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Personal Savings Accounts

Essex Saving Bank believes that saving regularly is a fundamental factor in achieving financial independence. We offer a variety of plans to make saving easy and rewarding. You can choose from passbooks, statement savings, money market accounts, certificates of deposit and Individual Retirement Accounts. You can be assured of steady growth of your assets with the security of FDIC Insurance and ready access to your funds.

These accounts may be opened in the name of an individual, jointly, as a custodial account or trust, as well as for organizations and estates. Depending upon your initial deposit and needs for liquidity, or stated purpose, your customer service representative can guide you to the account that can give you the greatest yield.

NOTE: For specific conditions and charges on our accounts, consult our Account Information and Schedule of Interest and Charges, and our Deposit Account Agreement and Electronic Funds Transfer Disclosure, or talk with a Customer Service Representative at any of our offices.

Passbook Accounts

A passbook account is the classic way to save for those customers who prefer to maintain a paper passbook and choose not to use electronic transactions. Interest is earned from the day of deposit to the day of withdrawal, and paid monthly. You have easy access to your funds but your passbook must be presented at the bank for all activity. ATM cards and direct deposit are not available with a passbook account.

Maintain a minimum balance of $100.00 OR make a deposit or withdrawal within a 6 month timeframe and avoid any monthly fee.  Fees are waived for account holders 18 years or younger.

Statement Savings Accounts

This account provides you with a monthly statement to track all your deposits, withdrawals, interest earned and the balance in your account. Interest is earned from the day of deposit to the day of withdrawal and paid monthly. You may also use your ATM/Debit Card to access your account from ATMs all over the globe bearing the NYCE, Plus or Cirrus signs. This account allows for direct deposit and may be linked to your Essex Savings Bank checking account for overdraft protection purposes.

Maintain a minimum balance of $100.00 OR make a deposit or withdrawal within a 6 month timeframe and avoid any monthly fee.  Fees are waived for account holders 18 years or younger.

Holiday Club Accounts

Saving money regularly means you will have ready cash for the holidays so you can avoid adding to your debt load. You may make deposits to this statement account at any branch or set up automatic weekly, bi-weekly or monthly direct deposits. You receive a check in the mail for the balance plus interest in October when the account matures.

Clipper Ship Accounts

The more you save, the more you earn. With a Clipper Ship Account, your interest increases with your balance. You can deposit to or withdraw from your account at anytime. This account can be either a passbook or statement account. There is no monthly fee when the account balance is $1000.00 or more throughout the statement cycle.  The Clipper Ship statement savings account allows for direct deposit and may be linked to your Essex Savings Bank checking account for overdraft protection purposes.

Tier Daily Balance
1 $0-$9,999
2 $10,000-$24,999
3 $25,000-$49,999.99
4 $50,000+

Certificates Of Deposit

As an integral part of a balanced portfolio, Certificates of Deposit are the ideal way to save for a specific goal, be it a new car, down payment on a house or a child’s education. You select the term so that the funds are available when you need them and because there’s a guaranteed rate of return, you know exactly how much your Certificate will be worth at maturity. Your principal is FDIC-insured up to at least $250,000 per individual owner.

Ask us to show you ways to increase your insurance coverage with different ownership options. A substantial penalty for early withdrawal may apply. You may choose a Certificate of Deposit that matures between 3 months and seven years to match your investment goals or your market beliefs. Interest is earned from the day of deposit to the day of withdrawal and may be left on deposit to compound for maximum interest earnings, or you may choose to deposit the interest to another account or you may receive a check.

Retirement Accounts

Essex Savings Bank provides a variety of tax-deferred retirement savings plans. Our retirement plan specialists can help you design a plan that meets your objectives, and review current plans for performance and cost comparisons. Our traditional Individual Retirement Accounts (IRAs) provide the tax advantage of your investments growing tax-deferred until they are withdrawn.  Our Roth IRAs are an ideal way to invest your after-tax dollars today.  When it's time to withdraw, the withdrawals are tax-free, including the interest if certain provisions are met.

Our subsidiary, Essex Financial Services, Inc. offers another array of options such as 401(k) profit sharing plans, Simplified Employee Pension Plans (SEPs), 403(b) plans for public education organizations and non profit organizations as well as other alternatives to meet the needs of individuals, sole proprietorships, and business of any size.

NOTE: For specific conditions and charges on our accounts, consult our Schedule of Deposit Accounts Charges, Deposit Account Contract and Electronic Funds Transfer Disclosure, or speak with a Customer Service Representative at any of our offices.
Essex Savings Bank offers a wide variety of personal account products.
Visit one of our conveniently located offices and we’re sure you’ll find an account that’s just for you.

 


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