Savings and Money Market Accounts

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Savings and Money Market Accounts: apply online
Regular Savings (for personal and business/organization) Youth Savings (for personal savers up to age 18) Money Market Savings Account (for personal and business / organization)
Designed to: 

How much could you save over time?<  Read how to create a personal budget.

Build accumulated savings balance through after-tax deposits. Encourage youth to start saving early and easily. NEW: Younger savers will enjoy the "Penny" feature. Build accumulated savings balance through after-tax deposits, earn higher yields than Regular Savings based on account balance size.
Interest compounded/credited: Quarterly Quarterly Monthly
Interest calculation method: Daily balance Daily balance Daily balance
Minimum to open: $100.00 No minimum $100.00
Monthly maintenance fee: $2.00 monthly if ending daily balance falls below $100 any day of the cycle. Accounts dormant (no debit or credit transaction) after 12 months are charged $5.00 monthly if less than $100 balance. None if age 18 and under. When depositor turns age 18, the account will automatically become a Regular Savings account and subject to its pricing. Accounts dormant (no debit or credit transaction) after 12 months are charged $5.00 monthly if less than $100 balance. $7.50 monthly if ending daily balance falls below $1,000 any day of the cycle. Accounts dormant (no debit or credit transaction) after 12 months are charged $5.00 monthly if less than $100 balance.
Negative balance fees: $25.00 fee for any item that produces a negative daily ending balance; $3.00 additional charge if account remains negative after seven days and $3.00 each day thereafter. $25.00 fee for any item that produces a negative daily ending balance; $3.00 additional charge if account remains negative after seven days and $3.00 each day thereafter. $25.00 fee for any item that produces a negative daily ending balance; $3.00 additional charge if account remains negative after seven days and $3.00 each day thereafter.
Excess deposit items: None None $0.10 after ten in a month.
ATM card: Free Free Free
Transfers from account: 3 per month. Per-debit fee of $1.00 after three (3) in a month. More details below- see federal rules on transfers section, directly under the chart. 3 per month. Per-debit fee of $1.00 after three (3) in a month. More details below- see federal rules on transfers section, directly under the chart. 6 per month. Per-debit fee of $5.00 after six (6) in a month, regardless of balance. More details below- see federal rules on transfers section, directly under the chart.
Account statements: Delivered monthly, quarterly or semi-annually, based on electronic funds transfer activity, either by mail or electronic. If the savings account owner also owns a checking account at DSB, the savings account statement will be included at the end of each monthly checking statement, unless electronic is chosen. Delivered monthly, quarterly or semi-annually, based on electronic funds transfer activity, either by mail or electronic. If the savings account owner also owns a checking account at DSB, the savings account statement will be included at the end of each monthly checking statement, unless electronic is chosen. Delivered monthly, either by mail or electronic. If the savings account owner also owns a checking account at DSB, the money market account statement will be included at the end of each monthly checking statement, unless electronic is chosen.


Terms and Conditions disclosure: 

View PDF file.

Federal Rules on Transfers and Withdrawals From Savings Accounts:

Federal banking regulations define the differences between a checking account ("demand deposit") and a savings account. Savings accounts are not intended to be daily transaction accounts to access funds and make routine payments like a checking account; therefore, these regulations places limits to how many withdrawals can be made, and DSB charges for certain levels of withdrawals on those accounts:

  • $1 per withdrawal after 3 on a regular/minor savings account (does not apply if the minimum daily balance is $1,000 or more in the statement cycle).
  • $5 per withdrawal after 6 on a money market savings account, regardless of balance.

    Excessive withdrawals from these accounts can subject the accounts to be closed.

Differences Between Money Market Savings Accounts and Money Market Mutual Funds

Money Market Savings Accounts are interest-bearing bank deposit accounts with withdrawal rights. Accounts are FDIC-insured.

Money Market Mutual Funds are non-bank products which hold short-term debt investments such as low-risk government securities, certificates of deposit and short-term debt issued by public companies ("commercial paper"). These shares are typically sold to investors by brokerage houses and mutual fund companies.

DSB Money Market Savings Accounts Are Coded As "Checking"

Due to the legal definitions of these accounts, Money Market Savings Accounts are categorized as "checking" accounts on the Telebanking and online/mobile banking systems, not "savings" accounts. The word "checking" is used on your Money Market Savings Account statement, even though checks cannot be written on DSB Money Market Savings Accounts.