Savings
- Statement
- Bull Moose Money Market
- CDARS (Certificate of Deposit Account Registry Service
- ICS (Investment Cash Sweep
- Repurchase Agreement Sweep
Statement Savings is an interest bearing savings account that receives a quarterly statement. You must deposit at least $10 to open this account. If the balance falls below $100 during the month a service charge of $1.00 is assessed. Interest is compounded and credited monthly. This account is limited to no more than 6 transfers by phone, internet, debit card, ACH, or other preauthorized means per month. Please refer to the Truth in Savings disclosure for more details. Please refer to our current rate sheet for the Statement Savings interest rate.
Bull Moose Money Market is an interest bearing money market account. You must deposit at least $10,000 to open this account. A minimum balance of $10,000 is required to earn interest. There is no monthly service charge and checks are complimentary. Interest is paid on balances in 3 tiers and is compounded and credited monthly. This account is limited to no more than 6 transfers by phone, internet, debit card, ACH, or other preauthorized means per monthly statement cycle. Please refer to the Truth in Savings disclosure for more details. Please refer to our current rate sheet for the Bull Moose Money Market interest rates.
CDARS (Certificate of Deposit Account Registry Service) is offered through a third party vendor, Promontory Interfinancial, to customers who desire full FDIC insurance coverage on their Certificates of Deposit in excess of the $250,000 maximum coverage at a single institution. Large deposits are broken into smaller amounts and placed with other banks that are members of the CDARS network. Everything is handled through First Colebrook Bank with one monthly statement listing all CDs registered and one 1099-INT at year end. Maturity terms range from 4 weeks to 5 years. Please contact your local branch Customer Service Representative for current CDARS rates.
ICS (Investment Cash Sweep) is offered through a third party vendor, Promontory Interfinancial, to customers who desire full FDIC insurance coverage on their Money Market funds in excess of the $250,000 maximum coverage at a single institution. Large deposits are broken into smaller amounts and placed with other banks that are members of the ICS network. Everything is handled through First Colebrook Bank with one monthly statement listing all Money Markets registered and one 1099-INT at year end. Funds are available for withdrawal for same day or next day withdrawal. Please contact your local branch Customer Service Representative for current ICS rates.
Repurchase Agreement Sweep is an overnight investment account for commercial customers who have a business checking account set up to automatically sweep funds from their checking. Securities owned by the Bank are sold to the customer and repurchased the following morning. The customer earns an overnight rate of interest on the overnight investment. A daily confirmation of the securities that have been purchased are provided along with the amount of interest earned. A $25 monthly service fee is charged through Account Analysis. Please contact your local branch Customer Service Representative for current rates and further information on Repurchase Agreement Sweep.
