Statement Savings in Carthage, Clayton, Watertown, NY
A statement savings account with Carthage Savings is a great way to store money for future purchases such as a home, car, tuition, or emergency expenses, while earning interest on your balance. Here's how a savings account can help you and your family achieve your financial goals.
Benefits of a Statement Savings Account
Our statement savings accounts are a simplified solution for those beginning to save for the future. You can store money for specific future plans, or to have ready for life's unexpected costs. We offer competitive interest rates applied to your entire balance and no monthly service fees, meaning that your money will always be earning returns. With six free withdrawals monthly, free online and mobile banking, and free paperless eStatements, this account will truly allow you to reach your savings goals without unnecessary fees. Better still, direct deposit enables you to take fewer trips to the bank. With only $10, you can start saving today.
Investing Your Savings
There are other account options for securely investing your savings that offer different benefits than a traditional statement savings account. Money Market accounts offer interest rates that increase according to your balance, so the more you save, the more additional money you earn. Meanwhile, you maintain access to funds in a similar manner to a regular savings account.
Certificates of Deposit, or CDs, also offer higher interest rates than a traditional savings account. These accounts have predetermined term lengths during which the balance should not be withdrawn. For this reason, a CD is best for longer-term savings goals rather than a rainy-day fund. However, it can offer a higher guaranteed return than a savings account if the balance is maintained through the entire term.
How to Apply
To apply for one of our accounts online, you'll need a government-issued photo ID, your Social Security number, U.S. Citizenship or Resident Alien status, and your outside account information if you're funding your new account through another bank. This process will only take about ten minutes. If you prefer, bring the required information to one of our branches during business hours to get on your way to saving.
*Federal regulations limit the number of certain types of transactions from interest bearing accounts. You are limited to six pre-authorized electronically funded transactions, including online transactions, per statement cycle. Each transaction through Carthage Savings online from your Savings or Money Market account is counted as one of those transactions.