Savings Products

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Savings


Statement Savings Account

The West Union Bank's newest savings product is a statement savings account. An easy, no fee account that you can access online or via phone through FingerTip Banking. You will receive a quarterly statement similar to your monthly checking account statement.

To open an account or obtain more information, call or visit a West Union Bank office.


Christmas Club Account

Plan ahead for Christmas expenses by saving year-round with a West Union Bank Christmas Club Account available to all bank customers.

A Christmas Club Account offers a higher interest rate (1.0%, 1.0% Annual Percentage Yield for 2017) than Statement Savings.

  • Accounts are available for as little as $50 and as much as $2,500.Payments are calculated from the total amount you wish to save.
  • If you make payments to your Christmas Club Account by allowing the Bank to withdraw from a checking or savings account, you will receive a monthly statement showing the activity and balance.
  • You will receive your Christmas Club check in October allowing you plenty of time for Christmas shopping.
  • New Christmas Clubs begin shortly after club payments are distributed in October.

To open an account or obtain more information, call or visit a West Union Bank office.

Plan early for Christmas, and earn more for doing it!


Certificates of Deposit

West Union Bank offers a variety of Certificates of Deposit (CDs) for your savings needs. Whether you prefer a short-term CD for a quick return or a more substantial savings for the future, we offer a CD for your lifestyle.

Our knowledgeable Bankers will assist you in reviewing our CDs and selecting one that will work best for you.

The Chart below shows our CDs and interest rates. Other guidelines governing our CDs are listed below the Chart.

CD Interest Rates – Accurate as of January 2017

Term Length Compounding Frequency Interest Rate APY*    
**90 Day At Maturity 0.10% 0.10%    
**182 Day At Maturity 0.15% 0.15%    
**10 Month At Maturity 0.20% 0.20%    
12 Month Monthly 0.30% 0.30%    
18 Month Monthly 0.30% 0.30%    
24 Month Monthly 0.45% 0.45%    
27 Month Monthly 0.45% 0.45%    
30 Month Monthly 0.50% 0.50%    
36 Month Monthly 0.60% 0.60%    
40 Month Monthly 0.65% 0.65%    
48 Month Monthly 0.75% 0.75%    
60 Month Monthly 0.90% 0.90%    
**7 Month At Maturity 0.15% 0.15%    
15 Month Monthly 0.25% 0.25%    
25 Month Monthly 0.40% 0.40%    

* APY is Annual Percentage Yield
**The 90 Day CD, 182 Day CD, 7 Month, 10 Month CDs pay simple interest.


CDs – General Information

Interest for CDs will be compounded every month, with the exception of CDs with terms of less than one year. These will pay interest at maturity.

Interest will be credited to your account every month, except for CDs with terms of less than one year.

You must deposit $500 to open a West Union Bank CD and to obtain the stated annual percentage yield.

You may not make any deposits into your CD before maturity.

You may make withdrawals of principal from your CD before maturity only if we agree at the time you request the withdrawal. A penalty may be assessed.

• You can withdraw only interest credited in the term before maturity of that term without penalty. You can withdraw interest one time during the term after it is credited to your CD.

• A penalty may be imposed for withdrawals before maturity. If your account has an original maturity of one year or less, the fee we may impose will equal one month's interest on the amount withdrawn subject to penalty. If your account has an original maturity of greater than one year, the fee we may impose will equal three months’ interest on the amount withdrawn subject to penalty.

The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

West Union Bank CDs automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the 10-day grace period) or if we receive notice from you within the 10-day grace period. If you prevent renewal, interest will not accrue after final maturity.

CDs will automatically renew at the same rate being offered for new time deposits that have the same term.


Individual Retirement Accounts

As part of your long term planning for retirement you should consider opening an Individual Retirement Account.

The Chart below shows our IRAs and interest rates.

IRA Interest Rates – Accurate as of January 2017  

** Interest rate may change after the account is opened
*Minimum balance of $100 apply to IRA's. 

Term Length Compounding Frequency Interest Rate APY*
24 Month Fixed IRA Monthly 0.40% 0.40%
30 Month Variable IRA** Monthly 0.30% 0.30%
48 Month Variable IRA** Monthly 0.65% 0.65%
36 Month Fixed IRA Monthly 0.60% 0.60%
60 Month Fixed IRA Monthly 0.90% 0.90%
60 Month Fixed Coverdell IRA Monthly 0.90% 0.90%