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Savings

Save for retirement, start a vacation fund or put something away for emergencies.

No matter what the reason, saving makes sense – especially these days. A Savings account or CD from 1st Colonial can give you flexible, competitive options to make your money grow – safely and securely.


Colonial Statement Savings

  • An interest bearing account with a minimum daily balance of $0.01 to obtain the annual percentage yield.
  • Deposit of at least $100 required to open this account.
  • No monthly maintenance fee if the minimum balance of $150 is met, otherwise $5 monthly fee.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
  • Interest begins to accrue no later than the business day we receive the credit for the deposit of non-cash items (for example checks).
  • Interest is compounded daily and credited monthly.
  • The daily balance method is used to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day.

Certificates of Deposit

  • A fixed-term, fixed rate, interest bearing account.
  • Deposit of at least $500 required to open this account.
  • Your account will mature based on the terms entered.
  • Interest is calculated using a daily compounding interest method.
  • You may not make withdraws of principal from your account before maturity without a penalty. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
  • You can withdraw interest credited to the account without penalty at any time prior to maturity.
  • If we consent to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty. The penalty will be the amount equal to:
    • Seven (7) days interest on the amount withdrawn if the withdrawal is made within the first six (6) days after the deposit.
    • 90 days interest on amount withdrawn for certificates of deposit with a term of less than one year.
    • 180 days interest on amount withdrawn for certificates of deposit with a term of one year or more.
  • We will calculate the interest rate forfeiture by using the interest rate in effect at the time of withdrawal. There are certain circumstances, such as the death or competence of an owner, where we may waive or reduce this penalty.
  • See your plan disclosure if this account is part of an IRA.
  • You may not make any deposits into your account until maturity.
  • This account will automatically renew at maturity. You will have ten (10) calendar days after the maturity date to withdraw funds without penalty.
  • This account will not renew if you withdraw the funds on the maturity date, or if we receive written notice from you on or before the maturity date of your intention not to renew.
  • We can prevent renewal if we mail notice to you at least thirty (30) days before maturity.
  • Each renewal term will be the same as the original term, beginning on the maturity date. The interest will be the same we offer on new time deposits which have the same term, minimum balance, and other features as the original time deposit.

Club Accounts

  • An interest bearing account, but the annual percentage yield is paid only when the account reaches maturity (52 weeks).
  • Deposit of at least $5 required to open this account.
  • Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account at any time.
  • Interest is compounded daily and credited at maturity. If you close your account before maturity, you will not receive the accrued interest.
  • The daily balance method is used to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day.
  • Transfers are not permitted from a club account to another account or by check, debit card or similar order to third parties.