Personal Savings

Passbook Savings Account
$25 initial deposit with a required $25 minimum balance to earn interest
Interest compounded quarterly with combined quarterly statements
6 transfers or withdrawals per month with no fee
$1 quarterly service charge if balance falls below $25

Minor Savings Account
No minimum balance to open the account
Interest compounded quarterly on balance over $25 with quarterly statements
Must be under the age of 18 to qualify for this account

Christmas Club Account
$5 initial deposit with a required $25 minimum balance to earn interest
Interest compounded quarterly with combined quarterly statements
Make deposits with coupon book or by setting up convenient transfers from your checking account
$5 closing fee for early withdrawal before maturity date

 

Business Savings

Passbook Savings Account
$25 initial deposit with a required $25 minimum balance to earn interest
Interest compounded quarterly with combined quarterly statements
6 transfers or withdrawals per month with no fee
$1 quarterly service charge if balance falls below $25

 

Individual Retirement Account (IRA)

An Individual Retirement Account can provide a strong foundation to help you build toward your financial future. Let The First National Bank of Bangor help you with your IRA rollovers and transfers too!

 

    Traditional IRA Roth IRA
Eligibility Requirements Minimum Age No IRS minimum age restriction No IRS minimum age restriction
  Maximum Age Year prior to turning 70.5 years of age No maximum age restriction
  Income You or your spouse must have earned income You or your spouse must have earned income
Contributions Deductibility May receive tax deduction No tax deduction
  Maximum Contribution $5,000 plus an additional $1,000 if 50 years of age or older by end of calendar year $5,000 plus an additional $1,000 if 50 years of age or older by end of calendar year
  Deadline Tax filing deadline, no extensions Tax filing deadline, no extensions
Distributions Before Age 59.5 10% early distribution penalty unless exception applies. Taxed as ordinary income 10% early distribution penalty generally applies to nonqualified distributions of earnings unless exception applies
  Annual Mandatory Minimum Distribution (RMD) RMD mandatory beginning April 1, following the year in which you become 70.5 years of age. Taxed as ordinary income No RMD
  Qualified Taxed as ordinary income, no penalty applies Tax-free distribution for certain situations after a 5 year mandatory waiting period
  Nonqualified 10% early distribution penalty unless exception applies. Taxed as ordinary income Earnings are taxed and generally subject to a 10% penalty unless exception applies