Personal Savings

Enhance your earning power with a savings account. Take advantage of automatic deposits and you can increase your savings account balance effortlessly.

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AccountStatement SavingsChristmas Club
Description A smart and easy way to save while earning interest. Access funds in your account at any ATM with a personalized Limited Access Visa Debit Card. Plan ahead for all those special needs such as taxes, holiday shopping, a vacation or anything else you want to save for.
Minimum Balance to Open $10 $1
Monthly Maintenance Fee

$1
Waived if you maintain a $50 average daily balance and for persons under 18 or 60 and over, if notified

None
Features
  • Unlimited deposits
  • Unlimited in person and ATM withdrawals/transfers
  • Up to six transfers per calendar month, includes Easy Phone Banking, Online Banking and preauthorized transfer
  • Detailed monthly statement shows deposits, withdrawals, and interest earned
  • Free direct deposit
  • Free automatic transfer
  • Free 24-Hour Easy Phone Banking
  • Pays a variable rate of interest, credited to your account monthly
  • It may be opened any time
  • Deposits are automatically transferred from a Katahdin Trust checking or savings account
  • Flexible deposit/payment schedule
    • Any amount ($1 minimum)
    • Choose from weekly, biweekly, monthly or quarterly transfers
  • Matures in August and automatically renews
  • Ending account balance will be automatically deposited back into your account from which your club payments were made or any other Katahdin Trust deposit account of your choice
  • Earns interest which is credited to the account annually

Early withdrawals from the account are not permitted.

Please refer to our Fees for General Services brochure for additional fees that may apply.

Health Savings Account

A tax-favored account used in conjunction with an HSA-compatible health plan to help pay for additional qualified medical expenses.

It’s easy to apply for a Health Savings Account (HSA). There are no set-up fees, and an initial deposit is not required to open an account. And it takes less than 10 minutes to complete the application!

ENROLL IN AN HSA NOW

 
 

Coverdell Education Savings Account

A flexible, tax advantaged way to save for your child’s higher education or for your grandchild, niece, nephew, or even a friend.

  • Earnings are tax-free as long as the distribution is used for qualified education expenses*
  • Choose a fixed or variable rate CD or combination thereof
  • Annual statement
  • Automatic renewal

Contributor has until April 15th of the current year to make previous year's contribution. The designated beneficiary must take qualified distributions between the ages of 18 and 30.

Contributions are not tax deductible. Interest accrues daily and is compounded monthly and credited to the account monthly.

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Individuals (subject to income limitations**) and entities are eligible to contribute. $2,000 per taxable year is the total aggregate contribution that may be made on behalf of a child under the age of 18.

The IRS assesses a penalty for excess contributions.

There may be penalties for early withdrawal (both IRS and Bank).

*Qualified Education Expenses. The money must be used for the beneficiary's qualified education expense (such as tuition, fees, books, supplies, equipment, etc.) at an eligible education institution; distributions are made during the year in which the education expense occurred; and the beneficiary is between the ages of 18 and 30. Please contact your local Katahdin Trust branch for a complete list of qualified education expenses.

**Income Limitations. Single persons with modified adjusted gross income below $95,000 and married couples filing jointly with modified adjusted gross income less than $190,000 may make full contributions. A phase out contribution is allowed for singles with incomes between $95,000 and $110,000 and married couples with incomes from $190,000 to $220,000. There are no income limitations for entities.

Please refer to our Fees for General Services brochure for additional fees that may apply.

 

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