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Interest Rates

Deposit Account Rates

Current Rates: Effective Date
Putnam Bank offers competitive interest rates for all of our deposit accounts to help you make the most of your money. Check our deposit page here or call any Putnam Bank office for up-to-date rates.These rates include rates for Putnam Bank checking and savings accounts that earn interest, as well as CDs and IRAs from Putnam Bank. Rates subject to change without notice.

 

CD Rates

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
(b) 91 DAY CD 0.15% 0.15% D $1,000.00 $1,000.00
(b) 6 MONTH CD 0.20% 0.20% D $1,000.00 $1,000.00
(b) 1 YEAR CD 0.25% 0.25% M $500.00 $500.00
(b) 13 MONTHS CD 0.40% 0.40% M $500.00 $500.00
(b) ***18 MONTH CD 0.35% 0.35% M $1,000.00 $1,000.00
(b) 2 YEAR CD 0.50% 0.50% M $500.00 $500.00
(b) **3 YEAR CD 1.00% 1.00% M $500.00 $500.00
(b) 4 YEAR CD 1.39% 1.40%M $500.00 $500.00
(b) 5 YEAR CD 1.74% 1.75%M $500.00 $500.00

*APY = Annual Percentage Yield
** CHOOSE TO INCREASE YOUR RATE ONCE AT ANYTIME DURING TERM
*** MAY ADD TO THE 18 MONTH CD IN MINIMUM DEPOSITS OF $500.00
D = Daily Compounding, M = Monthly Compounding
(b) A penalty may be imposed for early withdrawal

 

Savings Account Rates (a) (c)

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
PASSBOOK 0.06% 0.06% D $50.00 $20.00
STATEMENT 0.06% 0.06% D $50.00 $20.00
VACATION CLUB 0.06% 0.06% D N/A $5.00
CHRISTMAS CLUB 0.06% 0.06% D N/A $5.00

 

Prestige Money Market (a) (c)

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
$1,000.00-$14,999.99 0.05% 0.05% D $1,000.00 $1,000.00
$15,000.00-24,999.99 0.10% 0.10% D $15,000.00 $1,000.00
$25,000.00-$49,999.99 0.15% 0.15% D $25,000.00 $1,000.00
$50,000,00 OR MORE 0.20% 0.20% D $50,000.00 $1,000.00

 

Success Saver* (a) (c)

The Annual Percentage Yield (APY) on the Success Saver for the higher APY shown below are subject to account qualifications for the Success Checking Account.

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
$0 – $9,999.99 with checking qualifiers 1.00% 1.00% N/A $20.00
$10,000.00 and up with checking qualifiers 0.25% 1.00 – 0.32% N/A $20.00
Base Rate without checking qualifiers 0.05% 0.05% N/A $20.00

The Success Saver Annual Percentage Yield (APY) may be less than the Success Checking Plus APY.
*The annual percentage yield for this tier will range depending on the balance in the account. 

 

Checking Account Rates

501(C) Smart Choice Checking* (a) (c) (e)

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
$10,000.00-$24,999.99 0.05% 0.05% D $10,000.00 $50.00
$25,000.00-49,999.99 0.10% 0.10% D $25,000.00 $50.00
$50,000.00-$99,999.99 0.15% 0.15% D $50,000.00 $50.00
$100,000.00 OR MORE 0.20% 0.20% $100,000.00 $50.00

*You must provide proof of 501 (c) status.

Success Checking* (a) (c)

The Annual Percentage Yield (APY) on the Success Checking for the higher APY shown below are subject to account qualifications.

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
$0 – $9,999.99 with qualifiers 2.97% 3.01% N/A $20.00
$10,000.00 and up with qualifiers* 0.25% 3.01 – 0.50% N/A $20.00
Base Rate without qualifiers 0.05% 0.05% N/A $20.00

Annual Percentage Yield (APY) is based on a balance up to $9,999.99 and assumes that account qualifications are met.  Rates are subject to change. The stated Success Checking (Plus) APY is based on compounding interest. The interest earned in the Success Checking may be automatically transferred to the Success Saver each statement cycle and does not compound. The actual interest paid could be less than the stated APY.  The Success Saver Annual Percentage Yield (APY) may be less than the Success Checking (Plus) APY. 
*The annual percentage yield for this tier will range depending on the balance in the account.

*APY = Annual Percentage Yield
D = Daily Compounding, M = Monthly Compounding
(a) Variable Rate Account- The Interest rate and APY* may change at any time.
(c) Fees could reduce the earnings on the account.
(e) Subject to eligibility requirements.  

Premier Relationship Account* (a) (c) (e)

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
$10,000.00-$49,999.99 0.40% 0.40% D $10,000.00 $1000.00
**$50,000.00 OR MORE 0.20% 0.20% D $50,000.00 $1,000.00

*Daily Balances that fall below $10,000 do not earn interest.
**The first tier interest rate and APY will be paid on the entire balance up to $49,999.99 held on deposit in the Premier Relationship Checking account on a daily balance that is maintained of $10,000.00 and up to $49,999.99.  The second tier interest rate and APY will be paid on funds $50,000.00 or greater that are held on deposit in the Premier Relationship Checking account.   This product has a blended rate depending on the balances maintained in the account. 

 

IRA Rates

Reg IRAs (a)

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
(b) IRA STATEMENT SAVINGS 0.06% 0.06% D $50.00 $50.00
(b) 6 MONTH IRA 0.20% 0.20% D $250.00 $250.00
(b) 1 YEAR IRA 0.25% 0.25% M $250.00 $250.00
(b) 13 MONTHS IRA 0.40% 0.40% M $250.00 $250.00
(b) 18 MONTH IRA 0.35% 0.35% M $1,000.00 $1,000.00
(b) 2 YEAR IRA 0.50% 0.50% M $250.00 $250.00
(b) **3 YEAR IRA 1.00% 1.00% M $250.00 $250.00
(b) 4 YEAR IRA 1.39% 1.40%M $250.00 $250.00
(b) 5 YEAR 1.74% 1.75%M $250.00 $250.00

 

Roth IRAs

ACCOUNTS INTEREST RATES APY* MINIMUM TO OBTAIN APY* MINIMUM TO OPEN
(b) 6 MONTH ROTH IRA 0.20% 0.20% D $250.00 $250.00
(b) 1 YEAR ROTH IRA 0.25% 0.25% M $250.00 $250.00
(b) 13 MONTHS ROTH IRA 0.40% 0.40% M $250.00 $250.00
(b) 18 MONTH IRA 0.35% 0.35% M $1,000.00 $1,000.00
(b) 2 YEAR ROTH IRA 0.50% 0.50% M $250.00 $250.00
(b) **3 YEAR ROTH IRA 1.00% 1.00% M $250.00 $250.00
(b) 4 YEAR ROTH IRA 1.39% 1.40%M $250.00 $250.00
(b) 5 YEAR 1.74% 1.75%M $250.00 $250.00

*APY = Annual Percentage Yield
**CHOOSE TO INCREASE YOUR RATE ONCE AT ANYTIME DURING TERM
MAY ADD TO THE ONE YEAR REG IRA AND ROTH IRA IN ANY AMOUNT AT ANY TIME DURING TERM
MAY ADD TO THE 2,3,4,5 YR., AND 18 MONTH REG AND ROTH IRA IN AMOUNTS OF $100.00 OR MORE ANY TIME DURING TERM
D = Daily Compounding, M = Monthly Compounding
(b) A penalty may be imposed for early withdrawal