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Savings & Retirement

Regular Savings

$100 minimum deposit to open account

  • Earns interest on your average daily balance and interest is credited quarterly
  • No monthly maintenance fee with minimum daily balance of $100
  • If your daily balance falls below $100 during the month, there is a $5.00 monthly maintenance fee
  • $3.00 activity fee for each withdrawal in excess of six per month*

Student Savings

Designed for students under 18

  • $25 minimum to open account
  • No monthly maintenance fee
  • Earn interest on you r average daily balance, and interest is credited quarterly
  • $2.00 activity fee for each withdrawal in excess of six per month *

 

*Federal Regulation and our deposit agreement permit or authorize no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per monthly statement cycle for a money market or savings account. The transfers and withdrawals limit applies to those made to another account, including your transaction account at Colony Bank or to a third party by means of a preauthorized or automatic transfer, or telephonic (telephone/PC) order or instruction, or by check, draft, debit card, or similar order made by you and payable to third parties. A preauthorized transfer includes any arrangement by Colony Bank to a third party form your account upon written or oral instruction, including an order received through an automated clearing house (ACH) or any arrangement by Colony Bank to pay a third party at a predetermined time or on a fixed schedule (e.g. bill payment). Unlimited transfers and withdrawals may be made by mail, messenger, and automated teller machine (ATM), in person, or by withdrawals made by telephone (via check mailed to you) under an arrangement that - Permits transfers for the purpose of repaying loans and associated expenses at Colony Bank; Permits transfers of funds from the money market/savings account to another of your accounts at Colony Bank; or Permits withdrawals (payments directly to you) from the money market/savings accounts. Unlimited withdrawals, deposits, and transfers can be made in person at Colony Bank's ATMs and banking locations.

HSA Accounts

Perfect if you want a savings account with check writing capabilities.  This is an investment product for tax-deductible** Health Savings Account contributions that offers the convenience of check-writing and debit card capabilities for paying qualified medical expenses.

  • $100 minimum to open account
  • No monthly maintenance fee
  • Earns interest on the average daily balance, interest credited monthly
  • An HSA is portable in that you can maintain the deposit account even if you change employers or leave the work force
  • Contributions may be made by any person (family member, employer, or other person) on behalf of the eligible account owner
  • In accordance with IRS rules and regulations, additional catch-up contributions can be made for account owners who are at least 55 or older and not enrolled in Medicare

**   Consult your tax advisor to discuss you tax situation

Preferred Money Market

Perfect if you want a savings account with check writing capabilities.

  • $1,000 minimum deposit to open account
  • Earn interest on a tiered format based on average daily balance:
    • Less than $1000
    • $1000-$9,999.99
    • $10,000-$24,999.99
    • $25,000-$49,999.99
    • $50,000-$74,999.99
    • $75,000 and above
  • No monthly maintenance or activity fee with a minimum daily balance of $1,000 and less than six transfers and/or withdrawals
  • $7.50 monthly maintenance fee if daily balance falls below $1,000 during the month
  • $7.50 monthly activity fee if transfers and/or withdrawals exceed six per month*
  • Interest is credited monthly

*Federal Regulation and our deposit agreement permit or authorize no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per monthly statement cycle for a money market or savings account. The transfers and withdrawals limit applies to those made to another account, including your transaction account at Colony Bank or to a third party by means of a preauthorized or automatic transfer, or telephonic (telephone/PC) order or instruction, or by check, draft, debit card, or similar order made by you and payable to third parties. A preauthorized transfer includes any arrangement by Colony Bank to a third party form your account upon written or oral instruction, including an order received through an automated clearing house (ACH) or any arrangement by Colony Bank to pay a third party at a predetermined time or on a fixed schedule (e.g. bill payment). Unlimited transfers and withdrawals may be made by mail, messenger, and automated teller machine (ATM), in person, or by withdrawals made by telephone (via check mailed to you) under an arrangement that - Permits transfers for the purpose of repaying loans and associated expenses at Colony Bank; Permits transfers of funds from the money market/savings account to another of your accounts at Colony Bank; or Permits withdrawals (payments directly to you) from the money market/savings accounts. Unlimited withdrawals, deposits, and transfers can be made in person at Colony Bank's ATMs and banking locations.

Retirement/Educational Accounts

Individual Retirement Account (IRA)

Colony Bank IRAs provide one of the safest ways to save for retirement, since they are FDIC insured and offer steady returns.

  • IRAs also provide tax advantages for your long-term retirement savings.
  • Start contributing now and let your money grow for your benefit.
  • Colony Individual Retirement Term Account is a fixed market rate IRA
  • $500 minimum opening deposit
  • Variety of terms available
  • Interest compounds monthly
  • Interest can be paid monthly, quarterly, semi-annually, annually
  • Includes Traditional, Roth and Coverdell Education Savings Accounts (ESA), Savings Incentive Match Plans for Employees (SIMPLE), and Simplified Employee Pension (SEP)
  • Penalty for early withdrawal, except withdrawals made in accordance with IRS distribution

Certificate of Deposits

The safest way to save! We offer many flexible terms, from 7 days to 72 months, with options to automatically transfer interest to a checking or savings account. You make the choice whether your interest is paid monthly, quarterly, semi-annually or annually.

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