Savings Accounts
Bank of Pensacola encourages our customers to think about the importance of a “Rainy Day Fund” and we have established various types of savings accounts to help get you started. With our savings account, you’ll have easy access to your funds and you’ll earn interest on your daily balance.
Regular Savings Account
Account Features
- 24-hour automatic telephone banking
- Online banking
- Mobile banking
- Paper statements with images
How much interest will it earn?
Click here to view our current rates.
How much is needed to open the account?
$50
Are there any fees?
A service charge of $1 will be charged for each debit transaction in excess of three during a quarter. A service charge of $5 will be charged if the average daily balance falls below $250 during the statement cycle.
Transaction Limitations
Transfers to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month.
How can you get bank statements?
Paper statements with images are mailed quarterly. Online statements are available with the ability to view check images.
When is interest paid?
Interest on this account is credited quarterly.
How do you apply?
Visit a local branch.
Call 1-800-874-3121.
If a savings account is closed within 6 months of opening a service charge of $5.00 will be assessed.
Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example: checks).
The interest rate and annual percentage yield may change each quarter. This rate may change at our discretion.
Money Market Deposit Account
Enjoy the benefits of higher yield money market account with the flexibility that allows you to have access to your money.
Account Benefits
- 24-hour telephone banking
- Online banking
- Paper statements with images
How much interest will it earn?
Click here to view our current rates.
How much is needed to open the account?
$2,500
How can I avoid the monthly fee?
A service charge of $5 will be charged if the average daily balance falls below $500 during the statement cycle.
Transaction Limitations
Transfers to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month.
When is interest paid?
Interest on this account is credited each monthly statement cycle.
How can you get bank statements?
Paper statements with images are mailed monthly. Online statements are available with the ability to view check images.
How do you apply?
Visit a local branch.
Call 1-800-874-3121.
We use the daily average balance method to calculate the interest on your account. This method applies to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Your interest rate and annual percentage yield may change at our discretion.
Interest will not be compounded. Interest will be credited to your account each month. If you close the account before interest is credited, you will not receive the accrued interest.
Kids Club Savings Account
It’s never too early to begin preparing for your child or grandchildren’s future. This program was developed to make savings fun for kids, but also help parents and guardians teach kids about money and the importance of savings. Grab your piggy bank and let’s get started today.
Account Benefits
- Come in the month of your birthday and you will receive $1.00 deposit for every inch you have grown since the previous measurement.
- Receive an official membership card and present the card each time you make a deposit
- Pick a prize from the special treasure chest for reaching specific savings levels
- Receive an invitation to our annual Kids Club Day
How much interest will it earn?
Click here to view our current rates.
How much is needed to open the account?
$10
Are there any fees?
No monthly maintenance fees. A service charge of $1 will be charged for each debit transaction in excess of three during a quarter.
Transaction Limitations
Transfers from this account to another account or to third parties by preauthorized, automatic or telephone transfers are limited to six per statement month.
Automatic Deposits
Adults can setup regular deposits for any amount from their checking or savings accounts.
How can you get bank statements?
eStatements are provided or the paper statement fee can be waived for this account
When is interest paid?
Interest is paid quarterly.
How do you apply?
Visit one of our locations or call 1-800-874-3121.
Interest is calculated using the daily balance method. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items (example: checks)
The interest rate and annual percentage yield may change each quarter. This rate may change at our discretion.
If the savings account is closed within 6 months of opening a service charge of $5.00 will be assessed.
Account will be converted to a Regular Savings when the minor reaches 18 years of age.
For more information about our savings accounts, contact one of our Customer Service Representatives today at 1-800-874-3121.