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Savings Accounts

Savings solutions for all stages in life.

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Statement Savings

A Statement Savings Account gives you unlimited deposits and unlimited withdrawals. You will receive a register to record your transactions and any accrued interest. Interest is compounded on a daily basis and credited semi-annually. You will receive a monthly or quarterly statement, depending on your activity.

Account Features

  • Minimum Balance of $25.00 Required
  • Minimum Balance of $100.00 to Earn Interest
  • Monthly or Quarterly Statement
  • Visa Check Card Availability for ATM Use Only

Money Market

The Money Market Deposit Account is an interest-bearing account, generally earning you a higher rate of interest than a savings account. Interest is calculated on a daily basis and posted at the end of each month at which time you receive a monthly statement. The interest rate and annual percentage yield may change weekly or at our discretion.

Account Features

  • Minimum Opening Balance of $1,000.00
  • Minimum withdrawal of $200.00
  • VISA Check Card for ATM cash withdrawals

Certificates of Deposit

An excellent short or long-term investment, a Certificate of Deposit (CD) is a savings account that has a fixed interest rate and fixed date of withdrawal (maturity). CDs are available for various rates, for any amount you choose above the minimum, for various terms.

Account Features

  • Terms vary from 6 months to 5 years
  • Interest can be automatically deposited to a checking or savings account or left in the CD to compound
  • You may receive monthly, quarterly or semi-annual checks from most certificates

Individual Retirement Accounts

Traditional IRAs 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. IRAs are a great tax-savings tool too. You may choose any of our Certificates of Deposit from 1 year to 5 years for your retirement funds. Most importantly, there are no trustee fees with your Milton Savings Bank retirement account. Our qualified staff will be glad to assist you with your retirement needs.

Account Features

  • Choose any Certificate of Deposit (CD) from 1 year to 5 years
  • Zero trustee fees

Lil’ Savers Club

It’s never too early to start developing good savings habits! This children’s savings account is available for kids 12 years and under.

Account Features

  • Minimum $1.00 Deposit to Open
  • Earn Interest from day of deposit to day of withdrawal, credited semi-annually

Leap Forward Account

This teen’s savings account is available for youth 13 to 17 years of age as the next stage in developing good savings habits.

Account Features

  • Minimum $1.00 Deposit to Open
  • Earn Interest from day of deposit to day of withdrawal, credited semi-annually

Christmas & Vacation Clubs

Plan ahead and start saving now! Deposits can be made in any amount at any time until the end of that year’s club. At the end of the club, all interest is added to the account and a check is issued for the account balance. The account automatically renews so you can start saving again for the next year.

Account Features

  • Christmas Club ends October
  • Vacation Club ends May
  • Automatic Account Renewal

Health Savings

A Health Savings Account (HSA) lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you can lower your overall health care costs.
Available to anyone enrolled in a high deductible health plan as of the first day of the month.

Account Features

  • Contributions may be made by an Individual, Employer, or Family Member
  • Money Grows Tax-Free
  • Contributions are Tax Deductible
  • Withdrawals are Tax-Free when used for Qualified Medical Expenses

Service Fee Schedule

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