Savings Accounts
The Foundation
of your assets
Savings is an important part of anyone’s financial plan. River Valley Bank provides a number of savings options to meet your savings needs.
- Statement Savings
- Christmas Club
- Certificates of Deposit (CD)
- Individual Retirement Accounts (IRA)
- CDARS - Certificate of Deposit Account Registry Service
Statement Savings
The tried and true savings account. You’ll receive a quarterly statement (or monthly if there is electronic activity to your account) and a variable competitive rate of interest that is compounded and paid every quarterly statement cycle. You can open this account with as little as $25 and make unlimited deposits and withdrawals in person. Pre-authorized debits are limited to six per statement cycle. A low monthly maintenance fee will apply if your minimum balance falls below $100 (fee does not apply to minors and students 25 years old or younger).
Christmas Club
Plan ahead and save for your holiday purchases. You will earn a fixed rate of interest for the term of the account on any balance. Interest is compounded and paid at maturity. You can make unlimited deposits, however no withdrawals are allowed. A check will be issued at maturity for the principal and interest.
Certificates of Deposit (CD)
A term-based investment that has stood the test of time. Open a CD at River Valley Bank with as little as $1,000. A variety of terms are available, and the rates are fixed according to the term you choose.
Individual Retirement Accounts (IRA)
Save for your retirement and enjoy tax advantages. River Valley Bank provides a number of IRA investment options:
- Traditional IRA
- Roth IRA
- Coverdell Education Savings Account IRA
The rates are fixed or variable depending on the account specifics and term. Details are available by contacting your nearest River Valley Bank location.
CDARS – Certificate of Deposit Account Registry Service
A safe, convenient solution for large-deposit investors.
Through CDARS large deposits (exceeding $100,000) can be placed by a participating bank into smaller-denomination CDs at multiple institutions providing:
- Safety of FDIC insurance for large deposits – Because funds are placed in FDIC-insured CDs that are issued by Network members, your total deposits over $100,000 can be eligible for full FDIC coverage up to $1 million or more.
- CD interest – Rates may compare favorable with those of other high-quality, fixed income investments.
- Management convenience – you can manage all of your CD investments through a single relationship.
- Security of working with a trusted, local source – your transaction is managed by us, people you know and trust.
Details are available by contacting your nearest River Valley Bank location.
Funds may be submitted for placement through CDARS only after a depositor enters into the CDARS Deposit Placement Agreement with a participating bank. The agreement contains important information and conditions regarding the placement of funds through CDARS. Please read the agreement carefully before signing it.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC
