Savings Accounts at Milton Savings Bank
Milton Savings Bank offers a full line of savings accounts to serve all your financial needs. From the small depositor to the large, we have some great opportunities for you to save for your future. Savings Accounts are very versatile and many people choose to use them for such things as saving for yearly taxes, saving for various insurance payments, or simply having payments deducted to pay bills automatically. Whichever reason you choose to utilize a savings account, we will be more than happy to assist you. The interest rates and annual percentage yields may change weekly or at our discretion.
Passbook Savings Accounts are ideal for the person who wishes to make regular weekly or monthly deposits. Deposits can be made at any time, and in any amount. Interest on daily balances is calculated from day of deposit to day of withdrawal, and credited semi-annually. Each customer receives a savings passbook in which all transactions are recorded. The Passbook Savings Account is capable of having direct deposit, as well as having automatic payments withdrawn. Your funds are always accessible and earn a competitive rate.
Christmas and Vacation Clubs
Milton Savings Bank features interest-bearing Christmas and Vacation Club accounts. These accounts offer the convenience of having a passbook, which eliminates the hassle of coupon books. Christmas and Vacation Clubs are ideal for the person who wishes to save for Christmas shopping or a special vacation. Deposits can be made in any amount at any time until the end of that year’s club. Christmas clubs are paid out in October and Vacation clubs are paid out in May. At the end of the club, all interest is added to the account and a check is issued for the account balance. Your account will also be automatically renewed so you may begin saving right away for the next year.
A Statement Savings Account gives you unlimited deposits and unlimited withdrawals. The minimum opening balance is $25.00. You must maintain a minimum balance of $100.00 to earn interest. You will receive a register to record your transactions. Interest is compounded on a daily basis and credited semi-annually. You will receive a monthly or quarterly statement, depending on your activity, with this type of account. You may use your VISA Check Card at our ATM or any other ATM in the PLUS network, to obtain funds at any hour of the day or night.
Lil’ Rainbow Savers Clubs are regular savings accounts for the little ones 12 years and under. There is a $1.00 minimum opening deposit required. After the initial deposit, any amount can be deposited. Interest is calculated from day of deposit to day of withdrawal, and credited semi-annually. Each child receives a passbook for the account. Each time a deposit is made, your child’s “club card” is stamped. When the card is full, your child will be entered into a quarterly drawing. Also upon each deposit, your child can choose a prize from the prize basket. A parent or guardian must be a custodian or joint owner of these accounts.
Money Market Deposit Accounts are for individuals who have a minimum opening balance of $1,000.00. This type of account generally pays a higher rate of interest than a savings account. You may make deposits in any amount; however there is a $200.00 minimum withdrawal. The rate for the Money Market is slightly higher than the Passbook Savings, which is great for the depositor that has more than the minimum balance. Interest is calculated on a daily basis and posted at the end of each month. You will receive a register to record your transactions and also a monthly statement. This account can be used with the VISA Check Card for ATM cash withdrawals. Federal Law limits you to six (6) transfers or pre-authorized withdrawals from your account, but only three (3) may be payments to third parties, per each statement cycle. There is no limit to the number of transactions you can make in person or at ATM’s. The interest rate and annual percentage yield may change weekly or at our discretion.
When you are looking for a “perfect” investment opportunity to maximize your hard-earned dollars, consider a Milton Savings Bank Certificate of deposit. You will find that Certificates of Deposit provide an excellent short or long-term investment. Milton Savings Bank offers some of the best rates in the area on Certificates of Deposit. Each week we analyze our cost of funds and our need for additional funds in order to provide you with the highest rate possible. Certificates of Deposit are available for various rates, for any amount you choose above the minimum, and various terms. These accounts earn competitive rates, and like all of our deposit accounts are FDIC insured for up to the FDIC insurance limit. You may not make additional deposits to your Certificate of Deposit. You can withdraw interest credited to your account, but you cannot withdraw principal prior to maturity without a penalty. The annual percentage yield on a Certificate assumes interest remains on deposit until maturity. The interest rates and annual percentage yields may change weekly or at our discretion.
Traditional IRA’s and Roth IRA accounts are available for various rates, amounts, and terms. These accounts earn competitive interest rates, with FDIC insurance coverage to protect your investment up to FDIC insurance limits. You can enjoy tax savings and build security for your retirement with an IRA. IRA’s are a great tax-savings tool. You may choose any of our Certificates of Deposit from 10 months to 5 years for your retirement deposits. Most importantly, there are no trustee fees with your Milton Savings Bank retirement account. Our qualified staff will be glad to assist you in your retirement needs.
Traditional IRA’s were created in 1974 by the government to encourage individuals to save for their retirement. The benefits of a traditional IRA include tax-deferred earnings , and if an individual qualifies, tax deductibility of your contributions. Distributions are taxed when withdrawn from the account.
Roth IRA’s were created by the Taxpayer Relief Act of 1997. Roth IRA’s are nondeductible IRA’s that allow tax-free withdrawals for qualified distribution reasons. Although you cannot deduct any contributions, the investment earnings completely escape taxation.
VISA Check Card
A Milton Savings Bank Visa Check card is like an ATM card and check rolled into one. The Visa Check Card will make your banking and shopping more convenient. Now you can pay for your purchases without cash, without checks, and without credit cards. The amount simply is deducted from your checking account, and each transaction will appear on your monthly statement. At the same time, you will have quick and easy access to cash and your checking account 24 hours a day. You can pay for purchases anywhere you see the VISA symbol. The VISA Check Card is safer than carrying cash and easier than writing checks. You can withdraw funds from our ATM for no charge or at any ATM displaying the VISA or PLUS logo. Fees may apply when using other ATM’s.
** VISA Check Card is available for qualified customers only. Other
requirements may apply.
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