|
Savings Accounts and
Individual Retirement Accounts
Dwelling House offers competitive rates on savings accounts. You may either stop by our offices at the corner of Herron and Center Ave. in the Hill District neighborhood of
Pittsburgh, or for our customers out of town, you may bank by mail. With each deposit or withdrawal, we send a postage-paid envelope for your next transaction. Interest is paid quarterly on
accounts with a balance greater than $30 or more. Our current interest rate is 1.25%, which is compounded daily for an annual percentage yield (APY) of 1.275%. Your interest rate and annual
percentage rate may change. Call or check this web site for current rates. We provide savings accounts for many different types of customers in
46 states and 9 countries, including such nontraditional accounts as elementary school students and prisoners. As Christians, we consider this business to be a
part of our ministry, i.e. the requirement to serve the needs of others in the total sense of human need…spiritual, educational, and economic.
We offer three types of savings accounts:
1. Passbook Savings Account: A passbook is issued which shows
deposits, withdrawals and dividends credited on a line-by-line basis. This passbook can be updated in person or via mail.
2. Statement Savings Account: No passbook is issued. Quarterly
statements of activity are issued via mail. Deposits and withdrawals are done on a duplicate transaction slip.
Checking accounts, money market accounts or other high-risk financial instruments are not offered.
Compounding and Crediting: Dividends will be compounded daily and credited to your account quarterly, March, June, September and December.
Effect of Closing an Account: If you close an account before interest is
credited you will receive accrued interest until the date of closing.
Balance Computation Method: There is a daily compounding effect, whereby,
the calculating of both Anticipated and Earned (accrued) interest, make it seem as though the interest for each day is calculated on the account balance plus
the accrued interest through the prior day. Deposit or withdrawal activity affects the interest calculation balance from the date the activity occurs.
Minimum Balance Requirements: There is a minimum amount of $10.00
required to open a savings account, however an account must maintain a $30.00 balance to earn interest.
Accrual of Interest on Non Currency Deposits: Dividends begin to accrue on
the business day that you deposit the non currency (i.e. check) item into your account.
IRA's (Individual Retirement Accounts)
Plan for your future! Individual Retirement Accounts are issued by Dwelling House as statement savings accounts for retirement planning. Money is
deposited at any time, and withdrawn only after retirement age, typically with substantial income tax advantages. If funds are withdrawn early from these
accounts, tax penalties may be incurred. There are also limits to tax-deferred funds which may be placed in an IRA within a calendar year. Please see your
tax advisor or financial planner for specific restrictions and requirements. Dwelling House offers both traditional and Roth IRAs. Are you prepared for
retirement? Make sure you save enough to enjoy life later. We'll help you be ready for the future. Open an IRA account with Dwelling House today!
|
