personal savings accounts

 

We offer a number of convenient savings plans.  Talk to a customer service representative for more details

   
   
Statement Savings: Minimum deposit of $50.00 is required to open the account.  Minimum deposit of $10.00 is required to open a youth statement savings account.  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 statement is provided with this account. Talk to a a Customer Service Representatives 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 Customer Service Representatives 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 minimum balance required. There is no charge to set up your IRA.
   
   
Self-Directed IRA: There is no minimum balance required to open.  There is no charge to set up your Self-Directed IRA.  Call 800-899-9531 for more information on this account.
   
   
FDIC's EDIE: EDIE is an interactive application that can help you learn about deposit insurance.  Access EDIE by clicking here