Personal Savings

PremierBank wants to help all our customers achieve their financial goals, from our Junior Bankers to our VSP Club Members.  We offer a full line of Savings Accounts so you can choose the one that is right for you.  For your convenience, your savings account statement(s) can be combined with your checking account statement.

The following financial calculators can assist you in planning, estimating, and exploring your financial options.  We urge you to contact us for more specific questions and for more detailed information.

Statement

Statement Savings accounts require $50 minimum deposit to open the account or $10 for those under the age of 18.  You must maintain a $50 minimum daily balance ($10 for those under age 18) in order to avoid service charges of $2 per month.  There is a $1 service charge per withdrawal when you exceed 6 per month.  This includes debit card, ATM, and Overdraft transfer transactions. 

There is a $10 charge if the account is closed within 90 days of opening and a $10 account reopening fee.  We may charge a Dormant Account Fee of $2 per month after 3 years of inactivity. 

Interest will be compounded quarterly and will be credited to your account quarterly.  We use the daily balance method to calculate the interest on your account.  The daily balance method applies a daily periodic rate to the principal in the account each day.  Interest is accrued on current available balance. 

The annual percentage yield (APY) is based on quarterly compounding.  The annual percentage yield (APY) assumes interest remains on deposit and determined based on the current rate and minimum deposit required to open the account.  Withdrawal of interest will reduce earnings.  The interest rate and annual percentage yield (APY) are variable and may change.  Please ask us for our current rates or click on Deposit Rates.

Passbook

Customers who choose a Passbook Savings account have a $100 minimum deposit requirement to open the account or $10 for those under the age of 18.  They must maintain a $50 minimum daily balance ($10 for those under the age of 18) to avoid a monthly service charge of $2.  There is a $1 service charge per withdrawal when you exceed 6 per month.  This includes debit card, ATM, and Overdraft transfer transactions.

There is a $10 charge if the account is closed within 90 days of opening and a $10 account reopening fee.  We may charge a Dormant Account Fee of $2 per month after 3 years of inactivity. 

Interest will be compounded quarterly and will be credited to your account quarterly.  We use the daily balance method to calculate the interest on your account.  The daily balance method applies a daily periodic rate to the principal in the account each day.  Interest is accrued on current available balance.

The annual percentage yield (APY) is based on quarterly compounding.  The annual percentage yield (APY) assumes interest remains on deposit and determined based on the current rate and minimum deposit required to open the account.  Withdrawal of interest will reduce earnings.  The interest rate and annual percentage yield (APY) are variable and may change.  Please ask us for our current rates or click on Deposit Rates.

Christmas Club

Plan ahead for your holidays!  A Christmas Club account allows you to save something each week and receive the funds each October.  There is a minimum $5 deposit to open the account.  We can automatically transfer your deposit from another deposit account each week.  You may also choose to have your Christmas Club check automatically deposited directly into one of your deposit accounts at maturity.

Interest will not compound and will be credited to your account at maturity. If you close your account before interest is credited, you will not receive the accrued interest, plus a $10 closing fee. 

We use the daily balance method to calcualte the interest on your account.  The daily balance method applies a daily periodic rate to the principal in the account each day.  The interest rate and annual percentage yield (A.P.Y.) are variable and may change.  The term of the account varies depending on when it was opened.  Please ask us for our current rates or click on Deposit Rates.

HOPE Education

HOPE stands for Helpful Options for Planning Education and at PremierBank, we can help with a systematic savings plan for post-high school training and education.  The sooner you start a HOPE Education Account, and the more you set aside, the more money your child will have available for future educational expenses. 

There is a $10 minimum deposit required to open the account and at least $10 deposited automatically at least monthly, from another existing PremierBank deposit account. 

Interest will be compounded quarterly and will be credited to your account quarterly.  We use the daily balance method to calculate the interest on your account.  The daily balance method applies a daily periodic rate to the principal in the account each day. 

The interest rate and annual percentage yield (A.P.Y.) are vairable and may change.  Please ask us for our current rates or click on Deposit Rates.  Annual percentage yield (A.P.Y.) assumes intereset remains on deposit.  A.P.Y. is determined based on the current rate and minimum deposit required to open account.  Withdrawal of interest will reduce earning.

Withdrawals and transfers are limited to four per year.  A fee of $2.00 may be imposed for each subsequent withdrawal during such period.  No withdrawals are allowed until the student reaches the age of 17.  Withdrawals are done by the parent, grandparent or other custodian only.  

These accounts may be opened until the student reaches the age of 17 by a parent, grandparent or other custodian. 

This account will remain open as a HOPE Education Account until the student reaches the age of 25 or finishes his/her secondary education, whichever comes first, at which time the account will be changed to a Statement Savings Account with the associated terms and conditions.