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Savings

Just as there are many reasons to save your hard-earned money, there are many different ways to do it. At First Federal Community Bank, we offer savings, money market, Christmas Club, IRAs and certificate of deposit products to help you achieve your goals.

Statement Savings

This account earns a rate of interest at the prevailing rate (subject to change at any time). Interest will be compounded and credited to your account quarterly. Statements will be mailed quarterly to help ensure proper balancing of your account. You must deposit a minimum of $50 to open this account and maintain a minimum balance of $50 in the account each day to obtain the disclosed annual percentage yield. There is no monthly maintenance fee and no fee for withdrawals. If the savings balance is under $10 at the end of the quarter, there will be a $2 maintenance service fee. Instant Issue ATM card available.

Insured Money Market Gold

If you do not anticipate writing a lot of checks each month, this account is designed for you. This tiered account earns a competitive rate of interest daily on your collected balance that is compounded and credited to your account each statement cycle. A minimum balance of $2,500 is required to open this account. If the balance falls below $250 on any day of the statement cycle, the account maintenance fee is $10.

Fees: A money market charge fee of $7.50 will be charged each cycle if more than six items clear during each monthly statement cycle.

Christmas Club

By saving regularly in this account, you’ll know that the money for next year’s presents, festivities, or holiday travel will be there. Small amounts saved regularly can add up to a sizeable sum. Just choose the amount you wish to save each week, and watch it grow in time for the holidays. Visit any branch for more information.

Health Savings Account

This is a tax-exempt custodial account, established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. For 2007 and forward, the maximum annual HSA contribution is based on the statutory limit for your type of coverage. HSAs not only allow you to make contributions and earn interest tax-free, but the distributions are also tax-free so long as they are used for qualified medical expenses. If you’re eligible, it’s to your benefit to have one. Ours is a tiered checking account with unlimited transactions. You will receive a monthly statement, and there is no service fee. We will issue a debit card and give you the first 25 checks free. Contact us today to begin saving the smart way!

Certificates of Deposit

Our fixed-rate Time Deposits enable you to take advantage of higher interest rates based on market trends. With a minimum deposit of $1,000, we can structure one from three to 60 months to fit your individual needs. We offer competitive rates with interest compounded and credited monthly. You have a choice of receiving your interest by check, depositing it into an existing account here, or adding it to this one. Please call for current interest rates.

Current CD Special: Minimum Balance of $5,000 is required to open and obtain the Annual Percentage Yield (APY).  Early withdraw penalty may apply. Fees may reduce earnings. APY listed as of May 8, 2024. Offer expires on June 16, 2024.

Individual Retirement Accounts

An IRA is a special savings plan that lets you put aside money you earned today to be used later for your retirement. We offer Traditional with tax-deferred and Roth with tax-free earnings. Contact us for more details!

Traditional IRA

In addition to supplementing an individual’s personal retirement plan, a Traditional IRA offers tax-deferred earnings and for some, tax-deductible contributions. If you are younger than age 70 ½ for the entire tax year, and have compensation, you are eligible to establish and make an annual tax-year contribution to a Traditional IRA.

Roth IRA

A Roth IRA is an individual retirement account that allows nondeductible contributions but features tax-free withdrawals for certain distribution reasons after a five-year holding period.

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