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Learn About Savings and Investment Accounts

Savings
When you deposit your money in a savings account the money goes to work for you earning interest.  

• This account can be accessed easily and is used for short-term or emergency savings.
• You may access this account through an ATM, online (if you also have a checking account with BankAnnapolis), through Telebank, or by visiting one of our branches.
• Withdrawals are limited to six per month, of which three may be by ACH debit, although unlimited withdrawals can be made at any BankAnnapolis branch.
• Save cash for vacations, emergencies, medical bills, or car and home repair.
• Transfer money in and out of your account into any other BankAnnapolis account.

Money Market Accounts

Money Market accounts are interest-bearing accounts that also give you the ability to write a limited number of checks. 

• This account can be accessed easily and is used for short-term or emergency savings.
• You may access this account by check, through an ATM, online (if you also have a checking account with BankAnnapolis), through Telebank, or by visiting one of our branches.
• Withdrawals are limited to six per month, of which three may be by check or ACH debit, although unlimited. withdrawals can be made at any BankAnnapolis branch
• Save cash for vacations, emergencies, medical bills, or car and home repair.
• There is usually a minimum balance required to earn interest.
• Transfer money in and out of your account into any other BankAnnapolis account.

Certificates of Deposit
CD’s traditionally allow you to earn a higher rate of interest than savings and money market accounts.  You may want to consider opening a CD if you have funds that you know you won’t need for a while. 

• Save long-term for school tuition, buying homes, cars, boats, or even retirement.
• Terms can range from 30 days to five years, and there is a penalty for withdrawing the funds before the term is up.
• There is a minimum amount needed to open a CD – some as low as $1,000 and others as high as $100,000 (jumbo CDs).

Individual Retirement Accounts (IRAs)

IRAs are an investment vehicle for retirement.  Our IRAs are invested in FDIC-insured bank CDs, so you know your money is safe. 

• Save long-term for retirement.
• Withdrawals are not permitted unless in connection with normal periodic distributions for account holders over 59½ years of age.
• Early withdrawal penalties will apply.
• Terms can range from 12 to 60 months.
• Minimum amounts to open an IRA can range from $1,000 to $10,000.

Miscellaneous Fee Schedule