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Personal Savings

Savings Accounts

please click on an account type to view details

Savings Account

First Bank of Baldwin Savings Account offers a solution to saving without extra hoops to jump through. Competitive interest rates make it easy to grow funds for your next adventure. There is no monthly service fee as long as your account maintains a $10.00 balance. Minimum balance to open the account is $10.00 and you have an unlimited number of deposits monthly.

Summary

  • $10.00 minimum deposit to open
  • $10.00 daily balance requirement
  • $3.00 flat monthly service fee if you fall below the daily balance requirement
  • Interest compounded quarterly
  • Free Online Banking
  • Free Mobile App & Mobile Deposit
  • Free 24 hour phone banking
  • Free paper or eStatements (your choice)
  • Link your FBB checking debit card (optional)
  • A transaction fee of $2.00 will be charged for each withdrawal in excess of six in one month

Savings Rates

Compounding frequency-Interest will be compounded quarterly.

Crediting frequency-Interest will be credited into this account quarterly. Fees may reduce earnings.

Average daily balance computation method-Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.

Accrual of interest on noncash deposits-Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Minimum balance to open-The minimum balance required to open this account is $10.00.

Deposit limitations-You may make an unlimited number of deposits into your account.

Limitations on frequency of transfers-During any calendar month of statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction.

Additional terms-The following additional terms apply to this account:

view fee schedule here

Kids Club Savings Account

There is nothing minor about this savings account that children through the age of 12 can take advantage of. With a great interest rate and no minimum balance this is a great way to teach young customers the value of saving and money management as they get older. Minimum balance to open is $5.00.

Summary

  • Open to children up to 12 years old
  • $5.00 minimum deposit to open
  • No minimum monthly balance
  • No monthly service fee
  • Interest compounded quarterly
  • Free Online Banking
  • Free Mobile App & Mobile Deposit
  • Free 24 hour phone banking
  • Free paper or eStatements (your choice)
  • Limit of 6 transfers or withdrawals from the account per month

Savings Rates

Eligibility Kids Club Savings Account is open to children through 12 years of age.

Minimum balance requirements A deposit of at least $5.00 is required to open this account.

Balance computation method We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Compounding and crediting Interest for your account will be compounded quarterly and credited to your account on the last working day of each quarter.

Accrual of interest on deposits other than cash Interest begins to accrue on the business day you deposit non-cash items (e.g., checks).

Transaction Limitations You may make no more than six preauthorized (or automatic) or telephone transfers and withdrawals from your account per month.

view fee schedule here

Health Savings Account (HSA)

To help plan for your medical expenses, if your employer offers a qualified medical plan, open a First Bank of Baldwin Health Savings Account (HSA). An HSA allows you to set aside and earn competitive interest for qualified medical expenses. Contributions are tax-deductible and can be made by you, your employer, or a third party. A large advantage of this account is once established, your HSA always remains in your name, even if you have a job change.

Summary

  • Must have a qualified medical plan
  • $10.00 minimum deposit to open
  • No monthly service fee
  • Interest compounded quarterly
  • Free Online Banking
  • Free Mobile App
  • Free 24 hour phone banking
  • Free paper or eStatements (your choice)
  • Funds can be withdrawn at any time
  • Tax deductions when you contribute to your account
  • Tax-free withdrawals for qualified medical, dental, and vision expenses
  • Unused funds remain in the account year after year; no use it or lose it policy
  • Federally insured by FDIC

Savings Rates

Compounding frequency-Interest will be compounded quarterly.

Crediting frequency-Interest will be credited into this account quarterly.

Average daily balance computation method-Interest is calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use to make this calculation is monthly.

Accrual of interest on noncash deposits-Interest will begin to accrue on the business day you deposit noncash items (for example, checks) into your account.

Minimum balance to open-The minimum balance required to open this account is $10.00.

Fees and charges– The following fees and charges apply to this account:

Termination fee-$25.00

Transfer Fee: Fee to transfer money to another institution: $25.00

view fee schedule here

Christmas Club Account

Save throughout the year to help pay for holiday cheer. This account is designed to help you start saving for holiday shopping, a vacation or to simply start the good habit of saving. Choose a club amount, then make weekly, bi- weekly or monthly deposits from your payroll, checking, or savings or by making a deposit.

Summary

  • Enrollment period November 1st to January 31st
  • Minimum deposit to open $1.00
  • Minimum club amount $5.00
  • Bonus* paid by First Bank of Baldwin when the balance at maturity equals 49 payments of the club amount.
  • A transaction fee of $5.00 will be charged for each withdrawal before the maturity date.
  • Free Online Banking to view activity, balance and make transfers to your account
  • Free Online eStatements
  • No Monthly maintenance fee
  • Easy disbursement of funds at the end of the term

Limitations
You must deposit $1.00 to open this account. The Club Account enrollment period is November 1st through January 31st. The final deposit must be made by November 1st. Minimum club amount is $5.00. Deposits can be made weekly, bi-weekly, or monthly. A transaction fee of $5.00 will be charged for each withdrawal prior to maturity. Withdrawals and transaction fees will reduce your club account balance.

*Bonus

You will receive a deposit of your club amount to your account of up to $50.00 from First Bank of Baldwin if your balance at maturity equals 49 payments of your club amount. Final deposit over $10.00 will be reported to the IRS on form 1099-INT.

 

Certificates of Deposit

By opening a First Bank of Baldwin Certificate of Deposit you can guarantee your savings with a fixed interest rate for the life of the CD. Your payouts will yield better interest than a regular savings, and will receive an even higher rate of interest by selecting a longer term. Choose from our wide range of available terms for the one that gets you closest to meeting your savings goals.

Summary

  • Minimum deposit to open $500.00
  • Higher interest rate than regular savings accounts*
  • Longer terms earn higher rates
  • Interest accrues daily and compounds quarterly
  • 3-6 month CD’s interest compounds at the maturity date
  • 12 month and higher compound quarterly
  • Renews automatically upon maturity
  • Subject to bank rate at time of renewal
  • Penalty for early withdrawal

*all rates are subject to change at First Bank of Baldwin’s discretion.

Certificate of Deposit Rates

*Rate=Interest Rate
**Annual Percentage Yeild

You must maintain a minimum average daily balance of $500.00 to obtain the disclosed
annual percentage yield (APY).

A penalty may be imposed for early withdrawal.

Individual Retirement Accounts (IRA)

Traditional and Roth Individual Retirement Accounts (IRA)
When it comes to retirement, the earlier you can start saving the better your future will look. First Bank of Baldwin offers both traditional and Roth retirement options to fit your financial structure and meet your future savings goals. There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at retirement.

Coverdell Education Savings Account
A Coverdell Education Savings Account—also known as an ESA—is a special account designed to help pay for your child’s education. When you invest in an ESA, potential earnings grow tax-deferred, which means your money has a chance to compound faster because you don’t have to pay taxes on current investment income or capital gains. Even better, withdrawals are free from federal taxes so long as you use the money to pay for qualified education expenses, which typically include tuition, books, supplies, uniforms, room and board, computer equipment and internet service.

 

Savings or Fixed Rate CD Accounts available to open

Savings Minimum Opening Balance……………………………….$25.00

Fixed Rate CD Minimum deposit to open……………………….$500.00

Full Range of maturities available

Penalty for early withdrawal may apply

Trustee to Trustee transfer to another financial institution…$25.00

IRA Plan Closing Fee………………………………………………………$25.00

Savings Rates

Certificate of Deposit Rates