Savings Account FAQs

What is the interest rate for this Savings Account?

The Armed Forces Bank Savings Account interest rate is 0.03% with an 0.03% Annual Percentage Yield (APY).

Is there a minimum balance to open a Savings Account?

Yes, there is a $25 minimum opening deposit requirement. A $100 minimum balance is required to avoid the $5 monthly service charge.

Is there a daily minimum balance or any fees for Savings Accounts?

Yes, if a $100 minimum daily balance is not maintained, a $5 monthly service charge will be charged. Closing an account within 90 days of opening will result in a $25 early closure fee.

Are Savings Accounts the best way to save money?

Savings Accounts are a great way to save for specific purchases, vacation funding, and emergency funds. If you are looking for a way to save for retirement or other long-term goals, such as college or a home, you might want to consider a CD or Money Market account instead. These types of accounts usually get better interest rates than a regular Savings Account, but they have limited access. Penalty fees apply for early CD closure withdrawals. Excessive Withdrawal fees apply for the Premier Money Market account if more than 6 withdrawals are transacted per statement cycle.

How are Savings Accounts different than Checking Accounts?

Savings Accounts are for storing and saving money, while Checking Accounts are designed for daily transactions and easy access to your funds. Savings Accounts typically do not come with debit cards and are not intended for regular transactions.

If you're interested in comparing Checking Accounts, browse our Checking options.

Can I take money out of a Savings Account?

Yes, you are allowed to withdraw from a Savings Account. Some Savings Accounts may charge a fee for frequent withdrawals to encourage account holders to keep their money in the savings account rather than spending or withdrawing it often. At Armed Forces Bank, closing new accounts within 90 days of opening will result in a $25 early closure fee.