Our regular savings account is the simplest way to save. You’ll enjoy a competitive rate of interest as well as convenient account access via ATM, telephone banking, and the Internet.
Christmas Club Account
Join the Club that helps you save for that special time of year. Put a little in along the way and see how it adds up to help with those holiday expenses.
A competitive rate of interest is earned on your average daily balance as follows:
EFFECTIVE August 1, 2019
DETERMINATION OF RATE – THE INTEREST RATE APPLIED TO TIER 2 AS OF 08-01-2019
IS 20% OF NY PRIME.
PRIME RATE INFORMATION:
TIER 1 IF YOUR AVERAGE BALANCE IS $34,999.99 OR LESS, THE INTEREST PAID ON THE
ENTIRE BALANCE WILL BE 0.10% WITH ANNUAL PERCENTAGE YIELD OF 0.10%.
TIER 2 AN INTEREST RATE OF 1.05% WILL BE PAID ONLY FOR THAT PORTION OF YOUR
AVERAGE DAILY BALANCE THAT IS GREATER THAN $34,999.99. THE ANNUAL PERCENTAGE
YIELD FOR THIS TIER WILL RANGE FROM 0.10% TO 1.06% DEPENDING ON THE BALANCE IN
THE ACCOUNT. THE PORTION OF THE BALANCE BELOW $35,000.00 WILL EARN INTEREST AT
THE TIER 1 RATE.
Prime Interest is compounded monthly and will be paid on the account every month.
Currently New York Prime is 5.25%.
Transactions and Fees:
Six debit transactions per statement cycle
Unlimited transactions in person
$10.00 per item charge for additional transfers and checks.
Balance and Deposit Requirements:
A $10.00 service charge if your average daily balance falls below $1000.00.
A minimum initial deposit of $2500.00 to establish relationship.
Certificates of Deposit
We offer a variety of Certificates of Deposits to meet your investment needs.
Rates are set by the bank and vary based on the term of the certificate and the market conditions at the time the CD is issued. Maturities range from 91 days up to 60 months. Penalties may be imposed for early withdrawals.
Our CD’s offer competitive interest rates and you can choose to receive your interest monthly, quarterly, semiannually, annually, or at maturity. Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal in the account each day.
Certificates are automatically renewable at maturity, eliminating unnecessary trips to the bank. All deposits are insured by FDIC.
Individual Retirement Accounts
Exchange Bank offers Individual Retirement Accounts or IRA’s designed for you to save now for your future retirement needs. The money you contribute to your IRA may be deductible from your taxable income. Plus, an IRA offers you market rate earnings on your investment and helps you defer federal income tax on these earnings. Talk with us about your retirement needs and financial goals and we’ll help you choose the IRA account that is best for you. If you have questions about traditional IRA’s, Roth or Education IRAs we’re here for you.