Savings and CD's
Passumpsic Savings Bank has savings accounts and CDs that are flexible, easy, and a secure investment.
NEW!
Health Savings Account
An exciting new way to help individuals with high-deductible insurance plans save for future medical expenses. Check with your tax advisor and health insurance provider to find out if you qualify for this account. Click here for account details.
Statement Savings
- $50 minimum balance required to earn interest
- Convenient monthly statement
- Can be pledged as collateral for a loan
Savers Club
- You choose the payment that meets your savings goal
- No coupons needed
Start anytime
- Earn regular savings account interest
Choose the payout date from one of four dates
Money Market Savings
- Provides limited check writing privileges.
- $1,000 to open.
- Interest earned on all balances over $1
Certificates of Deposit (fixed rate)
- Offering terms of 90 days to 5 years
- $500 minimum opening deposit
- Automatically renewable
- Can be pledged as collateral for a loan
- Quarterly statement
- May be subject to early withdrawal penalty
Youth Certificates of Deposit
- 6-month term
- Primary owner must be under age 18
- $75 minimum opening deposit
- Additional deposits can be made in amounts of $25 or more
- Quarterly statements
Youth Statement Savings
- $1 to open
- $4 to obtain interest
- Quarterly statements
- Variable rate
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Individual Retirement Accounts -IRA (Traditional)
- Fully tax deductible if customer or spouse is not covered by another retirement plan (if IRS qualifications are met)
- Interest earned is tax deferred
- Annual deposit can be an amount up to the individual’s permissible limit (not to exceed $4,000 per person, or $5,000 if age 50 plus)
- Consult tax advisors regarding deductibility
Roth IRA
- Funded with after-tax contributions
- Earnings on contributions accumulate tax free (if IRS qualifications are met)
- Individuals may continue to make contributions beyond age 70 if they have earned income.
- Consult tax advisors regarding deductibility
Simplified Employee Pension Plan (SEP)
- Contributions are tax deductible to the employer
- Commonly used by self-employed individuals and small-business owners
Coverdell Educational Savings Accounts
- Earnings on contributions accumulate tax free
- Distributions may be withdrawn tax free and without penalty if the withdrawals are used for qualified educational expenses.
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