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Savings Accounts

Open Multiple Savings Accounts and Save for Your Goals and Life’s Unexpected Costs

The ability to save money is a skill that can serve you well your entire life. You have goals for your life and your family, and being able to watch your money grow and to reach your goals is part of a sound financial plan. Putnam Bank offers many ways to help you save for your goals, as well as life’s unexpected costs, with a variety of savings accounts, including certificates of deposit (CDs)individual retirement accounts (IRAs) and health savings accounts (HSAs). Use an automated savings plan and watch your funds grow faster.

Savings Account Options

Account Type Passbook Savings Statement Savings Club Savings Prestige Money Market Statement Success Saver Student Saver IRA Statement Savings Account Certificate of Deposit3 IRA CD
Account Description Keep easy track of your savings with our Passbook Savings Account. Save easily and have 24-hour access with an ATM card and Online Banking. Designed to help save for the holidays or vacation with no minimum balance or fees. Tiered interest account earns higher rates on larger balances. You also get the benefit of check writing privileges, online banking and debit cards. The Success Saver works together with Success Checking. Statement savings accounts designed to teach students under 18 years savings and money management skills with no minimum balance or fees. An easy way to plan for your retirement. Build your nest egg safely a little bit at a time in amounts you can afford. Choose from short or longer term CDs that work best for your financial planning needs at competitive fixed rates. 91 Day to 5 Year terms available. Fixed rate and term retirement certificates offer competitive rates on terms from 6 months to 5 years. Traditional and ROTH IRAs available.
Minimum to Open $20.00 $20.00 $5.00 $1,000.00 $20.00 $5.00 $50.00 $500.00 - $1,000.00 $250.00 - $1,000.00
Minimum Balance $200.00 $200.00 None $1,000.00 None None $50.00 $500.00 - $1,000.00 $250.00 - $1,000.00
Monthly Fee (if below minimum) $2.001 $2.001 None $12.00 None None None None None
Interest Rate Information2 Variable Variable Variable Variable - Tiered Variable - Tiered4 Variable Variable Fixed Fixed
Minimum to Earn Interest $50.00 $50.00 None $1,000.00 None None $50.00 - -
Additional Information Passbook required for all withdrawals. Transaction limitations apply. Transaction limitations apply. Clubs mature in April (vacation) and October (holiday). Withdrawals prior to maturity will close account. Transaction limitations apply. Fees apply for each transaction over the limit. Transaction limitations apply. Must be linked to a Success Checking Plus Account.4 Must be opened jointly with parent or guardian. Transaction limitations apply. Transaction limitations apply. Terms and conditions apply. 3-year CD offers onetime rate increase during term. 18 month CD allows deposits (minimum $500) during term. Transaction limitations apply. Time requirements apply. You may make unlimited deposits into your account. For 18 month, 2, 3, 4 and 5 year terms we require a minimum deposit of $100.00. Time requirements apply.

1The $2.00 monthly maintenance fee will be waived if any of the following conditions are met, 1) the account has a monthly direct deposit; 2) the account is linked to a checking account with a minimum balance of $100.00; 3) the account owners are under the age of 18 or over the age of 62 years or if the account is in the name of a Not For Profit Organization. 2Your interest rate and Annual Percentage Yield (APY) is subject to change and fees may reduce earnings. 3Certificate of Deposit Accounts are subject to early withdrawal penalties. See our Schedule of Fees for other fees. Other restrictions and account terms may apply. 4Annual Percentage Yield (APY) is subject to Account qualification requirements of linked Success Checking Account.

Start your Putnam Bank savings account online or visit any of our offices to get started today!

CDs and IRAs

CDs are a secure way to grow your money over a longer period of time. Offering FDIC coverage (Coverage Limits Apply), they allow you to keep your money safe while it grows over time. Terms for Putnam Bank’s traditional CDs range from 91 days up to five years and come with competitive interest rates.

IRAs at Putnam Bank come in a variety of options that can be tailored to your financial needs. We offer Traditional and Roth IRAs, as well as Rollover, SIMPLE, Education and SEP investment accounts. Putnam Bank offers flexible terms for both IRA CDs and IRA Statement Savings Accounts.


This IRA option allows you to consolidate all of the contributions you make to your IRA in a single certificate of deposit. Not only does this increase the balance of that CD, helping you earn higher interest on your contributions, but it also means less paperwork than opening a new CD for every contribution to your IRA, like most banks do. You can continue making contributions of $100 or more to your IRA CD up to the maximum contribution year limit.

IRA Statement Savings Account*

Save for your retirement at your own pace. Open this IRA account with just $50 and make automatic transfers in a set amount that fits your budget. As your balance grows and more interest accrues, you can adjust your contributions to reach your retirement goal.

* 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. Time requirements apply.

We would be pleased to answer your questions or provide more information on our CD and IRA options. Contact us or visit any Putnam Bank office.