Savings

Personal Savings

A personal savings account is the first step to financial stability. It’s the emergency fund that we all need, the safety net, and the beginning stage of building wealth. American Bank of Commerce knows you need a savings account that supports your savings goals. We offer a variety of savings account options – each one customized for your benefit.

ABC SAVINGSABC YOUTH SAVINGSHEALTH SAVINGS (HSA)INDIVIDUAL RETIREMENT ACCOUNT (IRA)CERTIFICATE OF DEPOSIT
Account Description & Benefits

Savings accounts are an easy and safe way to save for the future and may be tied to your checking account to protect you from accidental overdraft charges. Let us help you set up an Automated Funds Transfer to make saving easy.

This account is set up for individuals age 0 to 18. Whether saving for college, a new car or the future, teach your child money savings basics.

Your High Deductible Health Plan (HDHP) is combined with an HSA account for the purpose of paying or reimbursing qualified medical expenses. Contributions to an HSA are tax deductible, the earnings grow tax deferred and distributions to pay for reimbursed qualified medical expenses are tax free.

An IRA, is a tax-deferred account that permits individuals to set aside money each year for retirement planning, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later. Contributions may be deductible. IRA’s are funded by a Certificate of Deposit. IRA Types offered: Traditional IRA, ROTH IRA, SEP IRA (Simplified Employer Plan), CESA (Coverdell Education Savings Account).

Certificate of Deposits are a low-risk investment that allows you to maximize your savings with added benefits of liquidity and safety. CD terms from one month to five years.

Interest Bearing

Yes

Yes

Yes

Yes

Yes

Service Charges

Daily Balance during statement cycle determines service charge:

  • 0$ – $99.99 = $3.00
  • $100 + = $0

Over 6 withdrawals per quarter = $2 per item

No statement cycle service charge

Over 6 withdrawals per quarter = $2 per item

Daily balance during statement cycle determines service charge:

  • $0 – $999.99 = $2.00
  • $1,000 + = $0

Penalty for early withdrawal

Penalty for early withdrawal

Eligibility

Individuals or Business

Individuals 0 – 18 years old

Individuals covered by a high-deductible health plan that meets annual requirements – annual contribution limits apply

Individuals

Individuals or Business

Minimum Opening Deposit

$100

$25

$.01

$1,000

$1,000 for Regular CD’s – all terms

$100,000 for Jumbo CD’s – all terms

Transaction Limitation

6 transfers or withdrawals per month by check, debit card or similar order payable to a third party

6 transfers or withdrawals per month by check, debit card or similar order payable to a third party

Unlimited

Non-transactional account

Non-transactional account

*ATM/Debit Card - additional fees may apply, a full fee schedule is available at any branch

ATM Only

ATM Only

Health Savings debit card only

No

No

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