Savings Plans

At First National Bank of LaFollette we look at savings in two ways:

First there is the traditional way with monthly statement saving and certificates of deposit accounts.

The second way, and perhaps the more important one, is the savings you gain by spending your money wisely. Think about this. If you have $5,000 in a CD and a rate 1/2% above the current market rate, at the end of the year you are ahead only $25.00. So in one year you have made just an extra $25.00. If you are spending your money according to a plan you can save that amount each week. So at the end of the year you could have saved $1,300.00 by spending properly, while your other savings account has provided you with just $25.00, a difference of $1,275.00.

Our saving plans don't stop here: check out the saving accounts we offer below.

Regular Savings

• $200.00 minimum to open
• Interest paid monthly on the daily balance
  There is no minimum balance to earn interest.
• Monthly withdrawal limitations:
  * 1 withdrawal per month at no charge, additional withdrawals $5.00 each during same period
  * 6 transfers per 4-week or similar period but only 3 may be checks written to third parties
• Contact us for current rates

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Golden I Savings

• $500.00 minimum to open
• Interest is compounded and credited monthly. There is no minimum balance to earn interest.
• Monthly statements are issued to track account activity.
• Monthly withdrawal limitations:
  * 1 withdrawal per month at no charge, additional withdrawals $5.00 each during same period
  * Up to 6 transfers may be made during each four-week statement cycle period, three of which may be payments by check to third parties.
• Contact us for current rates

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Golden II Statement Savings

• $500.00 minimum to open
• Must maintain an active First National Bank of LaFollette checking account
• Pays a higher interest rate than the golden savings account
• Interest is compounded and credited monthly. There is no minimum balance to earn interest.
• Monthly withdraw limitations:
  * 1 withdrawal per month at no charge, additional withdrawals $5.00 each during same period
  * 6 transfers per 4-week or similar period but only 3 may be checks written to third parties
• Monthly statement included on checking account statement
• Contact us for current rates

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Certificate of Deposits

These certificates are offered with up to sixty (60) months maturity.

• Minimum opening amount is $1,000.00
• Interest may be compounded monthly by adding back to the certificate or issued monthly by check or deposited into another First National Bank account
• Interest is paid on the daily balance
• Penalty for early withdrawals:
  CD’s 30 days or less – 15 days interest penalty
  CD’s 31 days to 365 days– 91 days interest penalty
  CD’s 366 days or greater – 182 days interest penalty
• May be used as loan collateral
• Contact us for current rates and special promotions.

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The One Account

The One Account combines an overdraft protection line of credit with any First National Bank of LaFollette checking account.

With the One Account, you don’t have to worry if you write a check and do not have enough money in your account to cover it. First National Bank will automatically draw funds from your One Account personal or business line of credit for any shortages. Interest on your line of credit will begin on the date the funds were advanced.

Your checking and personal line of credit activity will be reported on one statement each month. There is a $25 annual fee for this service.

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