Most of us have goals – retiring at age 55, owning a vacation home, the best university for a child, traveling around the world. At Ben Franklin Bank, we can help build your savings, to achieve your dreams.
Passbook and Statement Savings
Ben Franklin offers Passbook and Statement Savings accounts. Both accounts offer a competitive rate of
interest that is compounded monthly. Our Passbook Savings account is ideal for customers who prefer to have their transactions recorded as they occur. Statement Savings offers the flexibility of transferring funds between savings and checking accounts. In addition, transfers to another account or to third parties preauthorized, automatic, or telephone transfers are limited to six per statement cycle.
Minimum Balance to Open the Account |
$50.00 |
Minimum Daily Balance Requirement |
$400.00 |
Monthly Fee |
$4.00 |
(Fee applies only if the account balance falls below the minimum daily requirement. The fee is also waived for minors under the age of 18).
Money Market Account
Our Premier Plus Money Market Account combines higher earnings, liquidity and flexibility. This insured account rewards you for saving - the higher your balance, the higher your yields. It offers total liquidity - you have unlimited access to your funds if you come in to our office. Plus, you have the flexibility of six pre-authorized transfers or debits per month – three of which can be by check or debit card. This excellent investment tool requires a low $2,000 minimum balance to avoid a $10.00 monthly service fee. It pays interest on your entire balance.
Premier Plus Money Market Account
Minimum Balance to Open the Account |
$50.00 |
Minimum Daily Balance Requirement |
$2,000 |
Monthly Fee |
$10.00 |
(Fee applies only if the account balance falls below the minimum daily requirement any time during the statement cycle).
Certificate of Deposits
Certificate of Deposits should be a part of any financial plan. Ben Franklin Bank offers terms ranging from 91 days to 5 years.
Minimum Balance to Open the Account |
$1,000 |
With all except our 91–day certificate, you have the option of having your interest reinvested for the highest yield, receiving monthly or quarterly interest checks, or having the interest transferred into another account. As with most certificates, there is a penalty for early withdrawal.
Individual Retirement Accounts
The earlier you begin saving for retirement, the earlier you will be able to retire. Whether you invest in a Traditional IRA, Roth IRA or Education IRA your funds will grow at an accelerated pace because earnings are tax deferred. Certificates with terms of 12 months or longer can be opened as an IRA.
Minimum Balance to Open the Account |
$1,000 |
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