DEPOSIT ACCOUNTS

Savings

Passbook Savings  |  Statement Savings Account  |  Christmas Club
Certificates of Deposit  | IRAs

 

To meet our customers needs, we offer a wide range of accounts for your savings needs. We offer the passbook savings up to Certificates of Deposit. Look around to see which fits your savings plans.
 

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PASSBOOK SAVINGS

  • Interest earned on your daily balance and compounded semi-annually
  • Interest will be credited to your account semi-annually
  • No minimum deposit, no minimum balance to earn interest
  • No maintenance fee if account is not dormant (dormant is if you have not made a deposit in twelve months

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STATEMENT SAVINGS ACCOUNTS

  • Interest earned on your daily balance and compounded semi-annually
  • Interest is credited to your account semi-annually
  • $200 minimum opening deposit
  • No minimum balance required to earn interest
  • A service fee of $3 will be imposed every statement cycle if the balance in the account falls below $2,500 any day of the cycle
  • ATM access with Debit Card
  • Receive monthly statements and can be combined on your checking account statement
  • Transfers from this account to another account or to third parties by preauthorized or automatic transfer are limited to six per statement cycle with no transfers by check, draft or similar order to third parties.

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CHRISTMAS CLUB

Save throughout the year for Christmas gifts. Grundy National offers the Christmas Club account in four choices, pick the one best for your needs. Have a Merry Christmas.

The Club required deposit for this account will be based on the Club the account holder chooses to join. The amount of the required deposit will be determined as follows:

$2 per week. . . . . . . $ 100 Club

$5 per week. . . . . . . $ 250 Club

$10 per week. . . . . . $ 500 Club

$20 per week. . . . . . $1,000 Club

An early closing fee of $5 will be charged if the account is closed before maturity.

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CERTIFICATES OF DEPOSIT

We offer savings in the form of Certificates of Deposit (CD's). These instruments are flexible when interest is paid along with maturities. As a CD customer, you can receive your interest by check or credit to an account at Grundy National Bank or you may want to compound the interest back to your certificate. As a CD customer, you may want a one year CD or a 3 month CD. Below is some information on CD's but you will need to contact us on specific needs you may have. Feel free to contact us, ask for information on Certificates of Deposit or come visit us.

  • Minimum balance to open a CD is $500
  • Deposits to the CD is not accepted until maturity
  • Withdrawals of the principal of your CD is not allowed before maturity
  • You may withdraw interest on crediting dates
  • Early withdrawal penalties may be imposed for withdrawals before maturity
  • Interest can be compounded, deposited into another account you have at Grundy National or mailed to you by check
  • There are many terms that you can deposit your money starting with a 7-31 day term up to 24 months
  • Interest can be paid to you monthly, quarterly, semi-annually, annually or at maturity

Please call us at (276) 935-8111 for details or come by and visit us at our Main Bank or one of our Branches.

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IRA (Individual Retirement Account)

Grundy National Bank provides you a means of savings for your retirement. We offer fixed rates and variable rates on these accounts, please check with us on current rates. Grundy National follows regulations pertaining to IRA accounts. Listed below are a few offerings that we are allowed to give you, the customer's choices. Plan for your future now with an IRA account.

  • Traditional fixed or variable IRA's and SEP's are available
  • Your account will have a one year or two year maturity
  • Interest on your IRA will be compounded quarterly
  • Penalties for early withdrawal can be imposed if withdrawal is made before the maturity date
  • $50 minimum opening deposit
  • Periodic statements
  • Optional distributions when age 59 1/2 reached
  • Mandatory distributions when age 70 1/2 reached
  • Transfers and rollovers accepted

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