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Kennebec Savings Bank encourages our customers to save, and plan for the future. The Bank offers a variety of traditional and systematic ways to save, designed to meet the different needs of all of our customers. If you have questions about fees or other information on the following account types, please contact a customer service representative.
Passbook savings is a traditional form of savings, providing an ongoing record of account activity that is updated after each transaction. It is an excellent way for children to begin a savings program, since they can watch their savings grow in their own passbook.
A Kennebec Savings Bank passbook savings account can be opened for as little as $10. Interest is compounded daily and credited to the account monthly; interest rates are tiered according to account balance - the higher the balance, the higher the interest rate paid on the account. There are no limits on deposit or withdrawal transactions to a passbook savings account, and withdrawals can be made without penalty or advance notice; however, the passbook must be presented for transactions to be processed.
There are no regular service charges for passbook savings accounts; a fee of $1 per month is charged if the daily balance drops below $10. Treasurer's Checks purchased with a withdrawal from the account are free of charge (limit of one per visit).
Passbook Savings Accounts can also have direct deposit of government, pension or payable checks (as stated under Statement Savings).
Statement savings accounts are a more flexible way to save. With this account, you receive a monthly statement detailing your account activity for the month, including interest earned on the account. Statement savings accounts offer the same benefits as passbook savings accounts, including a low $10 minimum opening requirement and average balance requirement, unlimited customer deposit or withdrawal transactions and no regular service fees.
Statement savings account customers can also utilize the Bank's automatic funds transfer service, and may have direct deposit of government, pension or payroll checks.
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