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SAVINGS ACCOUNTS a Savings Account Should Be a Fundamental Part of Everyone’S Financial Plan

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SAVINGS ACCOUNTS a Savings Account Should Be a Fundamental Part of Everyone’S Financial Plan SAVINGS ACCOUNTS A savings account should be a fundamental part of everyone’s financial plan. Pay yourself first with a savings plan to help prepare you for the future. THE BENEFITS OF SAVING Because your personal savings plan may be different from another’s, we have many different savings vehicles for you to choose from. Each comes with the safety of FDIC insurance. ALL MERCHANTS BANK SAVINGS ACCOUNTS INCLUDE: FREE Mobile Banking* FREE Online Banking with Bill Pay✣ FREE eStatements Chip Debit Card DIAMOND SUMMER HEALTH MONEY ADVANTAGE BASIC KIDS SAVERS & WINTER SAVINGS MARKET SAVINGS SAVINGS CLUB FUNd ACCOUNT Minimum Opening Deposit and $5,000 $1,000 $50 n/a n/a n/a Daily Balance to Avoid Minimum Balance Fee Minimum Balance Fee $10 monthly $8 quarterly $8 quarterly n/a n/a n/a Withdrawal Limit 6 per month 12 per 12 per n/a at maturity unlimited quarter quarter Fee per Withdrawal Over Limit $10 $2 $2 n/a n/a n/a Interest paid monthly quarterly quarterly quarterly at maturity monthly Statement frequency monthly quarterly quarterly quarterly at maturity monthly ATM/Chip Debit Card access and yes yes yes no no yes My Mobile Money app fraud alerts* Health Savings Account IRA Savings Account A Health Savings Account allows individuals with a qualifying high deductible An IRA Savings Account offers an alternative to a longer term investment for health plan to save for future medical expenses. The Merchants Bank HSA is retirement dollars. Often used as a temporary parking spot until you make a structured as a tiered interest-bearing checking account with no minimum bal- decision on how to invest the dollars longer-term. ance. Summer FUNd or Winter FUNd Account Certificate of Deposit Accounts Automated savings plans to help you save throughout the year for increased Certificate of Deposit accounts with a wide variety of terms are available. A “CD” expenses during the summer and winter seasons, including vacation, summer allows you to maximize your rate of investment return with a savings product child care, weddings, Christmas gifts and more. that is FDIC insured. Choose to invest either IRA, HSA or regular funds in a term that fits your needs. Rates vary by term and penalties do apply for early with- • Automatic deposit of $25 or more per month required from a Merchants drawal. Bank checking or savings account or payroll direct deposit • Automated deposits are made to the Summer FUNd from August to May CDARS/ICS and to the Winter FUNd from January to October Want to protect deposits of $250,000 plus? Open a Merchants Bank CDARS or ICS account to ensure your individual or business deposits above the standard FDIC • Funds are disbursed and accrued interest is paid on balances the first busi- insurance amount are covered. ness day in June for the Summer FUNd and November for the Winter FUNd • Withdrawals are not permitted prior to disbursement or accrued interest is With both accounts, money is automatically deposited through a network of pre- forfeited and account is closed selected, highly rated banks. This guarantees that your entire amount on deposit is FDIC insured. Ask for details. • Fund payments automatically resume two months after disbursement date Member FDIC. Fees may reduce account earnings. *Data and messaging rates may apply from your wireless carrier. ✣ $0.40/payment after 20. Eligible accounts include Diamond Money Market, Advantage Savings, Basic Savings and Health Savings Account. (800) 944-6285 www.merchantsbank.com To open an account, call or stop in, or apply online..
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