Saving for your future is easy and safe with Bank of Farmington. Whether you're looking for retirement savings, or short-term, high interest rate savings, Bank of Farmington is here to help you achieve your goals.
Traditional Savings Account
Our regular passbook savings account can be opened for as little as $10.00. There is no annual fee or charge for withdrawals, and interest is compounded quarterly.
Choice Savings Account
The more serious saver will savor this account. It requires a minimum balance of $1000.00. Since you have a higher balance in this account, we feel it is only right to pay you a higher rate of interest, which is compounded quarterly.
Christmas Club Savings Account
Plan ahead for the expense of those extra Christmas presents (checks are distributed in November). We will add interest earned to the checks as a way of saying, "Thanks for saving!"
*GREAT NEWS...Christmas Club Checks will cut at the end of October! Don't want to wait for your check to arrive by mail? Sign up for auto-pay today!
Tiered Money Market Account
The minimum balance is $1000.00 and we pay interest monthly based on the balance in your account.
Certificates of Deposit
We offer so many choices of certificates of deposit it's difficult to list them all. You agree to keep a certain amount of money in a certificate for a certain amount of time and we will pay a certain amount of interest – the longer the maturity is, the higher the interest rate will be. The interest you earn can be paid to another savings account or checking account monthly, paid by check, compounded on the certificate quarterly or paid at maturity. If you redeem the certificate before your agreed-upon maturity, you will be subject to an interest penalty. And, from time to time, we offer "CD Specials" with unusual maturities and higher-than-usual rates.
Minimum balance for most Certificates is $1,000.00
Note: Please view our Today's Rates page for specific rates and terms.
With our eighteen month, automatically renewable, variable rate, interest compounded quarterly, competitive rate Traditional IRA, you can see that we encourage saving for your retirement. That's why we accept as little as a $20.00 per month deposit to this account and don't charge you any annual fees. It's your money! You earned it, you saved it, you get to keep it! Traditionally, this retirement IRA earns the highest interest rate offered at our Bank.
Depending on your income and tax status, the Traditional IRA might not be the best for you. If not, then we can guide you to a Roth IRA, paying the same high, competitive interest rate.