Savings / CDs / Investments
Expect a Difference
"As a locally-owned, community bank, Southern Heritage is proud of its history of responsible banking. You can share in the pride of knowing that your deposits are invested in the local community – used to make loans to the businesses and individuals who live and work right here in Cleveland. When you open a Southern Heritage Bank savings or investment account, you can put our experience to work for you, and
you can Expect a Difference."
Lee Stewart,
President & CEO
When you want a convenient, safe way to earn interest on your money, Southern Heritage Bank has the account for you.
- Minimum
Opening Balance
– $100
- 24-Hour
Access
– Make withdrawals, transfer funds and obtain your account balance in our banking offices or through SHB ATMs or thousands of other ATMs worldwide that display the Plus and Pulse logos.
- Interest
Earnings
– Compounded quarterly and credited quarterly.
- Withdrawals
– Six allowed per quarter at no charge (See
Schedule of Fees)
- Account
Statements
– Mailed quarterly or delivered electronically via email.
- No
Monthly Fees –
On balances of $100 and above (See
Schedule of Fees)
Saving money is a great habit to learn at a young age. Southern Heritage rewards its young customers with money market interest rates to help them with a good financial start.
- Minimum
Opening Balance
– None
- Interest
Earnings – Compounded quarterly and credited quarterly
- Withdrawals
– Six allowed per quarter at no charge (See
Schedule of Fees)
- Account
Statements
– Mailed quarterly
Certificates of Deposit provide a guaranteed interest rate for the term of the deposit and are available with maturities ranging from 7 days to 60 months. Contact any Southern Heritage Bank office for detailed information on current and special CD rates.
- Minimum
Investment
– $1,500 for CDs 18 months or longer and $2,500 for CDs of 12 months and less.
- Interest
Rates – Vary according to investment amount and term; rates
subject to change weekly, but are fixed during the term of the CD.
- Access
to Interest Earnings
– Interest is paid monthly, quarterly or semi-annually by check or direct deposit into your Southern Heritage Bank checking or savings account.
- Renewal
– CDs automatically renew unless you request otherwise.
- Withdrawals
–
A penalty may be imposed for early withdrawals (See
Schedule of Fees)
Earn a premium rate of return and still have complete access to your money.
- Minimum
Opening Balance – $2,500
- Tiered
Interest Earnings
– Interest earned on total collected account balance and credited
monthly. The Money Market is a tiered rate account that earns higher
interest based on higher balances. Interest rates may re-price
with market.
Money Market Accounts earn higher rates for higher balances based on the following tiers. (See a Customer Service Representative for current interest rates.)
| $0 – $
2,499 |
$75,000 - $99,999 |
| $ 2,500 –
$14,999 |
$100,000 - $249,999 |
| $15,000 –
$74,999 |
$250,000 – $499,999 |
| |
$500,000 + |
|
- Access
to Funds
– Make withdrawals anytime at any Southern Heritage Bank office or Southern Heritage ATM.
- Withdrawals
– Up to six free withdrawals allowed each month (See
Schedule of Fees)
- No
Monthly Fees –
On balances of $2,500 and above or an average daily balance of $5,000 (See
Schedule of Fees)
- Account
Statements
– Detailed transaction statements provided monthly via e-mail or postal delivery.
Planning for retirement is one of the most important steps you can take toward securing your future. Southern Heritage Bank can help you establish an IRA, a Roth IRA, SEP or an Education IRA. Contributions to an IRA could lower your current tax bill, and you may be able to capture greater earnings than with a non-retirement account (consult a qualified financial adviser for specific tax details).
- Minimum
Opening Balance –
$500
- Interest
Earnings
– Interest is calculated by Daily Balance method and compounded
annually. Earnings are posted to your account annually.
- Maturities
– Available from 12 months to 60 months.
- Withdrawals
– A penalty may be imposed by SHB for early withdrawals. In addition, the IRS may impose a penalty for early withdrawals based on your tax status. Please consult your tax advisor for tax information.
- Account
Statements
– Mailed annually
Being a Platinum customer is the highest level of recognition and reward afforded by Southern Heritage Bank. Platinum status is your ticket to personal attention and exclusive benefits. Awarded based on your banking relationship, it is our way of thanking our most special customers.
To obtain Platinum status simply:
- Maintain a Southern Heritage Personal Checking Account with at least $1,000.
- Maintain a minimum combined deposit balance of $50,000 or a minimum combined deposit and loan balance of $100,000.
- Maintain your accounts in good standing.
Benefits include:
- Bonus
Rates on CDs
- Discount on Loan Rates and Closing Costs
- Increased ATM withdrawal and point of sale limits
- Recognition Gifts
- Free Membership in the Rockers Travel Group
- Plus Many More!
Individual
Retirement Accounts (IRAs)
