Personal Products - Savings

Statement Savings
A Statement Savings Account at Home Savings Bank is for the customer who wishes to have an ATM card attached to their savings account.

• To view current rates see Rates & Fees section. Interest rates may change at any time without prior notice.
• Minimum opening deposit of $1
• Monthly statements
• $5 monthly fee for dormant accounts (no activity for three years).

Passbook Savings
A Passbook Savings Account at Home Savings Bank is designed for your deposited funds to grow for future use. Options for using this type of account are to save for taxes, special events, vacations, or for the future of a child. Funds are available when you wish to use them; there are no term restrictions or early withdrawal interest penalties.

To view current rates see Rates & Fees section. Interest rates may change at any time without prior notice.

• Minimum opening deposit of $1
• $5 monthly fee for dormant accounts (no activity for three years).

Passbook Savings Accounts allow you to make an unlimited number of deposits or withdrawals in person. Federal regulations permit only six pre-authorized, automatic, or telephone transfers from your Passbook Savings Account per month.

Christmas Club Account
A Christmas Club Account is a good way to help save for the Holidays. Saving is made easy, after opening the account you may use the same passbook and account number year after year.

• Can be opened for as little as $1.
• Withdrawals are not permitted.
• To view current rates, see Rates & Fees section. Interest rate changes in October of each.
• A check for the full amount you have saved each year in your Holiday Club Account, plus interest, will automatically be mailed to you during the month of October.

Certificate of Deposit
Home Savings Bank Certificates of Deposit are designed to give you a higher rate of return in exchange for a time commitment (term) on your deposit. Interest rates are guaranteed for the term of the Certificate. Interest begins to accrue on the day that checks or cash are deposited. Certificates of Deposit will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw funds without an *interest penalty.

• Minimum opening balance is $500; after the account is open, you may not make deposits or withdrawals until maturity (interest earned may be withdrawn without penalty at any time).
• Terms range from 6 months to 60 months.
• Certificates are automatically renewable.
• Interest can be paid either monthly, quarterly or annually (if term is less than 12 months).
• Interest compounds monthly during the term.
• To view current rates see Rates & Fees section.

*An interest penalty will be charged on funds withdrawn before maturity.

Jumbo Certificates of Deposit
The Jumbo Certificate is ideal for people who have a large amount to deposit for a specific period of time and are looking for a higher interest rate.

• $100,000 minimum deposit required to open a Jumbo Certificate.
• Terms range from 3months to 60 months.
• Jumbo Certificates are automatically renewable at maturity.
• Interest can be paid monthly, quarterly or at maturity (if less than 12 month term).
• Interest compounds monthly during the term.
• Additional deposits are allowed, only at maturity.

*An interest penalty will be charged on funds withdrawn before maturity.

Personal Products - Individual Retirement Accounts (IRA)
A Home Savings Bank IRA is a savings vehicle which allows you to prepare for your retirement and may also provide tax advantages, depending on your income. You may want to transfer an existing IRA, or convert another qualified retirement plan to a Home Savings Bank IRA account. Choose between a Home Savings Bank Money Market IRA or an IRA Certificate of Deposit (fixed or variable rate).

A Home Savings Bank Customer Service Representative will assist you with your retirement and saving needs though the Traditional IRA, Roth IRA, and Coverdell Education IRA, just call any of our Offices.

Money Market IRA
This is a perfect product for those who want a secure, tax-advantaged way to save for retirement.

• Minimum opening balance of $2500; additional deposits are allowed at any time.
• Interest begins to accrue on the day your deposit is made.
• Interest paid is compounded monthly.
• No term or maturity period.
• No penalty for withdrawal.
• Interest rates may change without prior notice. To view current rates see Rates & Fees section
• An Internal Revenue Service penalty may apply to withdrawals made prior to age 59 1/2.

IRA Certificates of Deposit (Fixed Rate)

• Minimum opening balance of $500; additional deposits are allowed only at maturity.
• Terms available from 6 months to 60 months.
• Automatically renewable.
• Interest begins to accrue on the day your deposit is made.
• Interest is paid by compounding monthly.
• An Internal Revenue Service penalty may apply for withdrawals prior to age 59 ½.

*An interest penalty will be charged on funds withdrawn prior to maturity.

IRA 18 Month Certificate of Deposit (Variable Rate)

• The minimum opening balance is $5; additional deposits are allowed at any time.
• Interest begins to accrue on the day your deposit is made.
• Interest paid by compounding monthly.
• Interest rates may change without prior notice. To view current rates see Rates & Fees section

* Interest penalty for withdrawal prior to maturity. An Internal Revenue Service penalty may apply for early withdrawals prior to age 59 1/2.

*ALL Certificates of Deposit will be charged an interest penalty on funds withdrawn before maturity according to the following schedule.
 

Term 1 Year or Less More than 1 Year

Early Withdrawal Penalty 90 days interest 180 days interest