North Arundel Savings Bank

Deposit Products

Please call or visit our office for additional information

Checking

NOW Account Checking - an interest bearing account

  • Minimum balance to open: $200
  • Minimum balance to earn interest: $10. You must maintain a minimum daily balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement
  • Interest is calculated using the daily balance method. This applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue on the business day you deposit noncash items (for example: checks)
  • Interest is compounded continuously and credited monthly
  • Minimum balance to avoid a monthly service charge fee: $500.00. A minimum balance service charge fee of $ 8.00 is imposed if the average daily balance for the monthly statement cycle falls below $500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
  • Special offer for customers 60 years of age or older: No Minimum Balance requirement
  • Special offer for Direct Deposit of payroll or pension benefits : No Minimum Balance requirement
  • FREE ATM/Debit card (for qualified accounts)
  • FREE Unlimited check writing
  • FREE check images with statements

Savings

Statement Savings

This statement savings account is designed to help you save.

  • Minimum balance to open: $50
  • Minimum balance to earn interest: $10. You must maintain a minimum daily balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement
  • Interest is calculated using the daily balance method. This applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue on the business day you deposit noncash items (for example: checks)
  • Interest is compounded continuously and credited monthly
  • Minimum balance to avoid a monthly service charge fee: $50.00. A minimum balance service charge fee of $ 5.00 is imposed if the average daily balance for the monthly statement cycle falls below $50.00.

Holiday Club

This statement savings account is designed for regular deposits to help you save money for your holiday shopping. Account balances are disbursed annually in October.

  • Minimum balance to open: $2
  • Minimum balance to earn interest: $10. You must maintain a minimum daily balance of $10.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement
  • Interest is calculated using the daily balance method. This applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue on the business day you deposit noncash items (for example: checks)
  • Interest is compounded continuously and credited monthly
  • Transaction limitations: if any withdrawal is made from this account before October 15 then this account may be closed.
  • Fees: a service charge fee of $5.00 will be charged if the account is closed prior to annual disbursement
  • Continuous account - after balances are disbursed in October you can resume making deposits and use the same account over and over.

Money Market Savings

This savings account is the next step up from the passbook savings account. The interest rate on the account increases or decreases based on the daily balance.

  • Minimum balance to open: $1,000
  • There are interest rate tiers depending on the daily balance in the account. There is no minimum balance to earn interest.
  • Interest is calculated using the daily balance method. This applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue on the business day you deposit noncash items (for example: checks)
  • Interest is compounded continuously and credited monthly
  • Transaction limitations: Transfers from a Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer of by check, draft, or similar order to third parties are limited to six per month.
  • Fees: a service charge fee of $6.00 will be charged for each transfer in excess of six during a month.

Certificates of Deposit (CD's)

We offer CD's at various rates and terms to help you with your investment needs. Please contact us for current rates and terms.

  • CD's are fixed rate accounts. The interest rate and annual percentage yield will not change for the term of the CD.
  • Different CD terms have different minimum balance requirements.
  • Additional deposits are not permitted during the term of the CD.
  • CD's automatically renew. You will have 7 calendar days after the maturity date to withdraw funds without penalty.
  • We may impose a penalty if you withdraw funds other than interest before the maturity date. Different CD terms have different penalty terms.

Individual Retirement Accounts (IRA's)

IRA's are accounts that allow individuals options on saving for retirement. Depending on your age and employment, you can have either a Traditional or Roth IRA.

Traditional IRA's

  • Contributions can be tax deductible - see your tax advisor for additional information.
  • Interest is tax deferred, meaning you don't need to report it unless the funds are taken out prematurely.
  • Account holders cannot withdraw funds before age 59 ½ without a 10% penalty imposed by the IRS - see your tax advisor for additional information.
  • Withdrawal amounts are subject to income tax, regardless of age.
  • Individuals with a Traditional IRA cannot make contributions over the age of 70 ½.
  • Individuals with a Traditional IRA are required to take annual distributions upon reaching the age of 70 ½. The required minimum distribution depends on the account holder's age.
  • The bank gives you the option of investing your retirement funds in CDs. The CD terms offered are 18, 30 or 60 months'
  • In certain circumstances, such as required distributions, a CD penalty may be waived.

ROTH IRA's

  • Contributions to a Roth IRA are NOT tax deductible.
  • All interest earned on a Roth IRA is tax-deferred.
  • Depending on the circumstance account holders cannot withdraw funds before age 59 ½ without a 10% penalty by the IRS - see your tax advisor for additional information regarding the 5-Year Tax Rule, contributions and distributions.
  • Individuals with a Roth IRA can continue to contribute to their ROTH IRA even after age 70 ½.
  • Individuals with a Roth IRA are NOT required to take minimum distributions at age 70 ½.
  • The bank gives you the option of investing your retirement funds in CDs. The CD terms offered are 18, 30 or 60 months.
  • In certain circumstances, a CD penalty may be waived.