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Bank Savings
- FDIC Insurance
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Savings Accounts
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Money Market Accounts
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Money Market Mutual Funds
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Certificates of Deposit (Time
Deposits)
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Holiday Savings Clubs
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Vacation Savings Clubs
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Treasury Savings Bonds
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Savings Accounts
A saving account is a
bank account that earns interest at a federally insured institution. It can
either be a statement saving account or a passbook account. Your funds are
secure, liquid and provide a positive return. There are no early withdrawal
penalties. Interest is subject to federal and state income taxes. The bank
will use the deposits to reinvest in the community, primarily though issuing
consumer and commercial loans. The loans normally return more than the rates
paid to depositors, thus resulting in a profit for the bank.
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