somerset savings bank cd rates

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Somerset savings bank cd rates
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Somerset savings bank cd rates
somerset savings bank cd rates

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Kentucky Mortgage and Refinance Rates

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Kentucky mortgage overview

By Jeff Ostrowski

Kentucky is one of the more affordable states to live as far as home prices go. The state offers first-time homebuyer assistance programs and a tax credit, administered by the Kentucky Housing Corporation (KHC).

First-time homebuyer programs in Kentucky

Below are first-time and repeat homebuyers programs available to residents of Kentucky who qualify. These programs can help ease the upfront costs of purchasing a home by offering down payment, closing cost and mortgage insurance assistance.

KHC Preferred Risk Program

Kentucky Housing Corporation’s Preferred Risk mortgage is a 30-year conventional loan with a 3 percent minimum down payment and no private mortgage insurance (PMI) required. Qualifying homebuyers may be able to combine this program with KHC’s down payment assistance programs. What’s more, there’s no minimum borrower contribution or reserves required.

To be eligible, borrowers need to have a 660 minimum credit score, complete a homebuyer education program, have a maximum loan-to-value ratio (LTV) of 97 percent, and be at least 80 percent below the area median income (AMI), which aries by county.

KHC Preferred Program

Like the Preferred Risk program, KHC’s Preferred mortgage requires 3 percent down, but also mortgage insurance. The eligibility requirements are the same as the Preferred Risk program: a minimum 660 credit score; need to be 80 percent below the AMI; complete a homebuyer education program; and a maximum LTV of 97 percent.

Other features of the loan include no requirements to keep money in reserve or for the borrower to contribute a certain amount towards the purchase, and the ability to pair it with a down payment assistance program.

KHC Preferred Plus 80

KHC’s Preferred Plus 80 mortgage is designed for homebuyers looking for a conventional loan whose income is between 80 and 100 percent of county limits. Like the KHC Preferred program, the Preferred Plus 80 program requires mortgage insurance. Other than the differing income limits, all other requirements are the same as other KHC programs.

Down Payment Assistance Programs (DAP)

KHC’s down payment assistance offerings include two programs:

  • Affordable DAP: This program offers a low-cost, 10-year loan to help cover the down payment and closing costs. The loan can be up to $6,000 and has 1 percent interest, payable over the 10-year term. Borrowers need to meet the county’s income requirements, and the home purchase price is limited to $327,334 as of August 2020.
  • Regular DAP: This program also offers a loan up to $6,000 for the down payment and closing costs, available in $100 increments. Borrowers repay the loan at 5.5 percent interest over a 10-year period. The KHC does not mandate a reserve requirement or liquid asset review, but the purchase price limit for the Affordable DAP also applies.

Kentucky Homebuyer Tax Credit/Mortgage Credit Certificate

Qualifying Kentucky homebuyers may be eligible for a tax credit (mortgage credit certificate, or MCC), which reduces the amount of federal tax owed each year you occupy the home. This tax credit is equal to 25 percent of your annual mortgage interest, up to $2,000. There are also income limits (which vary depending on location and the number of people in your household), and the purchase price cannot be more than $294,600 as of August 2020.

Kentucky mortgage refinancing

There are plenty of options available for mortgage refinancing in Kentucky, including government-backed loans, banks, private lenders and mortgage brokers. It’s a smart move to figure out what your goals are with refinancing, whether it’s to lower the overall amount you pay in interest or to lower your monthly mortgage payments.

Once you understand your goals, shop around and conduct research to see what makes sense for your financial situation. This can help increase your chances of obtaining the best refinance rate and terms.

Kentucky mortgage resources

Источник: https://www.bankrate.com/mortgages/mortgage-rates/kentucky/

The Community State Bank

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The Community State Bank is locally owned and operated, and we are a reflection of the friends and neighbors we serve.

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We know buying a home is a big financial decision.

That's why we are here to help with terms to fit your individual financial needs.

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Enroll now & watch your savings grow!

After each purchase, your total will be rounded up to the nearest dollar, and then the change will be transferred into your savings account.

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We offer a variety of loans for your business.

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Savings, CDs, & Money Markets

Monticello Banking CompanyMonticello Banking CompanyMonticello Banking Company
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A penny saved isn't a penny earned...it's a penny earned plus interest! We offer several interest earning accounts with great features.
  • REWARDSavings works together with REWARDChecking
  • Interest rate - variable
  • Minimum opening deposit - $50
  • Interest rate - variable
  • Minimum opening deposit - $50
  • No service charge with a balance of at least $50
  • Interest rate - variable
  • Minimum opening deposit - $25
  • No minimum balance required
  • Service charge - $0
  • Interest rate - tiered and variable
  • Minimum opening deposit - $2,500
  • No interest earned on balances below $2,500
  • No service charge and no minimum balance required
Premium Money Market Account
  • Interest rate - tiered variable
  • Minimum opening deposit - $10,000
  • No service charge and no minimum balance required
Health Savings Account (HSA)
HSAs are interest bearing checking accounts accessible by debit card. They are also tax-favored accounts designed to help individuals who are covered by high deductible health plans and pay medical expenses for themselves, their spouses and their dependents.
Certificate of Deposit (CD)
A certificate of deposit can be a very effective tool for achieving your short-term financial goals.  
Individual Retirement Account (IRA)
Have you started planning for retirement? What about your children's education? An Individual Retirement Account can help you do all this and more.
If you're tired of running low on money during vacation time, it's time to open a Vacation Club savings account.
Read more on our accessibility statement
Meet REWARDSavings' monthly qualifications and receive:
  • .60% APY (Annual Percentage Yield) on balances up to $15,000 (0.10% APY on the portion of your balance over $15,000)
  • ATM fee refunds will automatically be deposited in your REWARDSavings Account.
Monthly REWARDChecking Requirements:
  • Make 10 debit card purchases of $5 or more
  • Receive monthly eStatements
  • Have one direct deposit or automatic payment
If you don’t meet the qualifications one month, don’t worry! There’s no penalty and you still receive a base interest rate of 0.05% APY. Your benefits will resume the next month you qualify.
  • Service charge - $2 per withdrawal, if over 3 withdrawals per statement cycle
  • Number of withdrawals - 3 per statement cycle ($2 per additional withdrawal)
  • Free myMBC - Online Banking
  • goMBC - free mobile banking app and Mobile Deposit
  • Free eStatements
Visit us to open your REWARDChecking & REWARDSavings accounts today 
Visit us to open your Student Savings account today

Visit us to open your Premium Money Market account today 
Who is eligible?
HSAs are available to individuals covered by a high deductible health plan. Individuals cannot be covered by any other insurance that is not HSA-qualified. Coverage must be in effect the first day of the month.

Qualified expenses:
HSA funds can be used for the expense of anyone in the immediate family, even if they are not covered under the same HSA-qualified insurance as the account holder. A list of qualified expenses may be found in IRS Publication 502, available at the IRS website.

Benefits of an HSA:
HSAs can provide significant tax benefits. Not only can they provide tax benefits related to paying qualified medical expenses, they may also serve as additional income for retirement.

Visit us to open your Health Savings Account today 
Use it to save money for education, a new car, or a down-payment on a home. It's flexible, with a variety of terms to choose from and competitive rates.
A solid financial future isn't an accident, it's good planning. An IRA is a great way to make sure your future is secure, and we can help. Call or stop by to open an IRA today. 
This account allows you to set aside as much or as little money as you like throughout the year. You can either make deposits manually or you can set up an automatic transfer between accounts.

Call or stop by for more information or to open your Vacation Club account today! 
Источник: https://www.mbcbank.com/personal-banking/savings-cds-and-money-markets

Deposit Rates

Certificates of Deposit
ProductMinimum Balance to OpenMinimum Balance to Obtain APYAPYRate

91-day

$1,000

$1,000

0.20%

0.20%

182-day

$500

$500

0.25%

0.25%

12-month

$500

$500

0.30%

0.30%

18-month

$2,500

$2,500

0.40%

0.40%

24-month

$2,500

$2,500

0.45%

0.45%

36-month

$2,500

$2,500

0.55%

0.55%

48-month

$2,500

$2,500

0.60%

0.60%

60-month

$2,500

$2,500

0.70%

0.70%

120-month

$2,500

$2,500

1.00%

1.00%

Penalty for early withdrawal from CDs. Fees may reduce earnings.
Early withdrawals from CDs are subject to the following penalties:
Maturities of less than 12 months, loss of 3 months interest.
Maturities of 12-35 months, loss of 9 months interest.
Maturities of 36 - 60 months, loss of 12 months interest.
Maturities of 120 months, loss of 24 months interest

 

For more information, call 1-888-990-BANK (2265).

IRA
ProductMinimum Balance to OpenMinimum Balance to Obtain APYAPYRate

182-day

$500

$500

0.25%

0.25%

12-month*

$100

$100

0.30%

0.30%

18-month

$500

$500

0.40%

0.40%

24-month

$500

$500

0.45%

0.45%

36-month

$500

$500

0.55%

0.55%

48-month

$500

$500

0.60%

0.60%

60-month

$500

$500

0.70%

0.70%

*12 Month IRA CD - customers can add funds.
Penalty for early withdrawal from CDs. Fees may reduce earnings.
Early withdrawals from IRAs are subject to the following penalties:
Maturities of less than 12 months, loss of 3 months interest.
Maturities of 12-35 months, loss of 9 months interest.
Maturities of 36 months & over, loss of 12 months interest.

 

For more information, call 1-888-990-BANK (2265).

Money Markets
ProductMinimum Balance to OpenMinimum Balance to Obtain APYAPY*Rate

Advantage Money Market

$10,000

$100,000

0.25%

0.25%

 

 

$10,000-$99,999.99

0.10%

0.10%

 

 

$0-$9,999.99

0.05%

0.05%

Business Money Market

$10,000

$50,000

0.15%

0.15%

 

 

$0-$49,999.99

0.05%

0.05%

*APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly.  If you close your money market account before interest is credited you will receive the accrued interest.  Balance computation method: Daily balance method interest begins to accrue on day of deposit.  Your interest rate and APY are subject to change at anytime without notice. Fees may reduce earnings. 

For more information, call 1-888-990-BANK (2265).

Savings Accounts
ProductMinimum Balance to OpenMinimum Balance to Obtain APYAPY**Rate

Statement Savings

$100

$100

0.15%

0.15%

Kids Club Savings

$25

$0

0.15%

0.15%

**APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly. If you close your savings account before interest is credited you will receive the accrued interest. Balance computation method: Daily balance method interest begins to accrue on day of deposit. Your interest rate and APY are subject to change at anytime without notice. Fees may reduce earnings. 

For more information, call 1-888-990-BANK (2265).

Checking Accounts
ProductMinimum Balance to OpenMinimum Balance to Obtain APYAPY*Rate

Magyar Interest Checking

$100

$10,000 +

0.10%

0.10%

 

 

$1,000 - $9,999.99

0.05%

0.05%

Premium Checking

$100

$50,000+

0.20%

0.20%

 

 

$10,000-$49,999.99

0.10%

0.10%

 

 

$0-$9,999.99

0.05%

0.05%

Non-Profit Checking with Interest

$100

$1,000

0.15%

0.15%

Sole Proprietary

$100

$1,000

0.05%

0.05%

*APY (Annual Percentage Yield) Compounding and crediting: Interest is compounded monthly and credited monthly. If you close your checking account before interest is credited you will not receive the accrued interest. Balance computation method: Daily balance method interest begins to accrue on day of deposit. Your interest rate and APY are subject to change at anytime without notice. Fees may reduce earnings.

For more information, call 1-888-990-BANK (2265).

Источник: https://www.magbank.com/Rates.aspx

Rates

Checking Accounts

Personal Checking Accounts

Interest RateAnnual Percentage YieldMinimum balance to open accountFees
Basic Checking (NJ Consumer Checking)N/AN/AN/AN/A
50 First Checking0.03%0.03%N/AN/A
e-Checking0.05%0.05%$500$15 if below $500
Premier Checking0.03%0.03%$500$15 if below $500
Relationship CheckingN/AN/A$1,000$25 if below $1,000
Community CheckingN/AN/A$25None with monthly direct deposit/$5 per month with no direct deposit

Commercial Checking Accounts

Interest RateAnnual Percentage YieldMinimum balance to open accountFees
Non-Profit Checking0.03%0.03%N/AN/A
Business First CheckingN/AN/A$1,000$10.00 if below $1,000
Commercial Analysis CheckingN/AN/AN/A$30.00 

*Fees may reduce earnings. Interest rates may change after the account is open. Must maintain minimum daily balance to obtain disclosed Annual Percentage Yield.  Fees may apply if transaction volumes exceed maximums. Member FDIC.


Savings Accounts


Interest RateAnnual Percentage YieldMinimum balance to open accountFees
Personal Statement Savings0.03%0.03%$100$7.00 if below $100
Commercial Statement Savings0.03%0.03%$1,000$15.00 if below $1,000

*Fees may reduce earnings. Interest rates may change after the account is open. Must maintain minimum daily balance to obtain disclosed Annual Percentage Yield.   Member FDIC.

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Money Market Accounts

Personal
Money Market
Interest RateAnnual Percentage YieldMinimum balance to earn interestFees
$.00 to $1,000.99N/AN/AN/A$15.00
$1,001.00 to $10,000.990.03%0.03%$ 1,001N/A
$10,001.00 to $50,000.990.05%0.05%$ 10,001N/A
$50,001.00 to $150,000.990.08%0.08%$ 50,001N/A
$150,001.00  and above0.10%0.10%$ 150,001N/A
Relationship Money Market
Interest RateAnnual Percentage YieldMinimum balance to earn interestFees
$.00 to $1,000.99N/AN/AN/A$15.00
$1,001.00 to $10,000.990.05%0.05%$ 1,001N/A
$10,001.00 to $50,000.990.10%0.10%$ 10,001N/A
$50,001.00 to $150,000.990.10%0.10%$ 50,001N/A
$150,001.00 and above0.20%0.20%$ 150,001N/A

Business Money Market
Interest RateAnnual Percentage YieldMinimum balance to earn interestFees
$.00 to $2,500.99N/AN/AN/A$15.00
$2,501.00 to $25,000.990.03%0.03%$ 2,501N/A
$25,001.00 to $100,000.990.05%0.05%$ 25,001N/A
$100,001.00 to $500,000.990.08%0.08%$ 100,001N/A
$500,001.00 and above0.10%0.10%$ 500,001N/A

*Fees may reduce earnings. Interest rates may change after the account is open. Must maintain minimum daily balance to obtain disclosed Annual Percentage Yield.   Member FDIC.

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Certificates of Deposit (Regular & IRA)


Interest RateAnnual Percentage YieldMinimum balance to open accountFees
3 Month0.05%0.05%$500N/A
6 Month0.05%0.05%$500N/A
9 Month0.10%0.10%$500N/A
9 Month  Special/Promotion0.10%0.10%$500N/A
12 Month0.10%0.10%$500N/A
12 Month  Special/Promotion0.15%

0.15%

$500N/A
14 Month0.10%0.10%$500N/A
15 Month0.10%0.10%$500N/A
18 Month0.10%0.10%$500N/A
20 Month0.10%0.10%$500N/A
21 Month0.10%0.10%$500N/A
24 Month0.15%0.15%$500N/A
30 Month0.15%0.15%$500N/A
36 Month0.15%0.15%$500N/A
48 Month0.15%0.15%$500N/A
60 Month0.15%0.15%$500N/A
Источник: https://www.firstbanknj.com/about/rates

3 Replies to “Somerset savings bank cd rates”

  1. Yes, It will work. As mentioned in the video, make notarized affidavit along with all supporting documents.

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