A basic savings account for customers who want to put money aside and earn interest. Covenant Savings requires a minimum opening balance of $100. Your money will earn interest with a competitive monthly rate. There is a $10 quarterly fee if the balance falls below $100. Customers are allowed 6 free withdrawals per cycle. A $2 fee is charged per additional withdrawal. There is no minimum balance fee for students under 21 and seniors over 60.
Covenant Christmas Club
For people who need a place to save money for Christmas, Covenant Christmas Club is an easy way. Covenant Christmas Club accounts can be opened with just $10. There is no service charge. Deposits are unlimited. Christmas Club checks are printed October 31st each year.
Certificates of Deposit
Certificates of deposit are offered with a minimum opening deposit of $1,000. Terms range from 7-31 Days to 5 years. Individual Retirement Accounts (IRA's) Certificates of deposit are available with terms of 1 Year to 5 Years. 18 month TDOA is also available with a minimum opening deposit of $500.00 and allows additional deposits.
Early withdrawals penalties are determined by the term of the CD:
- 6 months and less = 1 month of interest
- Greater than 6 month to a year = 3 months of interest
- Greater than 1 year = 6 months of interest