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Personal Banking

Savings & Money Market Accounts

Start saving for your future.

Saving money is essential when it comes to your financial security.

At Franklin Savings Bank, we offer several types of FDIC-insured savings accounts—from high-interest Money Market Accounts to no-service-charge Kids Accounts—so that you can have flexibility to better manage your money.

Family standing in front of new home

Statement Savings Advantage

 

FSB’s Statement Savings Advantage account combines the benefits of an interest-bearing savings account with convenient 24-hour banking capabilities and monthly statements that help you stay on track with your money-savings goals. The account can be opened with as little as $10. 

Features
  • Only $10 needed to open an account
  • If daily balance drops below $100, a monthly service charge may apply¹
  • Interest earned when $100 daily balance is maintained for the statement cycle
  • Earn a higher rate of interest when your balance reaches $5,000
  • Linked Account Transfers
  • Online & Mobile Banking
  • Text Alerts to keep you up-to-date on your account balance
  • e-Statements
  • Direct Deposit
  • Plus, account holders are qualified to enroll in Identity Theft Resolution Services (Annual charge may apply)
  • FDIC Insurance

¹A $10 minimum balance is needed for individuals under the age of 18 and over the age of 62

Details
Eligibility Requirements For Individuals or Businesses
Interest Bearing Yes. Tiered Balance Levels: $100.00 – $4,999.99 and $5,000
Minimum to Open $10
Minimum Balance to Avoid Monthly Service Charge $100 (Customers under the age of 18 or over the age of 62 will not receive a monthly service charge if $10 daily balance is maintained)
Monthly Service Charge¹ $1
¹If requirements are not met

Kid’s Account

Start teaching your children about money management early on with a FSB Kids Savings Account. Parents of children up to the age of 13 may open this account for as little as 50 cents. With each 50 cent deposit, your child earns points which can be accumulated and be exchanged for various prizes.

Features
  • Interest earned on daily balances of $0.50 or more for the calendar month
  • Only $0.50 is required to open an account
  • FDIC Insurance
Details
Eligibility Requirements For children 12 and under
Interest Bearing Yes
Minimum to Open $0.50
Minimum Balance to Avoid Monthly Service Charge N/A
Monthly Service Charge¹ N/A

¹If requirements are not met

Choice Savings Club

Whether you’re saving for a down payment, vacation, or planning for holiday expenses, FSB’s super-flexible Choice Savings Club is the perfect account for you. Make recurring deposits and your funds will automatically be transferred to your checking account on the payout date.

Features
  • Choose your deposit amount
  • Set up deposits weekly, biweekly, or monthly—your choice!
  • Interest earned is paid at payout
  • Choose your payout schedule—once or twice per year
  • Club Accounts are automatically renewed on same schedule
  • For early withdrawals, a $25 fee will be assessed¹
  • Additional deposits are always welcome
  • Online & Mobile Banking
  • Monthly statements 
  • e-Statements 
  • Text Alerts to keep you up-to-date on your account balance
  • Direct Deposit
  • Linked Account Transfers
  • Plus, account holders are qualified to enroll in Identity Theft Resolution Services (Annual charge may apply)
  • FDIC Insurance

¹The $25 fee will be waived if your withdrawal is used for a new FSB loan.

Details
Eligibility Requirements For Individuals – This account is similar to a traditional Christmas Club, but with a twist!
Interest Bearing Yes. Interest earned is paid at disbursement.
Minimum to Open $5
Minimum Balance to Avoid Monthly Service Charge N/A
Monthly Service Charge¹ You choose annual or semiannual disbursements. A $25 fee will be assessed for early withdrawals. Fee waived if account is used as a down payment for an FSB loan.

¹If requirements are not met

Money Market Advantage

With a Money Market Advantage account, you don’t have to keep your money tied up for an extended period of time—so you can save with no strings attached. This account offers higher interest rates with a tiered-interest structure, is FDIC-insured, and can be easily accessed online.

Features
  • Higher interest rates than traditional savings accounts
  • $2,500 minimum opening deposit
  • No monthly service charge for balances over $2,500¹
  • Interest is tiered
  • Click here for current rates
  • Online & Mobile Banking
  • Online Bill Pay
  • e-Statements
  • Text Alerts to keep you up-to-date on your account balance
  • Direct Deposit
  • Linked Account Transfers
  • Plus, account holders are qualified to enroll in Identity Theft Resolution Services (Annual charge may apply)
  • Complimentary financial planning seminars & investment consulting
  • FDIC Insurance

¹A service charge of $10 per month may apply if daily balance falls below $2,500 at any time during the statement cycle.

Details
Eligibility Requirements Individuals
Interest Bearing Yes
Minimum to Open $2,500
Minimum Balance to Avoid Monthly Service Charge $2,500
Monthly Service Charge¹ $10

¹If requirements are not met

Lakes Money
Market Plus

If you’re looking to earn a high rate of interest, then the Lakes Money Market Plus account is perfect for you. This account is offered exclusively to FSB checking account customers.

Features
  • $2,500 minimum opening deposit
  • No monthly service charge for daily balances over $2,500¹
  • Interest is tiered
  • Click here for current rates
  • Online & Mobile Banking
  • e-Statements
  • Text Alerts to keep you up-to-date on your account balance
  • Direct Deposit
  • Linked Account Transfers
  • Plus, account holders are qualified to enroll in Identity Theft Resolution Services (Annual charge may apply)
  • Complimentary financial planning seminars & investment consulting
  • FDIC Insurance

¹A service charge of $10 per month may apply if daily balance falls below $2,500 at any time during the statement cycle.

Details
Eligibility Requirements Individuals with an FSB Checking Account
Interest Bearing Yes
Minimum to Open $2,500
Minimum Balance to Avoid Monthly Service Charge $2,500
Monthly Service Charge¹ $10

¹If requirements are not met

Health Savings Accounts

Do you have a qualified high-deductible health plan? If so, you can save money on your out-of-pocket costs with a Health Savings Account through Franklin Savings Bank. Funds contributed to your Health Savings Account are not subject to federal income tax—so you can pay your health expenses tax-free! 

Features

¹A service charge of $2.25 per month may apply if daily balance falls below $2,500 at any time during the statement cycle.

Details
Eligibility Requirements Individuals
Interest Bearing Yes
Minimum to Open $100
Minimum Balance to Avoid Monthly Service Charge $2,500
Monthly Service Charge¹ $2.25

¹If requirements are not met

Switching Banks

Is As Easy As 1.2.3

CDs & IRAs

Earn money while you save!

FSB’s competitive rates, variety of term options, and great CD specials make saving and earning money easy. There are many options available to you for retirement (IRA) savings.

Woman in yellow sweater holding jar of money

CDs

Franklin Savings Bank offers CD accounts that are especially designed for short or long-term savings. Enjoy higher returns on your money—without taking on a lot of risk. Term lengths range from 7 days to 5 years—you decide what works best for you!

Certificates of Deposits (CD) and Specials

Franklin Savings Bank offers periodic specials on our CD programs. Take a look at our current CD specials and check back often to learn about future deals. Click here for available CD specials.

¹Withdrawal of interest will reduce earnings

5 Year Smart CD

The Franklin Savings Bank 5 Year SMART CD account is the perfect answer to tomorrow’s education needs. Deposit money at any time, whenever and wherever you want. When the funds are used for educational expenses, you may withdraw funds prior to maturity – without penalty.

  • Open your 5 Year SMART CD with as little as $100
  • Flexibility of making additional deposits at any time
  • 5-year certificate of deposit (CD) term
  • Watch your account grow with quarterly statements
  • e-Statements
  • Online & Mobile Banking
  • NO PENALTIES are assessed for withdrawals demonstrated to be used for education expenses
  • FDIC Insurance
Certificate of Deposit Account Registry Service (CDARS)

Franklin Savings Bank is pleased to be a member of the Certificate of Deposit Account Registry Service. CDARS is a service FSB uses for those interested in opening CDs over the $250,000 insurance limit.

With CDARS, you have both the security of FDIC insurance with the convenience of working with just one financial institution that you know and trust. Now, you no longer have to open multiple CDs with multiple banks for accounts over $250,000, for peace-of-mind that your investment is insured. You also have the convenience of one interest rate with no hidden fees.

  • Take advantage of multi-million dollar FDIC insurance coverage
  • No need to make multiple deposits with multiple banks; you can work directly with Franklin Savings Bank
  • Negotiate just one interest rate; no need to worry about juggling multiple CD accounts with multiple rates
  • All the information you need is consolidated into one easy-to-read statement
  • With CDARS, the rate you see is the rate you get. You will not be charged annual fees, subscription fees, or transaction fees.
  • No need to track changing collateral values on a recurring basis. With CDARS, you’ll be confident that your deposits will be covered by FDIC insurance protection.
  • Wide Variety of Maturities—maturities range from 4 weeks to 5 years; you choose the term length that works best for you

IRAs

It can be difficult to save for retirement, especially when you’re on a budget. FSB offers an assortment of retirement account options, including fixed-rate, variable-rate, Traditional, and Roth IRA accounts. These accounts offer a higher rate of interest than other types of savings accounts and can be opened with just a $10 initial deposit. 

Variable-Rate IRA

FSB’s Variable-Rate IRA offers incredible flexibility with no fixed maturity date and a variable rate of interest. Transfer funds on a scheduled basis from your FSB checking or savings accounts too. It’s that easy!

Traditional IRA

If you want to retire comfortably, Social Security alone may not be enough. Even a modest lifestyle will most likely need a supplemental income. Pay yourself now and save for retirement later with FSB’s Traditional IRA retirement plans. Save pre-taxed money and claim your annual contributions as a tax-deduction every year. When you open a fixed-rate Traditional IRA at FSB, you can also take advantage of our Bank CD Special rate with terms of 91 days or more.  If you prefer to make regular deposits to your IRA, choose our Variable-Rate account option. Either way, FSB’s IRA options are a fantastic way to start or sustain your retirement savings!

  • Available Terms: 91 or 182 Days, 1, 2, 3 and 5 Years, and occasional CD specials as they become available
  • Opening Deposit Amounts: $1,000 for any term under 3 Years; $500 for 3 through 5 Year terms
  • Your earnings grow tax-deferred and, if eligible, you can rollover your 401(k) or employee-sponsored retirement plan to consolidate your retirement funds
  • Online & Mobile Banking
  • FDIC Insurance
Roth IRA

With a Roth IRA, you pay the taxes on contributions now without having to worry about it in the future. Provided you withdraw the funds after the age of 59 ½, you will receive your payments tax-free. While you cannot claim your contributions on your taxes, you’ll be able to take your contributions out later – without worrying about taxes.  When you open a fixed-rate Roth IRA at FSB, you can also take advantage of our Bank CD Special rate with terms of 91 days or more. If you prefer to make regular deposits to your IRA, choose FSB’s Variable-Rate IRA account option. Either way, FSB’s IRA options are a GREAT way to start or supplement your retirement savings!

  • Flexible terms from 3 months to 5 Years
  • Opening Deposit Amounts: $1,000 for any term under 3 Years; $500 for 3 Years or more
  • Invest after-tax dollars today and watch your investment grow tax-free!¹
  • Get your principal contribution back at any time for any reason without taxes or IRS penalties
  • Don’t pay taxes on any of the earnings, provided you withdraw the earnings as part of a qualified distribution²
  • Interest-bearing
  • Online & Mobile Banking
  • FDIC Insurance

¹Consult your qualified tax advisor for more information.

²Qualified tax-free distributions are those taken after a five-year holding period for any of the following reasons: age 59 1/2, permanent and total disability, death, or first-time home purchase.

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