Savings Accounts

Whether you're saving for a rainy day or any day, a Second Federal Savings Account is a great way to save money for your future.

Individual Retirement Account (IRA)

At different stages in your life, you face different financial needs. Not only is opening an IRA account a safe and secure way to prepare for your retirement, it’s great for saving for other major events such as college tuition or unexpected emergencies. We have several IRA accounts to choose from and you may be eligible to deduct your IRA contributions from your taxable income.*

The Traditional IRA

A Traditional IRA plan offers three basic benefits: Security for your retirement years; tax-deferred interest until you withdraw your funds (as early as age 59-1/2); and a possible deduction from annual gross income on your federal income tax return.

The Roth IRA

Unlike a Traditional IRA, there is no requirement to begin withdrawals at age 70-1/2. Retirement savers can have both a Traditional and a Roth IRA, but combined contributions in any tax year are limited.

Contributions to Roth IRA’s are not tax-deductible. However, like Traditional IRA accounts, earnings are tax-deferred. Once the account has been open for five consecutive tax years, owners may take tax-free distributions if they meet any of the following criteria:

Member is at least age 59 ½
Member becomes disabled
The funds are used toward a first-time home purchase
Death results in a distribution to the account beneficiary

* Consult your tax advisor for details

For more information call 773-277-8500 or email us at info@secondfederal.com

Passbook Savings: With a passbook savings account, record all of your activity directly in your passbook!

Regular Passbook Savings

Use a passbook account to save for short-term investment goals. Earn interest while saving money.

$100 minimum to open
No monthly service charge if balance remains above $1,000.00, otherwise $5.00 monthly fee
Unlimited in person deposits and withdrawals (based on availability of funds)
No fee for transactions to your account

Golden Passbook Savings

Earn higher market rates without committing to a term investment.

$1,000.00 minimum to open
No monthly service charge if balance remains above $1,000, otherwise $10.00 monthly service charge
Unlimited in person deposits and withdrawals (based on availability of funds)
No fee for transactions to your account

Young Investors Passbook Savings

Watching a savings account grow is fun for kids, and it’s also a great way to teach them how to save money. Open a savings account for your child today and help them to save for their future.

$10.00 minimum to open
No monthly service fee or minimum balance required
No fee for transactions
Unlimited in person deposits and withdrawals
Depending on ownership selected, either the child or guardian controls funds

Quinceañera Passbook Savings

Preparing for the big event? Open a savings account for your child today and help her to save for the future.

$10.00 minimum to open
No monthly service fee or minimum balance required
No fee for transactions
Unlimited in person deposits and withdrawals
Depending on ownership selected, either the child or guardian controls funds

Christmas Club Savings

Add money regularly to your club account and receive a check for the balance (plus interest) just in time for holiday shopping.

$10.00 minimum to open
No monthly service fee or minimum balance required
Unlimited deposits
Interest paid when holiday check is produced

For more information call us at 773-277-8500 or email us at info@secondfederal.com

Statement Savings

With a statement savings account, save money without committing to a fixed term. In addition, most statement accounts:

Receive monthly statements if account has electronic activity during the month. Otherwise, a quarterly statement is sent
Funds are electronically accessible, through an ATM (available on most accounts), with up to six ACH debits and unlimited ACH credits, etc.

Statement Savings Account

Use a statement savings account for short-term investment goals. Earn interest (on most accounts) while saving money.

$100.00 minimum to open
No monthly service fee if minimum balance of $250 is maintained; otherwise $5.00 per month fee
Tiered interest rate; the higher the balance, the higher the rate
Unlimited in person deposits and withdrawals

ITIN Statement Savings Account

Applying for an ITIN? We can help. Open an ITIN statement savings and we’ll help complete and file the required W-7. You can begin reaching your savings goals while waiting for the ITIN.

$100.00 minimum to open
No monthly service fee if minimum balance of $250 is maintained; otherwise $5.00 per month fee
Tiered interest rate; the higher the balance, the higher the rate
Unlimited in person deposits and withdrawals.

Non-Interest Bearing Statement Savings Account

$100.00 minimum to open
No monthly service fee if minimum balance of $250 is maintained; otherwise $5.00 per month fee
Unlimited in person deposits and withdrawals

Charitable Statement Savings Account

Looking to open an account for a specific charity, foundation or philanthropic group? Perhaps an account that will take donations from the public? Ask about our charitable funds savings account.

No monthly service fee if minimum balance of $250 is maintained; otherwise $5.00 per month fee
Tiered interest rate; the higher the balance, the higher the rate
Unlimited in person deposits and withdrawals

Ultra Statement Savings Account

Earn higher market rates without committing to a term investment.

$100.00 minimum to open
No monthly service fee
Unlimited in person deposits and withdrawals (based on availability of funds)
No fee for transactions to your account

For more information call us at 773-277-8500 or email us at info@secondfederal.com

Money Market

Our Money Market Account can help you maximize your savings without locking your money up. Not only will you earn a higher rate of return than with a regular savings account, but you’ll also have access to check-writing.

Account Features

6 free transactions per month
ATM access available
Free Online Banking with E-Statements (otherwise $3 per month)
Free Phone Banking
Free with $500 average daily balance (otherwise $5 per month)

Account Requirements

$2,500 minimum opening balance
$2,500 balance required to avoid fees.

For more information call 773-277-8500 or email us at info@secondfederal.com

Term Certificates

With a variety of terms and flexible savings options, our Short-Term Certificates are the smart way to save while earning attractive dividends. Once your certificate reaches its term, you have the option of renewing it with Second Federal and continuing to maximize your earnings. These short- or mid-term investments can be an excellent addition to your overall savings plan.

Term Certificates		Account Requirements
6 months 12 months 24 months 36 months 48 months 60 months		$500 minimum opening balance $500 balance required

Term Certificates

Account Requirements

6 months
12 months
24 months
36 months
48 months
60 months

$500 minimum opening balance
$500 balance required

For more information call 773-277-8500 or email us at info@secondfederal.com