Savings Accounts

MMDA ACCOUNT

This is an interest-bearing account.  You must deposit $2,500.00 to open this account.

Rate Information:  The *interest rate and annual percentage yield will depend upon the daily balance in the account.  The interest rate and annual percentage yield may change at our discretion.  Interest begins to accrue on the business day you deposit non-cash items (for example, checks).  Interest will be compounded daily and will be credited to the account monthly.

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  You must maintain a minimum of $2,500.00 in the account each day to obtain the annual percentage yield for this account.

Limitations:  You may make six (6) transfers from this account each statement cycle, if by preauthorized or automatic transfer, or telephone (including data transmission) agreement, order or instruction by check, draft, debit card or similar order (including POS transactions) made by the depositor and payable to third parties.  Transfers and withdrawals made in person, by messenger, by mail or at an ATM are unlimited.

Account Fees:  A balance below $2,500.00 earns *interest at the NOW account rate.  A monthly maintenance fee of $6.00 will be assessed every statement cycle if the balance in the account falls below $500.00 any day of the statement cycle.  An activity fee of .20 will be charged for each **debit transaction if the daily balance falls below $500.00 during a statement cycle.  An overdraft fee as disclosed in our current fee disclosure applies to overdrafts created by check, in person, withdrawal, or preauthorized electronic payments.

*Contact our New Accounts Department at (575) 769-1911 for current interest rates
**Debit transactions include withdrawals by check, telephone, online transfer, automatic transfer or payment

STANDARD SAVINGS ACCOUNT

This is an interest-bearing account.  You must deposit $150.00 to open this account.
Rate Information:  The *interest rate and annual percentage yield may change at our discretion.  Interest begins to accrue on the business day you deposit non-cash items (for example, checks).  Interest will be compounded daily and will be credited to the account monthly. 

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  You must maintain a minimum balance of $150.00 in the account each day to obtain the disclosed annual percentage yield.

Limitations:  You may make no more than six (6) covered transfers from your account each calendar month.  Transferring funds to another one of your accounts at this bank (excluding loan payments) will count toward this number.  Transfers and withdrawals, payable directly to you, that are made in person, by messenger, by mail or at an ATM are unlimited.  Third party access to Savings Accounts is prohibited.

Account Fees:  An activity fee of $1.00 will be assessed for each withdrawal transaction in excess of three during a calendar month.

*Contact our New Accounts Department at (575) 769-1911 for current interest rates

 

CERTIFICATES OF DEPOSIT

The following terms are offered for Certificates of Deposit and Jumbo Certificates of Deposit:

07 to 31 Day, 03 Month, 06 Month, 12 Month, 18 Month, 24 Month, 30 Month, 36 Month, 48 Month           

You must deposit $1,000.00 to open a Certificate of Deposit or $100,000.00 to open a Jumbo Certificate of Deposit.  You may not make additional deposits into this account.  You will be assessed a penalty for any withdrawal before maturity. 

Rate Information:  This account is an *interest bearing account.  The interest rate and annual percentage yield will not change for the term of the account and will remain effective throughout the term. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).  On Certificates of Deposits with terms of 07 to 31 day, 3 months, 6 months, and 12 months (including Jumbo Certificates of Deposits for the same terms) the interest will not be compounded on the account and will be credited at maturity.  On Certificates of Deposits with terms of 18 months, 24 months, 30 months, 36 months, and 48 months (including Jumbo Certificates of Deposits for the same terms) the interest will be compounded monthly and will be credited monthly. The annual percentage yield assumes interest will remain on deposit until maturity.  A withdrawal will reduce earnings.  An interest check will be mailed to you, or the interest can be deposited into an account that you designate.

Early Withdrawal Penalty: If you withdraw any of the principal before the maturity date, we will impose a penalty of one month of interest for Certificates of Deposit terms 7 - 31 day, 3 months, 6 months, and 12 months (including Jumbo Certificates of Deposits for the same terms). The early withdrawal penalty for Certificates of Deposits for the terms of 18 months, 24 months, 30 months, 36 months, and 48 months (including Jumbo Certificates of Deposits for the same terms) will be 3 months of interest.

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  You must maintain the minimum balance in the account each day to obtain the disclosed annual percentage yield.

Time Account Information: The Certificate of Deposit will mature at the term chosen by you.  The bank reserve the right to redeem the account if held for collateral.  If you withdraw any of the principal before the maturity date, we will impose a penalty as described above.  You may obtain the account with or without an automatic renewal feature.  You must tell us which kind of account you want before the account is opened.  If you select your account to automatically renew, your account will automatically renew at maturity.  You will have 10 calendar days after the maturity date to withdraw funds without penalty.  If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.  If you do not select the automatic renewal option, the account will not renew at maturity and will not earn interest after the maturity date.

CERTIFICATES of DEPOSITS and CDARS

Get FDIC Insurance on balances in the multi- millions.

Using the Certificate of Deposit Account Registry Service® (CDARS®), we can allow investors to deposit funds over $250,000 and still be eligible for the security of FDIC insurance on every dollar. Your money is placed into CDs with denominations under $250,000, which are issued by other banks. You can identify banks where you do not wish your funds to be placed, and you can review a list of banks where CDARS proposes to place your deposits. This allows you to fully insure your entire deposit, in the multi- millions.

  • CD-level Rates. Your deposits earn CD-level returns, which may compare favorably to those associated with other investment alternatives.
  • Safety. Your deposits are eligible in the multi- million dollar range in FDIC insurance coverage.
  • Convenience. By working with our bank, you earn one interest rate and receive one regular statement. You never have to track interest disbursements from various sources or manually consolidate account statements.
  • Privacy. Your CDs with other banks are identified only by a tracking number and your personal information is protected.
  • Community Investment. Your deposits can support lending opportunities that foster a stronger community.

Whether you are a private investor, corporation, small business, non-profit organization or a public sector group, you can take advantage of this unique service. For more information, contact Beverly Russell at 575-769-1911 Ext. 1126.

CDARS and the Certified Deposit Account Registry Service are service marks of Promontory Interfinancial Network, LLC.

INDIVIDUAL RETIREMENT ACCOUNTS

Federally mandated eligibility requirements for contribution must be met.  See a Citizens Bank Retirement Account Representative for complete details.

All deposits that an individual has in any of the types of retirement plans listed above at the same insured bank are added together and the total is insured up to $250,000.  For example, if an individual has an IRA and a self-directed Keogh account at the same bank, the deposits in both accounts would be added together and insured up to $250,000.

For as little as $50.00, you may open an Individual Retirement Account (IRA).  This is a great way to save on taxes while saving for retirement.  Offering tax deductibility, competitive earnings, FDIC insured safety, and tax-deferred growth, an IRA will yield immediate and long-term rewards.

The Citizens Bank of Clovis has the following IRA plans available:

  • Traditional IRA’s
  • Roth IRA’s
  • SEP – Simplified Employee Pension

Funds are invested in an 18 month CD with an opening deposit of $50.00, or an 18 month Jumbo CD with an opening deposit of $100,000.00.  The *interest rate and annual percentage yield may change at our discretion.  Interest begins to accrue on the business day you deposit non-cash items (for example, checks).  Interest is compounded daily and will be credited to the account monthly.  The annual percentage yield assumes interest will remain on deposit until maturity.  A withdrawal will reduce earnings.

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  If you open a Jumbo 18 month CD for your IRA, you must maintain a minimum balance of $100,000.00 in the account each day to obtain the annual percentage yield.

Limitations:  The minimum amount of additional contributions is $50.00. 

Time Account Information:  Your account will mature in 18 months.  If you withdraw any of the principal before the maturity date, we will impose a penalty of equal to three months interest on the amount withdrawn.  We will use the rate in effect on the date of withdrawal.  This account will automatically renew.  You will have 10 calendar days after the maturity date to withdraw funds without penalty.  If you do not withdraw the funds, each renewal term will be for an identical period of time as the original term.

SELF-DIRECTED IRA

A Self-Directed IRA must have an opening deposit of $500.00.  This account is an interest-bearing account with a *tiered-interest rate depending on the daily account balance.  The interest rate and annual percentage yield may change at our discretion.  Interest begins to accrue on the business day you deposit non-cash items (for example, checks). Interest will be compounded daily and will be credited to the account monthly.

Balance Information:  We use the daily balance method to calculate the interest on the account.  This method applies a daily periodic rate to the principal in the account each day.  You must maintain a minimum balance of $500.00 in the account each day to obtain the annual percentage yield.

Limitations:  The minimum amount of additional contributions is $250.00. 

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