Savings accounts are a critical part of everyone's financial picture. If you need a safe, secure place to keep money, a savings account at Haddon Savings Bank is an excellent choice. Here’s a quick overview of how you can put your money to work for you at Haddon Savings Bank.
Our easiest savings program, the traditional passbook account, can be opened for as little as $1, has no fee, earns interest and there are no restrictions on withdrawals. Interest begins to accrue on the day of your deposit and is compounded and credited quarterly.
An average monthly balance of $50.00 will be required to avoid a service fee of $1.00. Monthly statements will be issued. You can make a combination of six transfers and withdrawals per monthly cycle by preauthorized or automatic transfer or by telephone, or debit card transactions payable to third parties. Interest is compounded monthly. ATM cards, Direct Debits and/or Credits will be available.***
Holiday and Vacation Club Accounts
Make sure your holiday spending is painless with a Haddon Savings Bank Holiday Club account or start saving for your dream vacation with a Haddon Savings Bank Vacation Club. Every week you can add $1 to $20 to either of these accounts; you determine the amount by how much cash you want to spend on your holiday giving or vacation. At Haddon Savings Bank, your Holiday or Vacation Club account earns the same interest as a Passbook Account, if paid in full.
Whether you want to diversify your financial portfolio or create a nest egg, consider investing in a Haddon Savings Bank Certificate of Deposit (CD). You'll earn a competitive interest rate that is guaranteed for a fixed term and your deposit is FDIC insured.
You can choose terms ranging from 91 days to 5 years, making this a wise choice for your savings goals. The interest earned from your CD can be automatically deposited into your Haddon Savings Bank checking account, savings account or money market account.
At Haddon Savings Bank, you can choose from a Traditional IRA or a Roth IRA.
With a Traditional IRA, you can accumulate retirement funds with the benefit of tax-deferred growth. Many individuals pay less tax through this savings tool.
Roth IRA contributions are after-tax, but growth is tax-free. Once you put your money in, you never pay taxes again as long as you keep your funds invested for the minimum required period of time. It offers simpler distribution requirements; since you have already paid taxes up front, there are no minimum distribution requirements. Since withdrawals are not reportable income, they won’t affect your adjusted gross income during retirement. Please speak with your tax advisor to determine which type of IRA is best for you.
The Haddon Savings Bank IRA program meets and follows all federal and state guidelines. Check with your nearest Haddon Savings Bank branch for current rates.