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 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.
- 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
- Monthly 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
- 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 quarterly.
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
- 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 transaction limitation
of 6 by preauthorized, automatic or phone transfer
with no more than 3 by check or similar order to third
parties
- 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
- 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
or loss of principle (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.
- 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.
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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