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Savings
 
You don’t need a lot of money to open a Timberwood Bank savings account, and if you make regular deposits you’ll be amazed at how quickly your money grows. 
 
A personal savings account is the perfect way to set aside money for a special purpose like buying a car or home appliances. Or use it to accumulate funds for a higher-yield money market account or certificate of deposit.  Calculate your earnings using our Compound Savings Calculator or analyze where you can cut corners with our Home Budget Calculator. 
 
*Federal Regulation D limits the number of withdrawals or transfers on a savings account to 6 (six) per month.  On a money market account, the Regulation limits the number of withdrawals or transfers to 6 (six) per statement cycle. Transactions made in person at the bank or at an ATM do not count towards these withdrawals. 
 
REGULAR SAVINGS 
A Timberwood Bank Regular Savings Account is a good way for anyone to start a savings program. 
  • $50 to open account
  • Interest bearing  
  • $3 monthly service charge if below minimum balance of $100
  • ATM card
  • Online Banking
  • Direct Deposit

  • FREEDOM SAVINGS 
    Timberwood Bank's Freedom Savings is designed to help you build your savings account while being paid interest as you save.  As you build your savings, your rate will increase.  Please call a Personal Banker for current rates 
  • $500 opens your account
  • $5 monthly service charge waived when you maintain a minimum balance of $1,000.
  • Requires a minimum of one automatic transfer from a Timberwood Bank checking of $25 or more per month
  • ATM Card
  • Telephone banking
  • Online Banking
  • Direct Deposit
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    MINOR SAVINGS 
    It’s never too early to start teaching children the importance of saving money. Timberwood Bank makes it easy with a savings account just for children (under the age 18) with no minimum balance and no monthly service charges. 
  • $25 to open
  • Interest bearing
  • No minimum balance required
  • No monthly service charge
  • Primary owner must be under the age of 18
  • If balance falls below $25, account becomes non-interest bearing
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    HOLIDAY CLUB 
    A Timberwood Bank Holiday Club account is a good way to save specifically for expenses around the holiday season. It offers an affordable savings method to anyone who wants to systematically save a small to moderate amount of money. 
  • $25 to open
  • Interest bearing
  • No monthly service charge
  • Online Banking
  • Interest paid annually in October
  • Requires funds to be transferred on 10/20 (no checks will be cut)
  • Withdrawals cannot be made throughout the year
  • Maximum total annual deposit is $5,000

  • MONEY MARKET ACCOUNT 
    Our Money Market checking account pays interest and offers you the ability to write up to 6 transactions per month. Deposit balances determine interest rates. 
  • As you build your savings, your rate will increase.  Please call a Personal Banker for current rates
  • $2,500 opens your account
  • $6 monthly service charge waived when you maintain a minimum balance of $2,500
  • Telephone banking
  • Online Banking

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