| Question | Safe Harbor Savings (Passbook Account) | Statement Savings | Money Market Accounts |
|---|---|---|---|
| What you are looking for: | A Savings Account that puts your money to work with a rewarding interest rate that grows with your account. | A Savings Account built to ensure positive savings growth; no matter how modest your starting balance may be. | Severn Savings Bank money market accounts earn interest through our four-tiered rate structure, so as your balance increases, so do your earnings. |
| Minimum Opening Deposit | $100 | $20 | $20 |
| Monthly Service Charge | $5.00 | $3.00 | $5.00 |
| Minimum Balance Required | $2,500 to avoid service charge | $20 to avoid service charge and $200 to earn interest | $2,500 to avoid service charge |
| ATM Withdrawals | No | Free at any Severn Savings ATM or 55,000 ALLPOINT™ Network ATMs worldwide | Free at any Severn Savings ATM or 55,000 ALLPOINT™ Network ATMs worldwide |
| FREE Online Banking | Yes - ability to view account balances, no transactions can be processed. | Yes | Yes |
| FREE Telephone Banking | Yes - ability to check account balances, no transactions can be processed. | Yes | Yes |
| Interest Bearing Account | Yes, click here for Rate details | Yes, click here for Rate details | Yes, click here for Rate details |
| Legalese: | Requires maintaining an average monthly balance of $2500 to avoid a $5 monthly service charge. Interest is compounded daily and credited at the end of each month. No minimum balance requirement for individuals under age 21. Federal Banking Regulations restrict you to a combination of six (6) of the following types of transactions per statement cycle: checks, debit cards, or similar orders made payable to third parties, telephone transfers, online banking transfers, pre-authorized debits and transfers to another account with us. Over the counter withdrawals are unlimited. Transaction limits apply, click here for more information. | Requires an average monthly balance of $20 to avoid a $3 monthly services charge. Requires an average monthly balance of $200 to earn interest. Interest is compounded daily and credited at the end of each month. No minimum balance requirement for individuals under age 21. Federal Banking Regulations restrict you to a combination of six (6) of the following types of transactions per statement cycle: checks, debit cards, or similar orders made payable to third parties, telephone transfers, online banking transfers, pre-authorized debits and transfers to another account with us. Over the counter withdrawals are unlimited. Transaction limits apply, click here for more information. | Requires an average monthly balance of $2500 to avoid a $5 monthly services charge. Interest is compounded daily and credited at the end of each month. Federal Banking Regulations restrict you to a combination of six (6) of the following types of transactions per statement cycle: checks, debit cards, or similar orders made payable to third parties, telephone transfers, online banking transfers, pre-authorized debits and transfers to another account with us. Over the counter withdrawals are unlimited. Transaction limits apply, click here for more information. |