Personal Savings

Central Federal offers you many options for putting away money on a regular basis.

The need for creating good financial habits seems more important than ever in today’s economy to help you prepare for emergencies, all those little extras, and retirement. Take advantage of automatic transfers from checking to savings, online banking, and our savings calculators to help you plan.

Overview

Account TypeMinimum Opening BalanceMonthly FeeInterest Compounded
Statement Savings$25$5 *Quarterly
Smart Start Club$5-Quarterly
Premier Club Account$10-Quarterly
Money Market Deposit Account$1,000$7.50 **Monthly

* A monthly service charge of $5.00 will apply if the account balance falls below $25.00 any day of the month.

** A monthly service charge of $7.50 will apply if the account balance falls below $1,000.00 any day in the statement period.

Statement Savings

  • An interest bearing savings account.
  • You must maintain a minimum daily balance of $10.00 to obtain the disclosed annual percentage yield.
  • A monthly service charge of $5.00 will apply if the account balance falls below $25.00 any day of the month.
  • Interest paid quarterly.

Smart Start Club Account

  • An interest bearing savings account.
  • Account holders up to the age of 18 can build their savings account to $1,000.00 and earn a higher rate of interest.
  • When your balance reaches $1,000.01 it will revert to the then current statement savings rate.
  • Interest paid quarterly.

Premier Club Account

  • An interest bearing savings account.
  • You can designate a quarterly, semiannual or annual payment date that will coincide with the special occasion.
  • To keep your account open we will send you all but $10.00 of the money at the date or dates you have chosen.
  • Interest paid quarterly.

Money Market Deposit Account (MMDA)

  • Is an interest bearing savings account that allows you access to the account with limited check writing.
  • You must maintain a minimum daily balance of $250.00 to obtain the disclosed annual percentage yield.
  • A monthly service charge of $7.50 will apply if the account balance falls below $1,000.00 any day in the statement period.
  • Interest paid monthly.

Certificate of Deposits

  • You can start a Certificate with $500.00 or more.
  • Maturity frequencies of 31 days to 5 years or longer.
  • Is a fixed or variable rate instrument.

Health Savings Account

  • Is an interest bearing account that is a tax-exempt trust account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.
  • There is no monthly maintenance fee.
  • To receive the disclosed annual percentage yield you must maintain a minimum average daily balance of $10.00.

Individual Retirement Account

  • An account that functions like a Certificates of Deposit which allows you to set aside savings to assist you with your financial needs at retirement.
  • You may select from most of the same terms as our regular Certificates.
  • Balance requirements may vary.
  • You may be entitled to tax deferred savings, consult with your tax consultant to determine what is best for you.

Ready to open your Personal Savings account?