Accounts to Help You
Save Effectively
If you’re looking to develop a smart savings strategy, you need a savings account that will allow you to execute that strategy. Exchange Bank offers a wide range of savings options from traditional savings accounts to certificates of deposit and retirement accounts. Regardless of your goals, we’ll help you find the right savings account option to help you achieve them. Contact your local branch office to speak with our team and open an account.
Savings Accounts
Regular Savings Account
This account allows you to earn interest on all balances over $60 and requires just $25 to open. Benefits include 6 pre-authorized transfers per monthly cycle and 18 fee-free withdrawals per quarter.
Christmas Club Savings Account
This account allows you to save for holiday shopping all year round. The account accrues interest monthly, which is then added to the balance on the last day of the activity period. A check is mailed by Exchange Bank for the entire balance during the last week in October just in time for holiday shopping.
Certificates of Deposit
A CD typically allows you to earn more on your account balance than a traditional savings account. Here’s what you can expect from a CD at Exchange Bank:
Require a minimum deposit of $500 to open
Are available in terms from 6 months to 60 months
Give you a strong return on initial deposit
Safe – FDIC insured to the maximum permitted by law
Retirement Accounts
Traditional IRA
A traditional IRA is a great option for anyone with earned income to start saving for their retirement. Key features for this retirement account include:
- Earnings grow tax-deferred*
- Contributions may be tax-deductible if IRS qualifications are met.*
Roth IRA
A Roth IRA combines the power to save for retirement with tax benefits. It’s available to people of all ages if they meet certain income requirements. Roth IRA features include:
- Earnings grow tax-free*
- No tax or penalties on qualified withdrawals*
- No required minimum distribution (RMD)*
SEP IRA
Simplified Employee Pension (SEP) IRAs are a great option for small business owners and workers who are self-employed to save for retirement. Features include:
- Low-cost alternative to traditional retirement savings accounts
- Contributions and earnings grow tax-deferred until withdrawn*
*Consult your tax advisor
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