personal savings accounts

 

We offer a number of convenient savings plans.  Talk to a Relationship Specialist for more details.

   
   
Statement Savings: Minimum deposit of $50.00 is required to open the account.  Youth accounts for children under 16 can be opened without the minimum deposit requirement.  A monthly service fee of $0.50 will be imposed every statement cycle if the balance of the account falls below $50.00 any day of the cycle. Fee is waived for customers under the age of 16.  Allows for deposits or withdrawals at any time.  Interest compounds and is posted to the account semiannually.
   
   
Christmas Club: Minimum deposit of $1.00 is required to open. At maturity, you may receive payment by auto transfer to another Sherwood State Bank deposit account, or by check. Pay out for this account is October of each year.  $25.00 penalty for closing before maturity date.
   
   
Club Account: Minimum deposit of $1.00 is required to open. At maturity, you may receive payment by auto transfer to another Sherwood State Bank deposit account, or by check.  Pay out for this account is April of each year.  $25.00 penalty for closing before maturity date.
   
   
Certificates of Deposit: Minimum deposit of $1,000.00 required to open the account.  We offer certificates of deposit that earn competitive interest rates and are available in a variety of terms with only a $1,000.00 minimum balance requirement unless otherwise stated. (All certificates of deposit are subject to an early withdrawal penalty.)
   
   
Money Market Savings: Minimum deposit of $2,500.00 required to open the account.  This account requires a minimum daily balance of $2,500.00 to earn higher interest rates. A monthly service fee of $1.00 will be imposed every statement cycle if the balance falls below $500.00 any day of the cycle.  A monthly statement is provided with this account. Talk to a a Relationship Specialist for more details. Interest rates are tiered depending on your daily balance.
   
   
Community Advantage Money Market: Minimum deposit of $5,000.00 required to open the account.  A monthly service fee of $5.00 will be charged if the balance falls below $5,000.00.  Talk to a a Relationship Specialist for more details.
   
   
Individual Retirement Accounts (IRAs): Our IRA line of products includes Traditional and Roth IRAs. These accounts are available in a variety of terms and interest rates.  There is no charge to set up your IRA.  No minimum balance required on IRA savings.
   
   
FDIC's EDIE: EDIE is an interactive application that can help you learn about deposit insurance.  Access EDIE by clicking here