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Community Money Market

It’s like a checking account and a savings account had a baby. The COMMUNITY MONEY MARKET account offers the convenience and flexibility of a checking account with the high interest rate of a savings account. This account is meant for customers who need ready access to their larger deposit balances, so a Certificate of Deposit isn’t a good fit, but these customers also want to earn a higher interest rate on their deposits than a regular savings account offers. With a COMMUNITY MONEY MARKET account, you’ll get six checks to use per month, your funds will earn a competitive interest rate (see the rate here), and you’ll have access to our very convenient mobile and online banking products. This account does require a higher initial deposit, requires a higher minimum average deposit, and a maintenance fee can apply if you fall short of the balance requirement, but the COMMUNITY MONEY MARKET account is a convenient way to have access to your funds while earning interest.

Here are some of the additional features of the COMMUNITY MONEY MARKET account:

• Competitive tiered variable rate of interest (Interest is computed by using the daily balance method and is credited to the account monthly on the statement cycle date.)
• ATM card
• Convenient e-Statements or monthly paper statements
• Mobile and online banking
• StateFone usage  (Get account balances, transfer money between LSB accounts, register your debit card from your phone by calling 815-223-8801.  Password required.)
• Maintenance fee may apply  (A maintenance fee of $8 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below the minimum balance as indicated in your account category.  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 $8 maintenance fee is waived by maintaining the minimum average daily balance of $1,000 for the monthly statement cycle.)

If you think a COMMUNITY MONEY MARKET account from La Salle State Bank might be the right way to save for you, contact one of our Personal Bankers for more information.