Savings Account Options at Timberwood Bank
Interest, Club and Money Market Savings Accounts
Saving money is a skill that can serve you well throughout your entire life. Having the right savings account makes saving much easier. At Timberwood Bank, we offer a variety of savings accounts that make saving on your terms easy, from regular and interest-bearing savings accounts to club and Money Market accounts.
If you’re new to saving money, Regular Savings is a great way to get started. An interest-bearing account, Regular Savings is opened with a $50 deposit, and a $3 monthly service charge is imposed if the balance falls below $100 any day of the month.
Build your savings account as you save with the Freedom Savings account. The higher your account balance, the more your interest rate increases. Additional account details include:
- $500 required opening deposit
- Minimum balance of $1,000 required to waive $5 monthly service charge
- One automatic transfer from a Timberwood Bank checking account of $25 or more per month is required
- ATM Card
- Direct Deposit
- Online Banking
- Telephone Banking
With the Minor Savings account from Timberwood Bank, it’s easy to teach your kids about saving money and get them started on their own saving path. With no minimum balance and no monthly service charges, it’s easy to open a Minor Savings account with your child. The primary owner must be under the age of 18 and it only takes $25 to open the account. Earn interest by maintaining a minimum balance of $25.
Save for the increased expenses of the holiday season all year with the Holiday Club account from Timberwood Bank. The account only takes $25 to open and comes with no monthly service charge. The total funds deposited and interest earned is required to be transferred to another Timberwood account mid-October. Withdrawals cannot be made throughout the year from this account, and the maximum total annual deposit is $5,000.
Money Market accounts help your money work for you. The larger your balance, the higher your interest rate. You are limited to 6 checks/debits* per statement cycle with Money Market accounts.
- $2,500 opens your Money Market account
- Maintaining a $2,500 minimum balance waives the $6 monthly service charge
- Access your Money Market account through Online Banking, Mobile Banking and Telephone Banking
*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.
Open Your Savings Account at Timberwood Bank Today
Come by our office to learn more about our savings accounts and to open your account today. Our staff is ready to help, whether you have a question about an account or are ready to start saving.