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Personal Savings
Putnam Bank offers the following Personal Savings products:
- Savings Accounts
- Student Saver Account
- Prestige Money Market Passbook
- Club Accounts
- Certificates of Deposits (CDs)
- Individual Retirement Accounts (IRAs)
- Health Savings Accounts (HSAs)
- FDIC Coverage
- Putnam Bank ATM Card
Savings Accounts
A simple savings tool with fast and easy access to your funds. Choose either a Passbook or Statement Savings Account. Our Statement Savings Account gives you the added benefit of 24 hour ATM access to your cash. Combine a Statement Savings Account with our Classic Checking Account and receive one convenient monthly statement. (Passbook Savings Accounts are not accessible online.)- Minimum Balance of $200.00
- Monthly fee of $2.00 if balance falls below $200 at any time.
- Minimum Balance to earn interest is $50.00
- Interest Compounded Daily
- A fee of $9.50 per transaction is imposed for exceeding transfer limitations*
*Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer, check, debit card, or similar order and telephone transfer are limited to six per statement cycle.
Student Saver Account
A school-based program designed to develop money management skills and create consistent savings habits.
- Daily Minimum Balance - None
- Monthly Fee - None
- Interest earned on all balances
- No ATM card available
- Must be 5-18 years old
Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer, check, debit card, or similar order and telephone transfer are limited to six per statement cycle.
Prestige Money Market Passbook Account
This is a tiered money market passbook account which enables you to earn higher rates of interest on larger balances.- Maintain a minimum daily balance of $1,000.00 to avoid $12.00 monthly service fee,
- A fee of $9.50 per transaction is imposed for exceeding transfer limitations*,
- Maintain a minimum daily balance of $1,000.00 to earn interest,
- Free Telephone Banking Service
*You may not make any transfers from a Money Market Passbook Account to third parties by preauthorized, automatic, computer or telephone transfer. You may make transfers from your Prestige Money Market Passbook Account to another account of yours with Putnam Bank by preauthorized or automatic but are limited to six per month.
Club Accounts
Vacation and Christmas Clubs provide a convenient and easy way to save for that special event. Club Accounts are available in $5.00 increments, so you can choose the amount you want to save.
- Daily Minimum Balance - None
- Monthly Fee - None
- Interest earned on all balances
- Interest Compounded Daily
Certificates of Deposit
Our Certificates of Deposit consistently offer competitive rates of interest. Terms range from 91 days to 5 years. The minimum deposit starts as low as $500.00.
Individual Retirement Accounts
Choose the right retirement account to fit your needs. We offer Traditional, Rollover, Roth, SIMPLE, Education and SEP products. Various investment terms are available, including Certificates of Deposit and our IRA Statement Savings Account.
- Certificates of Deposit - CD terms range from 6 months to 5 years; minimums start as low as $250.00.
At Putnam Bank, you can consolidate all your IRA contributions into one Certificate of Deposit (CD). Most other banks open new CDs every time you make an IRA contribution. Managing multiple CDs with varying maturity dates can be a paperwork nightmare.
You may make additional contributions to any of our IRA CDs, up to the maximum allowed, any time during the term of the CD in amounts of $100 or more.
IRA accountholders, aged 59 1/2 or over, may also choose to increase their IRA CD rate once per calendar year.
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*IRA Statement Savings Account* - An easy way to save for retirement. Our IRA Statement Savings Account lets you build your retirement nest egg a little bit at a time. Open with just $50, and make recurring automatic transfers in amounts you can afford. Before you know it, you'll be on your way to a more comfortable tomorrow.
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Minimum to open account is $50.
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Maintain a minimum balance of $50 to earn interest.
* Transfers from an IRA Statements Savings Account to another account or to third parties by preauthorized, automatic, computer, or telephone transfer are limited to six per month, with no transfers by check, debit card, or similar order to third parties.
Early withdrawal penalties apply.
Health Savings Accounts
Health Savings Accounts, or HSAs, were created by Congress to combat rising medical costs by providing people with an incentive for paying "first-dollar" medical expenses. An HSA is an IRA-like account that is designed exclusively for covering medical expenses for individuals and families with high deductible health insurance plans. Not only can HSAs provide tax benefits related to paying qualified medical expenses, they also provide benefits similar to many traditional retirement plans.
Putnam Bank ATM Card
Our ATM Card offers access to any ATM displaying the NYCE and CIRRUS logos to obtain cash at thousands of locations worldwide, 24 hours a day. Our ATM Card can also be used for point-of-sale transactions (if the card is connected to a PB checking account), such as at the grocery store or the gas station, without having to write a check. Make deposits, withdraw cash, or transfer funds between accounts at any of our Putnam Bank ATM locations.- Account Access 24 hours a day
- No Fee at any Putnam Bank ATM
- Transaction Fee of $1.00 at another bank*
*Putnam Bank is a member of the SUM Program. Look for the SUM logo whenever you use a foreign ATM to avoid paying a surcharge.
(Foreign ATM transaction fees may still apply).
Please contact us for more information or visit our offices.
