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Savings Accounts & CDs

Start saving today for a better tomorrow

 

Passbook Savings

Passbook Savings only needs $1.00 to open and $10.00 to earn interest.  A minimum balance fee of $2.00 is charged every month if the average daily balance for the month falls below $10.00. The average daily balance is calculated by adding the principal in the account for each day in the period and dividing that figure by the number of days in the period. Effective 01/01/2014. Interest is credited and compounded quarterly. 
 

Statement Savings

Statement Savings only needs $1.00 to open and $10.00 to earn interest.  A minimum balance fee of $2.00 is charged every month if the average daily balance for the month falls below $10.00. The average daily balance is calculated by adding the principal in the account for each day in the period and dividing that figure by the number of days in the period. Effective 01/01/2014. Interest is credited and compounded monthly.  A monthly statement will be mailed.
 

Money Market Savings

Money Market Savings only needs $1.00 to open and $2500.00 to earn interest.  A minimum balance fee of $2.00 is charged every month if the average daily balance for the month falls below $10.00. The average daily balance is calculated by adding the principal in the account for each day in the period and dividing that figure by the number of days in the period. Effective 01/01/2014.  Interest is credited and compounded monthly.  A monthly statement will be mailed.
 

Club Savings (Christmas Club)

Club Savings only needs $1.00 to open and $10.00 to earn interest.  A minimum balance fee of $2.00 will be imposed every month if the average daily balance for the month falls below $10.00. The average daily balance is calculated by adding the principal in the account for each day in the period and dividing that figure by the number of days in the period. Effective 01/01/2014.  Interest is paid at maturity.
 

CDs

Certificates of Deposits are timed saving accounts that will earn various interest rates depending on the length of time in which the funds are held. There are minimum amounts to open the accounts. A penalty will be imposed on early withdrawals. The 7-30 day CD is credited and compounded at maturity, all other CD’s are credited and compounded monthly. Please call for current rates and terms.
 

IRAs

Cayuga Lake National Bank offers Individual Retirement Accounts for your retirement planning. We offer you both Traditional and Roth IRA’s. Your funds will be invested in certificates of deposits with a term of your choice. This allows you to look at the prevailing interest rates and select a term that best works for you. Interest is credited and compounded quarterly. Another advantage to investing in certificates of deposit is that your investment is FDIC insured. For additional information, feel free to contact us!
 

HSAs

A Health Savings Account (HSA) is like a personal savings account, but it can only be used for qualified healthcare expenses.  To be eligible, you must be enrolled in a High-Deductible Health Plan.  An HSA can help with high-deductible health insurance plans to cover out-of pocket costs.  Some advantages include: the contributions to HSAs generally aren't subject to federal income tax, and the earnings in the account grow tax-free; unspent money in an HSA rolls over at the end of the year so it's available for future health expenses; many expenses qualify; others can contribute (limits apply); withdrawals for qualified medical expenses are tax-free; the account is portable; and a debit card is available for a convenient method of payment. 
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Thinking about retirement?

An Individual Retirement Account (IRA) may be just what you need. We offer both Traditional and Roth IRAs.
 
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Mobile Banking with Mobile Deposit is easy and convenient. Transfer funds, pay bills, check balances, even make deposits using your smartphone.