| Basic Savings - $50.00 to open
- 2 free transfers/withdrawals per month
- $1.00 fee for each transfer/withdrawal over 2
Christmas Club Account - No minimum to open
- November to October (pays out in October)
- Automatic debit from checking account
- Interest bearing
Money Market - $2,500.00 to open
- $10.00 fee if balance falls below $2,500.00
- Debit transactions limited to 6 per statement cycle
- $5.00 excess transaction fee per item over six
- Interest bearing
- Tiered interest rates as follows, ceiling rates may apply
- For accounts with >$50,000.00 get the Anniversary Rate
- For accounts with less than $50,000.00 get the Standard Rate
- Monthly statements
CD Rates
Terms | Min. deposit | Interest Rate | APY * | 91 days | $1,000 | .25% | .25% | 182 days | $1,000 | .40% | .40% | 12 months | $1,000 | .65% | .65% | 18 months | $1,000 | .75% | .75% | 30 months | $1,000 | 1.15% | 1.15% | Money Market | $2,500 | .20% | .20% | Anniversary Money Market | $50,000 | .20% | .20% | Savings | $50 | .25% | .25% | Christmas Club | No Minimum | .25% | .25% |
* The "annual percentage yield" (APY) is defined as the total amount of interest paid on an account, based on the
interest rate and the frequency of compounding for a 365 day period, expressed as a percentage, calculated according to
the rules in Appendix A of Reg DD. The interest rate and annual percentage yield may change after account opening. Fees
may reduce earnings.
* Penalty for early withdrawal
These rates are as of 02/01/2012. To see if these rates have changed, call 1-217-675-2311.
Individual Retirement Accounts Franklin Bank is proud to announce the following IRA options: Traditional IRA - Can be tax deductible
- Tax deferred earnings
- Penalty-free withdrawals can be taken for first-time home purchase and qualified
college expenses for your family - The annual contribution limit is $5,000.00 in 2008. Individuals who have reached
age 50 by the end of the year will be able to make an additional catch-up contribution
of $1,000.00.
- Must be younger than 70 1/2 and have earned income
ROTH IRA - Tax-free earnings: while contributions will not be deductible, distributions of
earnings from a plan that has been open at least 5 years may be tax free - Penalty-free, tax-free qualified withdrawals
- Must have earned income
- No age requirements: you can make contributions past the age of 70 1/2
- You can convert an existing Traditional IRA to a ROTH IRA
- No required minimum distribution
- Withdrawals are taken from contributions first
Income limitations may apply. If you have any questions about IRAs or any of our other products,
email us at info@franklinbank.net. |
