Statement Savings

Planning a vacation? Children going to college? Need a new car? Our statement savings is a great way to save for your needs.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $50.
• This is a variable rate account subject to change at the bank’s discretion.
• Interest is compounded daily and credited to your account monthly.
• Unlimited in person deposits and withdrawals. You may not make more than six withdrawals or transfers to another account of yours or to a third party by means of preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
• An excess transaction fee as outlined in the bank’s fee schedule will be charged for each transaction over six per month.
• Detailed monthly statement.

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Passbook and High Yield Passbook Savings

The Passbook Savings Account still exists at Fairmount Bank. The passbook can be maintained as your primary record allowing you to easily view account history as you update the book with your transactions at our branch.

• Passbook Account -Minimum balance to open and obtain the Annual Percentage Yield (APY) is $25.
• High Yield Passbook Account -Minimum balance to open and obtain the Annual Percentage Yield (APY) is $500.
• This is a variable rate account subject to change at the bank’s discretion.
• Interest is compounded daily and credited to your account monthly.
• Unlimited in person deposits and withdrawals. You may not make more than six withdrawals or transfers to another account of yours or to a third party by means of preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
• An excess transaction fee as outlined in the bank’s fee schedule will be charged for each transaction over six per month.

Holiday Club

Take the ouch out of holiday spending by opening a Holiday Club Account today.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $25.
• This is a variable rate account subject to change at the bank’s discretion.
• An early withdrawal fee as outlined in the bank’s fee schedule will be charged for each early withdrawal.
• Interest is compounded daily and credited to your account during the month of October.
• Checks are mailed in time for your holiday shopping.

Money Market

Fairmount Bank’s Money Market account is the perfect savings vehicle for those who aren’t comfortable with the volatility of the current stock market but who also don’t want to lock up their funds in CDs. This account pays competitive yields and is easily accessed by check.

• Minimum opening deposit $2,500.
• Maintain minimum daily balance of $1,500 to obtain annual percentage yield.
• This is a Variable Rate account subject to change at the bank’s discretion.
• Interest is compounded daily and credited to your account monthly.
• Unlimited in person deposits and withdrawals. You may not make more than six withdrawals or transfers to another account of yours or to a third party by means of preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party.
• An excess transaction fee as outlined in the bank’s fee schedule will be charged for each transaction over six per month.
• Maintain $10,000 daily balance to avoid the monthly service charge as outlined in the bank’s fee schedule.
• Detailed monthly statement with check images.
• Free standard checks.

Checking Accounts

We have a variety of checking accounts including one for those 55+ in age.

Senior Checking
For our mature customers 55 and over.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $200.
• Must maintain a $200 daily balance to avoid a monthly service charge as outlined in the bank’s fee schedule.
• This is a variable rate account subject to change at the bank’s discretion.
• Interest is compounded daily and credited to your account monthly.
• Unlimited deposit and withdrawals.
• Detailed monthly statement with check images.
• Free standard checks.

Personal Checking Plus
For customers that maintain a minimum balance of $200 or more.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $200.
• Must maintain a $200 daily balance to avoid a monthly service charge as outlined in the bank’s fee schedule.
• This is a variable rate account subject to change at the bank’s discretion.
• Interest is compounded daily and credited to your account monthly.
• Unlimited deposit and withdrawals.
• Detailed monthly statement with check images.

Personal Checking

Our no fee – no minimum balance requirement checking account.

• Minimum balance to open the account is only $10.
• No monthly service fees.
• Unlimited deposit and withdrawals.
• Detailed monthly statement with check images

Certificates of Deposit

These investment vehicles range from three months to five years.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $1,000.
• Interest rates vary depending upon the term selected.
• Interest is compounded daily and credited to your account monthly.
• Interest can remain in your account, be paid by check or transferred to another Fairmount Bank transaction account.
• There is a substantial penalty for early withdrawal from these accounts.

Step-Up Certificates of Deposit

These investment vehicles are available for 19, 25 and 36 month terms and allow a one-time rate increase during the term of the certificate.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $10,000.
• Interest rates vary depending upon the term selected.
• Interest is compounded daily and credited to your account monthly.
• Interest can remain in your account, be paid by check or transferred to another Fairmount Bank transaction account.
• An interest rate adjustment will be in effect for the remaining term of the certificate.
• A change in the interest rate will not extend the maturity date.
• There is a substantial penalty for early withdrawal from these accounts.

IRA Accounts

If you are concerned about having enough income during your retirement years, take advantage of the Individual Retirement Account opportunities at Fairmount Bank. Even if you already participate in an employer or government-sponsored retirement plan, you can still contribute to an IRA if you earn income. Fairmount Bank’s IRAs have terms of 18 and 30 months.

• Minimum balance to open and obtain the Annual Percentage Yield (APY) is $100.
• Interest rates vary depending upon the term selected.
• Interest is compounded daily and credited to your account monthly.
• There is a substantial penalty for early withdrawal from these accounts.

For more information about IRAs, call 410-866-4500 and ask for the IRA expert.