Wednesday, October 01, 2014
Serving Delta County
We are a community owned and operated bank serving Delta County in Michigan's beautiful Upper Peninsula.
There are several opportunities to save at Baybank. You'll enjoy the confidence that your money is safe and secure as each of the following savings options are FDIC insured.
HomeTown Savings Account
Baybank's HomeTown Savings Account provides a statement which details withdrawals and deposits for the previous month. You are provided a savings register to keep track of account activities and can "balance" the account each month. The HomeTown Savings Account can be opened and maintained with the following minimum guidelines:
* Waived for youths under 18 and persons 55 years of age or older.
With HomeTown Savings, interest is computed daily and is compounded on a quarterly basis and your money earns interest from the day you deposit until the day you withdraw. This account allows you to make transfers to and from your HomeTown Checking either electronically or per your phone request. This is an excellent account when you need your money available on short notice.
HomeTown Christmas Club
Baybank's HomeTown Christmas Club is an easy way to save for that special time. The weekly deposits or automatic transfers to your Christmas Club add up quickly and it pays you interest. You receive a HomeTown Christmas Club check in October for your early Christmas shopping or you may have your club directly deposited into your Baybank checking or savings account.
Certificates of Deposit (CD)
Baybank's CD's range from seven (7) days to five (5) years with competitive rates and minimum balances. Our CD's are flexible enough that they can be designed to fit your special maturity and financial needs. Our Customer Service Representatives will be pleased to work with you to personalize a CD to fit your needs. The rates on CD's are adjusted on Wednesday morning of each week. Normal penalties apply for early withdrawals.
Individual Retirement Accounts (IRA)
A retirement program which includes an IRA is crucial to your financial health. Regardless of the number of years you have left before retirement, an IRA is an excellent way to help ensure your financial future. Whether you make a lump sum contribution or smaller monthly contributions, Baybank offers an IRA tailored to your needs.
You may use any Baybank certificate of deposit of 182 days or more to fund your IRA. As rates fluctuate up or down, this CD rate is adjusted to keep pace with current returns.
Rates change weekly for new IRA CD deposits. Federal regulations require a substantial penalty for funds withdrawn prior to age 59 and a half. Your IRA contributions to a standard IRA can be tax deductible (check with your tax accountant) and the interest earnings in your standard IRA are not taxed until they are withdrawn. Baybank's IRA's carry additional F.D.I.C. insurance up to $250,000.
Ask our IRA specialist for more details on Baybank's HomeTown IRA and information on the Roth IRA.