Certificates of Deposit

Certificates of Deposit (CDs) are accounts that require a minimum balance for a selected period of time to obtain a better rate on your investment. Although allowed, early withdrawals may be subject to a penalty. Redwater Valley Bank offers several options for CDs.

Money Market Savings

Money Market Savings accounts offer a higher interest rate than a regular savings account by requiring a higher minimum balance. A $2,500.00 minimum balance is required to obtain APY. If the balance falls below $2,500.00 any day during the month, you will be assessed a $30.00 service charge.

Passbook Savings

Passbook Savings or Regular Savings is an account for anyone. It’s like a piggy bank that earns interest. A $50.00 deposit is required to open and maintain this account. If the balance falls below $50.00 at any time during the quarter, a $10.00 service charge will be assessed.  Youth age 18 and under will not be assessed the service charge. 

Individual Retirement Accounts

Individual Retirement Accounts (IRAs) are offered at Redwater Valley Bank at a set rate for a certain term (much like a Certificate of Deposit). The minimum deposit to open an IRA is $500.00. You are allowed to add to the IRA at maturity or start another IRA with an additional $500.00 minimum at any time. A penalty may apply for early withdrawal on a fixed rate IRA account.

Please call the Bank at (406) 485-4782 for current rates on interest bearing accounts.

Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.