Personal Savings

Savings Accounts

Select the account you are interested in or view our account comparison chart:

All Select Bank savings accounts include these features at no charge:

  • Online Banking
  • Bill Pay
  • Mobile Banking
  • eStatements
  • Debit or ATM Card

To receive a debit or ATM card, primary account holder must be 18 years or older. Bill Pay available for certain savings accounts.

Power Savings

Earn interest on your daily collected balance with our flexible Power Savings account.

  • Open with $100
  • Tiered interest rates based on account balance
  • Interest compounded daily and credited to your account monthly
  • Allows six withdrawals/transfers per month ($4 fee for each additional withdrawal/transfer)

$5 monthly service charge. To avoid the monthly service charge, maintain a minimum daily balance of $100. $3.00 paper statement fee. 

Minor Savings

It’s never too early to start saving! Our Minor Savings Account with no minimum balance requirement and no monthly service charge is designed to help children and teens learn good saving habits.

  • Open with $25
  • Allows six withdrawals/transfers per month ($4 fee for each additional withdrawal/transfer)

 $3.00 paper statement fee. 

Money Market

Our Money Market Account allows you to earn competitive, tiered interest rates based on your daily collected balance.

  • Open with $1,000
  • Interest compounded daily and credited to your account monthly
  • Checks at no charge
  • Allows six withdrawals per statement cycle ($4 excessive withdrawal fee after 6)

$15 monthly service charge. To avoid the monthly service charge, maintain a minimum daily balance of $1,000 or $2,500 average balance. $3.00 paper statement fee. 

Certificates of Deposit

We offer a variety of CDs, featuring competitive interest rates, flexible terms, and low opening deposits.

  • Open with $500
  • Automatically renewable

CDs are for individuals and businesses. No brokered CDs.
For rate information contact the branch in your area

Certificate of Deposit Account Registry Service (CDARS)

Select Bank offers an additional program known as the Certificate of Deposit Account Registry Service (CDARS), for clients with depository insurance needs that exceed the coverage provided by the FDIC. Select Bank clients can leave deposits up to the FDIC insurance coverage limits on deposit with Select Bank. Then, any deposit balances over the FDIC coverage limit can be enrolled in this program.

How CDARS works:

  1. Enroll any Select Bank CD balances that exceed the FDIC insurance coverage limits in the CDARS program.
  2. Select the rate and maturity dates that match your individual investment goals.
  3. Select Bank will place any of your balances that exceed the FDIC insurance coverage limit for any one bank at other FDIC-insured banks up to the $250,000 coverage limit per institution.

Primary Benefits:

  1. You can receive coverage on your CD deposit balances over the $250,000 FDIC insurance limit.
  2. Select Bank continues to manage your deposit relationship. Your large deposit is broken down into smaller amounts and placed with other banks that are members of this special network – CDARS. Then, those member banks issue CDs in amounts under $250,000, so that the entire investment is eligible for FDIC insurance.
  3. You earn one interest rate on your entire CDARS investment. There is no need to worry about multiple interest rate negotiations or consolidating multiple disbursement checks.

This information is for educational purposes only. You should consult your tax advisor, attorney, accountant, or the FDIC (www.myFDICinsurance.gov or toll-free at 1-877-ASK-FDIC) for further details.

Individual Retirement Accounts (IRAs)

Save for the future with a Select Bank IRA. Interest on all IRAs is compounded daily and credited to your account quarterly unless you request a different payment method.

  • Open with as little as $250
  • Terms are available from 30 days to 60 months
  • Regular, Roth, and SEP IRAs Automatically renewable

Health Savings Accounts

A Health Savings Account provides a tax-advantaged way to save and pay for medical expenses associated with a high-deductible healthcare plan. Eligible individuals may make tax-deductible contributions and funds can be withdrawn tax-free for qualified medical expenses. To qualify, you must have coverage under an HSA-qualified, high-deductible healthcare plan (HDHP), have no other “first-dollar” medical coverage, not be enrolled in Medicare, and not be claimed as a dependent on someone else’s tax return. Consult your tax advisor about your individual tax benefit.

  • Open with as little as $100
  • Rollover unused funds from year to year
  • Receive paper statements at no charge
 

 

 

 

ONLINE BANKING

User ID:

NEW TO ONLINE BANKING?

Equal Housing LenderMember FDIC