Personal Savings Accounts
At Phoenixville Federal, we understand the importance of saving for the future, whether it’s a new home, education, or a comfortable retirement. We offer a range of individual savings account options to help you meet your financial goals. With our competitive rates and flexible terms, our accounts make it easy to build your financial future.
Statement Savings: A Solid Foundation for Your Savings Journey
Our statement savings account helps you save efficiently and watch your money grow.
- Interest Compounded Daily: Your money works for you with our personal savings rate, compounding interest daily and credited quarterly.
- Flexibility: Deposit or withdraw funds whenever you need, giving you control over your savings.
- Minimum Balance: Open your account with just $100 and maintain this balance to earn interest and avoid service fees.
- Statement Options: Choose between monthly paper statements or enroll in our online eStatements for added convenience.
- Service Fee Waiver: Enjoy the first cycle without a monthly service fee. After that, it’s just $3 per month if your daily balance falls below $100.
Ready to take the first step toward your financial goals? Open your personal savings account now!
Senior Gold Passbook Account (Age 62+)
For our customers aged 62 and older, we offer the Senior Gold Passbook Account.
- Interest Compounded Daily: Your money grows steadily, thanks to daily compounding with quarterly interest crediting.
- Flexibility: Deposit or withdraw funds as needed, with no restrictions or limitations.
- Minimum Balance: Open your account with just $20 to start earning interest.
- No Service Fee: Enjoy this account without worrying about monthly service fees.
Children's Savings Club (Birth - Age 13)
It’s never too early to teach your children the importance of saving with their own personal savings account.
- Interest Compounded Daily: Their savings grow steadily, with interest credited quarterly.
- Flexibility: Encourage them to save their money or teach them how to make withdrawals as they learn financial responsibility.
- Minimum Balance: Open the account with just $20 to start earning interest.
- No Service Fee: No monthly service fees for young savers.
Club Accounts: Save Smart for Special Occasions
Whether it’s a dream vacation or the holiday season, our Club Accounts help you save for specific goals.
- Low Minimum Balance: Start with just $10 to open your Club Account.
- Additional Deposits: Make additional deposits whenever you like to reach your savings goal.
- Christmas Club disburses in early October. Vacation Club disburses in early April.
- Club accounts automatically renew with the first deposit after disbursement.
- Maintain a minimum daily balance of $50 to earn annual simple interest, paid at maturity by check or transfer.
- Early withdrawals will forfeit interest.
Looking for More Financial Solutions?
While our individual savings accounts provide a secure way to save, don’t forget to explore our personal checking accounts for everyday banking convenience. Plus, if you’re considering borrowing for a home, education, or any other reason, our personal lending solutions offer competitive rates and flexible terms to help you reach your goals.
Phoenixville Federal Bank & Trust: Your Local Community Bank
Phoenixville Federal is proud to serve the communities of Chester and Montgomery Counties, where so many of us live and work! Our savings accounts are designed with your needs in mind, offering competitive rates and flexibility to help you and your family.
Ready to secure your financial future? Open an account with Phoenixville Federal Bank & Trust to start building a brighter tomorrow, today.
Frequently Asked Questions
What personal savings accounts are available?
We offer Statement Savings, Senior Gold Savings, Children’s Savings, and Christmas and Vacation Club accounts.
What is required for Statement Savings?
Statement Savings requires $100 to open. Maintain the required balance to earn interest and avoid the monthly maintenance fee. After the first statement cycle, a $3 monthly fee applies when the balance is below $100.
Who can open Senior Gold Savings?
Senior Gold Savings is available to customers age 62 or older. It requires $20 to open and has no monthly maintenance fee.
Who can open a Children's Savings account?
Children’s Savings is available from birth through age 13. It requires $20 to open and has no monthly maintenance fee.
How do Christmas and Vacation Club accounts work?
Each club account requires $10 to open. Christmas Club funds are distributed in early October, and Vacation Club funds are distributed in early April. A $50 minimum daily balance is required to earn interest, and an early withdrawal forfeits the interest.
Can I open a savings account online and view current rates?
Yes. Use the Open Now option to begin an eligible account application and the Deposit Rates link for current rates.