subject to balance tiering with higher balances receiving higher interest rate
  • Printed checks and register included makes this account a versatile savings product that earns a higher rate with limited accessibility. Ideal for holding larger amounts for a period of time not certain

Certificates of Deposit

  • The minimum balance to open the account varies as does the interest earned (see rates for more information)
  • Interest is earned on a daily basis, paying at maturity on the 91 and 182 day certificates and compounding quarterly if allowed on all other terms. Interest may be received in a monthly form if requested through transfer to either a savings or checking account. A check also may be received monthly but only if there is a balance of $5,000 in the certificate.
  • There may be penalties if the certificate is closed before maturity. The penalties are as follows:
    3 months interest – Terms of one year or less
    6 months interest – Terms of greater than one year
    * Penalties may be waived in cases of death or disability
  • A Certificate of Deposit is a safe and flexible way to save money without the worries of market fluctuations. (Many financial advisors suggest 10-30% of personal funds be kept in this form). The many terms and interest rate schedules gives you the consumer a large variety to choose from.

Individual Retirement Arrangements (IRA)

  • Traditional IRA – The State Bank of Drummond offers these retirement planning accounts that may be tax deductible, which means you save on taxes that otherwise would be given to the government, plus earnings grow in a tax deferred mode until such time that the funds start to be removed.
  • Roth IRA – This savings vehicle gives you the ability to invest your after-tax dollars today, let the investment grow tax-deferred, and then take qualifying withdrawals tax-free. This is a qualified product to help you secure your financial future.
  • The Traditional and Roth IRA may be funded using our IRA Investments which have low minimum balances with above average rates. See Rates. Of special note is the IRA Savings Account which earns a high rate and allows for periodic payments (works toward your budget) to meet the qualifying amounts granted under the IRA.

Health Savings Account

Beginning in 2004, consumers have a new tax-advantaged way to save for medical expenses. Contributions are made to an account and can be used for qualified medical expenses when covered under a high deductible health plan. All IRA Accounts may be used to fund the HSA. Please call for more information on this account. See Rates.(Link to Rate Board)

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