Savings Club Accounts
A savings club account is an interest bearing*, service charge free savings account in which customers can make deposits up to $500 per business day. The account reaches maturity the first week of October each year and is paid to the customer via check or direct deposit, depending on the payment option selected by the customer. Interest accrues daily and is posted and paid at maturity. Withdrawals are not permitted on Savings Club accounts. (**See early close notes below)
The minimum balance to open a savings club account is $10.00. An account agreement along with a Savings Club Maturity Disbursement Authorization form (if the customer would like the proceeds paid via transfer to a Queenstown account) are needed to open the account.
Customers have options to deposit funds into Savings Club accounts:
Savings Club deposits are accepted at all of our branch locations.
Employer payroll deduction/direct deposit.
Automatic recurring transfers can be scheduled from Queenstown Bank checking or savings account to Savings Club accounts.
*Refer to Deposit Rate Sheet for interest rate.
**Closing a Savings Club account early - If a customer wishes to close their savings club prior to maturity, any accrued interest is forfeited and an early withdrawal penalty fee of 1% of the principal balance or $25 (whichever is greater) will be assessed.