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Savings Accounts, CDs and IRAs


Savings Account

This savings account is a convenient way to save. You can open a savings account with an initial deposit of $10.

  • No average daily balance requirements
  • Limit of six withdrawals or transfers for each calendar month or statement cycle of at least four weeks.
  • Interest compounds and is paid quarterly
  • Free 24 hour online banking

The account must be open for 6 months. If closed before 6 month period a $10 penalty charge will apply.


Certificates of Deposit (CDs)

Fairview Savings and Loan Association offers CD's with maturities available from 6 months to 3 years

  • Minimum balance to open account is $100
  • Minimum balance to open a 3 year CD is $1000
  • Interest compounds and is paid quarterly
  • Interest may be reinvested, deposited to another account or paid by check
  • Automatically renewing CD's have a grace period of 7 calendar days after the maturity date to withdraw funds without penalty
  • Penalties are imposed for early withdrawal

Individual Retirement Accounts (IRAs)

An IRA is a great way to plan for retirement. Fairview Savings and Loan has two options to choose from:

Traditional

Individuals under 70 ½ years of age who have earned income may contribute to a Traditional IRA. Earnings grow tax deferred until distribution begins.

  • Minimum balance to open account is $100
  • Fixed rate and variable rate account options available
  • Interest earned is tax deferred until withdrawn
  • Minimum distributions are required beginning at age 70 ½
  • IRS penalty for early withdrawal unless certain conditions apply

Roth

Contributions are made after tax.

  • Minimum balance to open account is $100
  • Fixed rate or variable rate account options available
  • Contributions are allowed after age 70 ½ if individual has earned income
  • IRS penalty for early withdrawal unless certain conditions apply