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What does "Annual Percentage Yield" mean?
The Annual Percentage Yield (APY) is the yearly interest percentage
on interest-bearing deposit products that must be disclosed
to comply with Truth in Savings regulations. It
reflects the total interest to be earned based on the compounding method used
by the institution. It assumes funds remain in the account
for a 365-day year.
What is CDARS?
CDARS stands for Certificate of Deposit Account
Registry Service. AnchorBank participates in this national
service. Through this network of FDIC-insured banks we
can provide full insurance on deposits well in excess of
$100,000. No longer do you have to deal with the complexity
of multiple bank relationships just to get the advantages
of FDIC coverage. You receive the benefit of FDIC insurance
eligibility on your money along with the convenience of
banking in one place - AnchorBank. You also get one consolidated
statement from AnchorBank for all your CDs and one year-end
1099 tax summary. Ask about our special CDARS rates and
maturity periods. More details are available from any of
our personal bankers, or you can e-mail
us with any questions you may have.
Does AnchorBank offer tax-deferred savings products?
Anchor makes available a variety of tax-deferred
options through Anchor Investment Services. Click here for more information.
Can I use a debit or ATM card with my savings account?
ATM cards are available with statement savings
accounts. Ask
about this option when you open your account.
What is the Education Savings Account?
An Education Savings Account from AnchorBank is a sensible
way to save for your child's elementary, secondary and post-secondary
education. Here's how it works:
- A child can receive a total of $2,000 a year from all eligible
sources (parents, grandparents, etc.) until he or she reaches
age 18.
- Contributions are non-deductible, but they grow tax-free
when withdrawn for qualified educational expenses like tuition,
fees, books, supplies and similar items.
- Rollovers to another child under 18 are allowed.
- You must satisfy the adjusted gross income (AGI) requirement
of $110,000 for single tax filers or $220,000 for married
couples. Phaseout of contribution limits begins at $95,000
(single) and $190,000 (married).
Click here for more information on this account.
What is a 529 Plan?
A 529 Plan is a savings program that allows
you to save for college. It
offers some major tax benefits such as state tax deductibility
and tax-deferred growth. Click here to learn more about this account.
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