Savings Accounts and CDs
Savings, Money Market, Coverdell and CD Accounts
The future is unpredictable. One minute everything is smooth sailing, the next you need to buy new tires, your child needs braces or you have medical expenses to pay. That’s why having money saved up is important.
Fairfax State Savings Bank offers various ways to save, whether you can dedicate a smaller percentage of your income or can be more aggressive with your savings. This ensures you are ready for whatever comes next, even if it’s only a rainy day.
A great account for both new and experienced savers, our Regular Savings account offers a place to build your emergency fund or save for a rainy day. It’s a great savings account for both adults and children alike. Benefits of the Regular Savings account include:
- Quarterly interest
- No minimum balance requirement
- No service charge
- Easily accessible for quick withdrawals
Insured Money Market Savings
Make your money work for you with our Insured Money Market Savings account! This account allows you to earn a more competitive interest rate while still being accessible. The minimum opening deposit and minimum average daily balance of $5,000 allows you to continue to earn interest to build up your balance faster.
Coverdell Education Savings Account (CESA)
An affordable education is becoming harder to find. A Coverdell Education Savings Account allows you, a family member or friend to make contributions for your child’s education:
- Funds can be used to pay for elementary and secondary education expenses (kindergarten through 12th grade)
- Educational institutions can be public, private or religious
- Funds can also be used for college, technical school or postgraduate work
- No payments on income tax on the interest paid is required
- Anyone – you, a family member or a friend – can make a contribution to the account
Certificates of Deposit (CDs)
When you make an investment, you want to know your money is both protected and will earn a competitive rate. A certificate of deposit, or CD, from Fairfax State Savings Bank offers both of those benefits and more:
- Terms available from 91 days to 72 months
- Minimum deposits at $1,000
- Guaranteed fixed interest rates
- FDIC insured up to the maximum amount ($250,000)
Contact or come by Fairfax State Savings Bank today to learn more about our CD options or to open your CD account today!