Personal Banking
Savings Accounts
Passbook Savings
This is the traditional but seldom-offered passbook savings. We continue to offer this product as a special accommodation to our customers. The passbook is required to conduct any transactions!
- $50.00 to open
- Interest compounded daily and paid quarterly
- $50.00 minimum balance requirement to avoid a monthly service fee
- 3 transactions allowed per month with no service charge
Statement Savings
Standard savings product with competitive rates. Fully descriptive statements are rendered quarterly.
- $50.00 to open
- Interest compounded daily and paid quarterly
- $50 minimum balance required to avoid a service fee
- 3 transactions allowed per month with no service charge
Minor Savings Account
Statement or Passbook Savings that can be opened for an individual 18 years or younger by parent or guardian.
- $50.00 to open
- Interest compounded daily and paid quarterly
- $50 minimum balance requirement to avoid a monthly service fee
- 3 transactions allowed per month with no service charge
Money Market Demand Deposit Account
This account offers higher interest rates however the number of transactions is restricted.
- Minimum to open $2,500
- No limits on additions to account
- only 3 checks per statement period allowed
- 6 transfers from your account per statement cycle including the 3 checks per month
- Unlimited over-the-counter withdrawals
- $200 minimum balance to avoid monthly fee
Preferred Investment Account
This is an investment account paying higher interest with restricted transaction activity. Offers daily availability of funds. Interest is compounded daily and paid monthly.
- $10,000 to open
- Transfers restricted to a total of 6 within the statement cycle. The number of third party checks is restricted to 3 per statement cycle.
- Unlimited over-the-counter withdrawals
Certificates of Deposit
Certificates are savings plans that pay a fixed rate of interest for a specified term. Minimum opening balance requirements vary based on the term of the certificate. Some certificates can be opened for as low as $500. Automatic renewals are provided on all certificates for your convenience. Spratt Savings and Loan Association has competitive rates and terms to meet your investment and time horizon needs. We also offer outstanding “Specials” that we encourage you to investigate.
- opening balance based on product selected and term
- opening minimum balance requirements range from $500 - $2,500
- Maturity dates range from 30 days to 48 months
Health Savings Account
Our Health Savings Account is a tax-exempt*, custodial savings account for either individuals or families that are covered under a high deductible health plan. Withdrawn funds are restricted for the payment for qualified medical expenses. Interest is earned on contributions that is compounded daily and paid quarterly.
- Quarterly statement
- HSA VISA® debit card
- Earns interest
- Easy access to pay for medical expenses
*Consult your tax advisor concerning contribution amounts and tax deductibility.
