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Savings

Saving is a way to plan for the unexpected or to pursue your dreams. Here at WFS, we’ve made it easy for you to set aside funds for anything you can imagine. Take your first steps to saving today. Stop in or call today for more information.

 

Our Savings Calculators can help you get where you want to be:

Savings Comparison Chart

Account Type

Passbook Savings

Statement Savings

Money Market

Account Description

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This little red passbook is a customer favorite.

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A safe yet accessible savings account.

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This savings account allows you to save at a slightly higher rate with the flexibility of check writing.

Minimum amount to open

$10

$10

$1,000

Minimum to obtain APY

$10

$10

$1,000

Check writing

No

No

Yes

Electronic withdrawals allowed

No

Yes

Yes

Direct Deposits allowed

Yes

Yes

Yes

Can be linked to debit card

*No direct withdrawals; transfers to checking only

No

Yes*

Yes*

Transfers using online or telephone banking

No

Yes

Yes

Automatic transfer to mortgage at WFS (TMS)

No

Yes

Yes

Statements or eStatements

No

Yes*

Yes

Interest posted

Quarterly

Quarterly

Monthly

Interest Rate

View Our Rates

*Account activity will initiate a statement; otherwise, statements are issued quarterly.

Passbook Savings

This little red passbook is a customer favorite.

Features:

  • No monthly fees
  • No minimum balance fees
  • Competitive interest rate
  • Minimum balance to open and earn annual percentage yield: $10.00
  • Deposits can be made with or without the book
  • Interest posted quarterly

Features for your security:

  • No Electronic withdrawals
  • No transfer withdrawals between accounts using online or telephone banking
  • Passbook must be presented when requesting a withdrawal

Statement Savings

A safe yet accessible savings account.

Features:

  • No monthly fees
  • No minimum balance fees
  • Competitive interest rates
  • Electronic withdrawals permitted
  • Can transfer between WFS accounts using online or telephone banking
  • Can be linked to a debit card for ATM transfers to checking
  • Minimum balance to open and earn annual percentage yield: $10.00
  • Monthly statement when there has been account activity or quarterly when no activity
  • Eligible for eStatements
  • Interest posted quarterly

Money Market

This savings account allows you to save, yet has the flexibility of check writing.

Features:

  • No monthly fees
  • No minimum balance fees
  • Competitive interest rates
  • Electronic withdrawals permitted
  • Can transfer between WFS accounts using online or telephone banking
  • Can be linked to a debit card for ATM transfers to checking
  • Minimum balance to open and earn annual percentage yield: $1000.00
  • Monthly Statements
  • Eligible for eStatements
  • Interest posted monthly

Club Accounts

A blue passbook for vacations. A festive holiday passbook for holiday spending. These accounts are here to help you save on your terms.

Features:

  • Save any amount from a $1.00 on up
  • Interest accrues daily from day of first deposit and is credited to account at maturity
  • Withdrawals are not permitted during club term
  • Minimum balance to open and earn annual percentage yield: $1.00
  • Checks are issued at club maturity:
  • April for Vacation Club
  • October for Christmas Club

Certificates of Deposit

Maximize the earning power of your savings with total safety and a very competitive interest rate.

Features:

  • Available in terms from 6 months to 60 months
  • Open with as little as $500.00
  • Additions not permitted during the term of the CD
  • Notification of upcoming CD maturity date
  • Automatically renews following a 7-day grace period after the maturity date if CD is not manually renewed
  • A $5,000.00 minimum balance is required to receive a monthly interest check or have the monthly interest transferred to another WFS account

Individual Retirement Accounts

Westmoreland Federal Savings offers Traditional, Roth and Rollover IRAs depending on your personal needs

IRA Features

At WFS we offer both Traditional and Roth IRAs. Both of these IRAs offer growth, security, and valuable tax advantages in addition to access to your money if you need it. Which one is better for you depends on your stage of life, your tax bracket, and whether you want to build tax-deferred savings for later or if you want to build assets for your heirs.

  • IRA Statement Savings – starting with a $100.00 minimum – are available at the same great rate as our regular Statement Savings and allows additions to your IRA at any time
  • Certificates available in terms from 6 months to 60 months
  • Additions not permitted during the term of the Certificate of Deposit
  • Early withdrawal penalty waived for reportable distributions and if over 59 ½ years old

Lowest minimum balance on IRA certificates to open and earn annual percentage yield: $500.00

Still have questions?

Call or stop in today to speak with one of our friendly staff to help you choose which one is right for you.