Savings
Savings Accounts
Traditional Savings | Lil Buckaroo Savings | |
---|---|---|
Minimum to open | $100.00 | $25.00 |
Interest Paid | You must maintain a minimum balance of 100.00 in the account each day to obtain the disclosed annual percentage yield | You must maintain a minimum balance of 100.00 in the account each day to obtain the disclosed annual percentage yield |
Interest Rate | See Rate Tab | See Rate Tab |
Interest Compounding Schedule | Quartlerly | Quartlerly |
Monthly Service Fee | 2.00 if the minimum balance is below 100.00 any day of the month | None |
Withdrawal Fee | 1 free withdrawal per month, then 1.00 per withdrawal | 1 free withdrawal per month, then 2.00 per withdrawal |
Transaction Limits | Limit of 6 transactions | Limit of 6 transactions |
Type of Statement | Regular | Regular |
Certificates of Deposit
Requirements: |
- Minimum balance to open is 1000.00 - Avaliable to individual and commercial customers |
Benefits: |
- No Monthly Service Charge - Wide range of investment terms ( 91 days thru 4 years) - Competitive interest rates ( see rate page ) - Certainty of knowing the return of your money - Higher interest rates than savings accounts |
Cost: |
- Penalties apply for principle withdrawal before maturity as follows: - 90 days interest penalty on the amount withdrawn if term of the cd is less than 1 year - 180 days interest penalty on the amount withdrawn if term of CD is 1 year longer |
Individual Retirement Accounts
Requirements: |
- Minimum balance to open is 1000.00 - Avaliable to individuals 70 1/2 who have earned income credit |
Benefits: |
- No Monthly Service Charge - Wide range of investment terms - Competitive interest rates ( see rate page ) - Certainty of knowing the return of your money - Principle can be tax deductible |
Cost: |
- 10 % IRS penalty applies for withdrawals prior to age 59 1/2 - 180 days interest penalty on the amount withdrawn applies if you withdraw principle before maturity |