Savings for a Rainy (or Sunny) Day
Putting aside some money for a special occasion, building a nest egg, or preparing for your family’s future has never been easier than with savings and money market accounts from Bank of Dudley. With convenient online tools, competitive interest rates, and multiple options to fit any need, our savings options are a great way to build towards your future.
Saving Is Easy When Your Savings Account Is Easy
Why Build Your Personal Savings at Bank of Dudley?
Why should you trust your savings to an impersonal regional or national bank? When you save with Bank of Dudley, your money stays here in our community. When you need help with your accounts, your calls are answered by a live person who’s right here in Middle Georgia and can answer your questions without a lot of frustrating transfers and confusing menu options.
Your savings are important to you. Whether you’re setting up a contingency fund to cover expenses in an emergency, are saving towards a specific goal, or want to put money aside with no particular use in mind, you’ve worked hard to earn that money and need to know you can trust your bank to understand what those savings represent for you and your family.
We’re not just your bankers. We’re your neighbors, and we treat you accordingly. We’re not interested in getting you out the door as quickly as possible; we want to be helpful. Whether that means helping you decide which savings product is right for you, giving you trusted guidance to help maximize your monthly savings, or steering you towards other products and services to help you meet your goals, we’re only interested in one thing: your financial success.
Personal Savings and Money Market Account Options
An Account for Every Savings Need
| Advantage Savings | Advantage Money Market | Smart Start (age 17 and under) | Christmas Club | |
|---|---|---|---|---|
| Minimum opening deposit | $100 | $1,000 | $1 | $1 |
| Minimum daily balance to avoid maintenance charge | $100 | $1,000 | $0 | $0 |
| Interest-bearing account | Yes | Yes | Yes | No |
| Maintenance charge | $5 | $5 | $0 | See below |
| Maximum debits per statement cycle | 3 /quarter* | 6/month | 3 /quarter* | See below |
| Excessive debit fee | $3/each | $3/each | $3/each | See below |
| ATM card | Yes | Yes | Yes | See below |
Christmas Club Account Details
At the end of the Club period each year, October 31, the funds in the account will be mailed to the account holder by check. Checks are mailed on November 1 each year. Funds in the account are subject to an early withdrawal fee of $5 for any withdrawals made prior to the end of the Club period.
Savings/Money Market Account Disclosures and Explanations
Federal law requires that a savings or money market account holder may make no more than six (6) transfers and/or withdrawals during any statement cycle, to another of your accounts with us or to a third party by means of a preauthorized or automatic transfer, or telephonic agreement, order or instruction or by check, draft, debit card, or similar order made by you and payable to third parties. In accordance with federal law, if you have more than the allowable transfers or checks or drafts in any one period, your account may be subject to closure or placed in another type of account which you are eligible to maintain. In addition to the above transfer types, by law you may make unlimited withdrawals or transfers if made in person at our locations, by messenger, mail or telephone (via check mailed to you), or use of an ATM card. However, you will be charged a $3.00 excessive debit fee for each debit over (6), regardless of type.
Start Saving Today for a Brighter Tomorrow.
Call and Open a Bank of Dudley Personal Savings Account Today:
Personal Savings vs. Money Market Accounts: What’s the Difference?
Both savings and money market accounts are deposit accounts that are designed to provide accountholders with a place to save money and earn a moderate amount of interest. Withdrawals from both account types are limited to a set, low number each statement period, so these accounts are not the place to leave money that you’ll be using during your day-to-day life.
Where the two account types differ is in the limits imposed on withdrawals:
- Savings accounts usually don’t offer check-writing privileges, debit card options, or other daily-use functions. Withdrawals are generally limited to cash withdrawals and transfers, and accountholders are typically limited to only a handful of withdrawals a year before penalties are applied.
- Money market accounts usually offer limited check-writing or debit-card access, and the number of allowed withdrawals is higher, but not as high as with a checking account.
Interesting note: They’re called “money market” accounts because the interest rate you earn with these accounts is based on the current interest rate in the short-term debt investment trading market, commonly called the “money market.” The overall money market interest rate is usually higher than the rate used to set other deposit account interest rates.
