Passbook Savings
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Our Passbook Savings has the following features:
- There are no monthly service charges imposed on active accounts.
- Interest Rate is compounded continuously and paid monthly.
- A minimum of $10.00 is required to open the account.
- A $5.00 minimum must be maintained to earn interest.
All withdrawal transactions must be processed with the passbook, therefore no ATM cards can be issued on this account.
Automatic deposits to this account are allowed, both through ACH and internally within the bank.
Passbook accounts are very popular for using as collateral for small personal loans. Interest on the loan is calculated at 2% over the passbook rate, a very effective way to borrow!
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Last Revised: September 26, 2007
