|
|
|
 |
|
Millington Savings Bank delivers a complete range
of personal banking products and services. Combined
with real-time banking access and old fashioned
customer service, we provide you with a worry-free
financial solution.
|
|
Checking Accounts
Value Checking
The Best VALUE in checking. No minimum balance required to open and no monthly maintenance fees. Get FREE unlimited check writing, your first order of checks FREE, FREE ATM card, FREE on-line banking and bill pay, FREE direct deposit, FREE 3” X 5” safe deposit box for one year* and many more features. Value Checking is a non-interest bearing account with 24 hour banking services.
*where available
NOW Checking Account
Only a $50.00 minimum is required to open this interest bearing account. Unlimited check writing and deposit privileges. Overdraft Protection available. Statements will be mailed monthly, along with your cancelled checks. Interest is compounded daily and is posted on the 15th of each month. If your balance falls below the minimum $50.00 requirement, a $3.00 monthly service charge is deducted. Available for 24 hour banking services.
Super Now Checking
Take advantage of a higher interest rate on your everyday checking account. Requires a $2,500 minimum balance to open. Interest is compounded daily, and posted on the 10th of each month. If your balance falls below $2,500 minimum, a $5.00 monthly service charge will be assessed, and interest will compound at the Now Checking Account rate. Available for 24 hour banking services.
Money Market
Requires $1,000 minimum balance to open. Interest compounded daily and posted on the 10th of each month. A $5.00 service charge is assessed if balance falls below $1,000 minimum. You may make six (6) transfers from the account, but only three (3) may be payments by check to third parties per cycle period. Checks in excess of three (3) will be charged at $1.00 per check. Available for 24 hour banking services.
NJ Consumer Checking
Minimum of $50.00 to open this non-interest bearing account. Monthly service charge of $3.00 applies, along with a $.50 per check charge in excess of eight (8) per cycle. Unlimited deposits, and normal ATM charges apply.
Opportunity Savings Account
Our OPPORTUNITY Savings Account gives you the opportunity to earn more while enjoying the advantages of our multi tiered savings levels. The more you invest, the greater your rate of return. Interest is compounded daily and posted monthly. All funds invested in our OPPORTUNITY Savings Account are liquid.
Statement Savings
Only a $50.00 minimum is required to open this account, and a statement is mailed each month. Interest is compounded daily, and posted monthly. Available for 24 hour banking services.
Regular Passbook Savings
Offers you the advantage of a $50.00 minimum balance to accrue interest. Interest is compounded daily, and posted quarterly. Not available for 24 hour banking transactions.
Money Market Passbook Savings
Offers you a higher interest rate than our basic savings account with unlimited withdrawal availability. Minimum balance requirement is $1,000.00. Interest is compounded daily, and posted monthly. Not available for 24 hour banking services.
If your balance falls below the minimum requirement, the account will earn interest at the regular savings account rate and APY.
Club/Holiday Account
Save up for the holidays or a well-deserved vacation. This account is based on a 50 week pay-in period, which begins each October. Interest is compounded daily and added to the principal disbursement each October. Weekly contribution amount is determined by customer.
There are no charges to any of our savings accounts if you fall below the minimum balance.
High interest rates, low opening deposits, flexible terms and interest payment, and deposits insured by the FDIC up to $100,000 are just a few of the
many reasons for opening a Millington Savings Bank Certificate of Deposit. Your investment is secure while you earn a guaranteed rate of return.
Traditional IRA
The IRA is used for retirement planning. However, in recent years, with new tax laws, this account can be used for saving for your first home, education or any plan designed to meet individual needs and investment goals.
An individual may contribute up to $4,000 ($5,000 if age is 50 or older) or maximum earned income, whichever is greater.
Once it is determined you are eligible to make a contribution, you must decide how much, if any, is deductible. If you are not eligible for a deduction you may make a non-deductible contribution. At age 59½ distribution may be taken without any federal penalty (penalty for early withdrawal from CD may apply) and before 59½ for first time home buyer, education and certain medical. Required minimum distribution is required at age 70½.
Roth IRA
The Roth IRA is a non-deductible IRA that provides for tax free earnings when owners meet a 5 year holding period and withdraw the funds for a qualified reason. In addition, Roth IRA owners can access their principal at any time, for any reason.
The new twist of the Roth IRA is the tax-free distributions. A traditional IRA only allows tax deferral - the government collects its tax at the time of distributions. Distributions from the new Roth IRA are tax free if used for qualified purposes, which include higher education, a first home (up to $10,000); age 59½, death and disability. In order to be qualified, the distributions must also meet a five year holding period requirement.
The $4,000 ($5,000 if age is 50 or older) maximum contribution per year, per account holder, may be divided between Roth IRAs and traditional IRAs to reach the limit.
The Roth IRA is available to married couples with combined income below $160,000 and single filers with incomes below $110,000. Individuals must have earned income in an amount equal to or greater than their IRA contribution.
The age 70½ mandatory distribution requirements do not apply to Roth IRAs.
Educational IRA
Congress also created a way for parents and others to save for children's education. Contributions to an Education IRA are not tax deductible. However, the earnings do grow tax deferred. Distributions used to pay for qualified education expenses are tax free.
Eligible education expenses for which an Education IRA can be set up are tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a designated beneficiary at an eligible education institution. Eligible education institutions include colleges and vocational schools.
Education IRA contributions are limited to $500, and they are only available to children under the age of 18.
Anyone can contribute up to $500 to a child's Education IRA, provided that the individual's income level does not exceed the limits. A married person with an income of $160,000 or less or a single person with an income of $110,000 or less is eligible to contribute on behalf of the child.
Funds in an Education IRA must be used by the time the beneficiary is age 30. If not used prior to that time, the funds can be taxed and are subject to a 10% penalty. Money can be transferred to another family member for college.
Auto Loans
Millington Savings Bank offers competitive rates on all car loans, whether new or used. You can also take advantage of having your payment automatically deducted from either your checking or statement savings account with the added bonus on 1/4% off your interest rate. The maximum term for New Autos is 6 years and Used Autos is 4 years.
Personal Loans
Providing a clean track record you may qualify for one of our personal loans. These loans are good for purchasing power for some new furniture, car repairs, or even a much needed vacation. This is a chance to take advantage of a much lower annual rate than the standard credit card. You can also take advantage of the 1/4% off for
automatic debit. Terms of 4 years and $5,000 are the maximum.
Overdraft Protection
Here is an opportunity for you not to worry about having insufficient funds in your checking account! Your checking account is automatically attached to this loan so that you have on the spot buying power. There is a minimum of $500 to a maximum of $5,000 to protect yourself. The interest rate is the Wall Street Journal Prime + 4.00%.
Account Loan
Borrow up to 90% of your Millington Savings Bank CD. The rate of interest will always be 2.00% above current CD rate. A minimum of "interest only" payment is required.
Online Banking
With Millington Savings Bank's Online Banking, you are just a click away from your nearest branch. Viewing account balances, transferring funds between accounts, paying bills, viewing images of checks cleared, and much more is now available from the comfort of your home or office. This service is free of charge.
Telephone Banking
Millington Savings Bank offers our customers with touch tone telephones the ability to conduct real-time business 24 hours a day, 7 days a week. Just dial 908-647-4001 and you will be connected to our automated banking system. Customers will be able to check balances on their accounts, verify recent deposits and withdrawals, determine clearing status of specific checks, and transfer funds between accounts. If you need any further assistance, please contact us during our normal business hours.
Helpful Hints when using the Millington Savings Bank Automated Banking System:
- When entering the account number for checking accounts, eliminate the zero (0) at the beginning of your account number. (Ex. 057-002555-9 should be entered as 570025559)
- Long pause occurs when the system is authenticating your Personal Identification Number. The system will prompt you if there is a problem.
ATM/Debit Check Card
You can use your card anywhere VISA credit cards are accepted; retail stores, restaurants, supermarkets, travel agencies, hotels, airlines, etc. In fact, your card can be used at millions of locations around the world! In addition, since your ATM / Debit Check Card is "an enhanced ATM Card", you can use it at any Millington Savings Bank ATM or others displaying the CIRRUS, PLUS, MAC or VISA network logos.
Other features and benefits are as follows:
- All Point of Sale (POS) transactions are free of charge
- All withdrawals at Millington Savings Bank ATMs are FREE of charge
- Personalized PIN Numbers
|
Protecting your valuables is easy with a Safe-Deposit Box. When it comes to safeguarding your valuables, nothing is more secure, convenient, and accessible than a safe-deposit box with us. Available in a variety of sizes, these strongboxes located in our vault can be used to store important personal, business, and financial papers and documents as well as other valuable items.
|
Prices: (annually)
3 X 5 = $32.10
5 X 5 = $53.50
3 X 10 = $64.20
5 X 10 = $101.65
10 X 10 = $160.50
|
- Savings Bonds
- Traveler's Cheques
- Direct Deposits
- Fee Schedule
|
- Notary Service
- Signature Guarantees
- Wire Services
- Coupon Deposits
|
- Money Orders
- Teller Checks
- Night Depository
- CD Rates
|
|
|
