PERSONAL BANKING
Checking and Money Market Accounts
Borrego Springs Bank offers several checking account options for our personal customers.
Personal Checking Account
- Unlimited check writing privileges
- $100 minimum opening deposit
- Visa Debit Card & ATM access available
- Direct Deposit Available
- Overdraft protection from your savings account or a Ready Reserve line of credit available
| Daily Average Balance Required | Monthly Fee |
| $100 or more | No Charge |
| $0 - $99 | $5 per month |
Personal Interest Checking Account
- Unlimited check writing privileges
- $1,000 minimum opening deposit
- Visa Debit Card & ATM access available
- Direct Deposit available
- Interest paid from date of deposit, compounded daily and paid at statement cycle
| Daily Average Balance Required | Monthly Fee |
| $1,000 or more | No Charge |
| $0 - $999 | $7.50 per month |
You must maintain a balance of $1,000 in the account daily to obtain the annual percentage yield. Click here for current interest rates.
Personal Money Market Account
- Limited to 6 transactions*
- $2,500 minimum opening deposit
- Visa Debit Card & ATM access available
- Direct Deposit available
- Interest paid from date of deposit, compounded daily and paid at statement cycle
| Daily Average Balance Required | Monthly Fee |
| $2,500 or more | No Charge |
| $0 - $2,499 | $7.50 per month |
You must maintain a balance of $2,500 in the account daily to obtain the annual percentage yield. Click here for current interest rates.
*Transaction Limitations: There are no restrictions on the number of withdrawals that can be made in person, by ATM or by mail (with proceeds payable to account holder). Transfers from a Money Market account to another account or third parties by check, pre-authorized, automatic, or telephone transfer are limited to six per statement cycle. Withdrawals in excess of these restrictions will be subject to an excessive transaction fee of $18.00 each.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Savings Accounts
Borrego Springs Bank has a tiered interest rate savings account that allows you to earn more on your balance as it grows – watch your earnings grow with your account balance!
Personal Savings Account
- $100 minimum opening deposit
- Direct Deposit Available
- ATM access available
- Interest paid from date of deposit, compounded daily and paid monthly
- Limited to 6 transactions*
- Overdraft protection to your Borrego Springs Bank checking account can be set-up from this account
| Daily Average Balance Required | Monthly Fee |
| $100 or more | No Charge |
| $0 - $99 | $2 per month |
*Transaction Limitations: There are no restrictions on the number of withdrawals that can be made in person, by ATM or by mail (with proceeds payable to account holder). Transfers from a Savings account to another account or third parties by check, pre-authorized, automatic, or telephone transfer are limited to six per statement cycle. Withdrawals in excess of these restrictions will be subject to an excessive transaction fee of $18.00 each.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Click here for current interest rates.Use our savings planning calculator to help you on your way to your savings goals.
Certificates of Deposit
Whether you're saving for that special vacation, retirement or any other savings objective, our Certificates of Deposit and IRA accounts will meet your needs with a variety of rates and terms. Interest can be credited to another Borrego Springs Bank account or credited back to the certificate account monthly, quarterly or at maturity.
Personal Certificate of Deposit Accounts
- $2,500 minimum opening deposit
- Highly competitive rates
- Interest compounded daily, paid monthly, quarterly, semi-annually or at maturity
- Penalty for early withdrawal
Personal IRA Certificate of Deposit Accounts
- $500 minimum opening deposit
- Highly competitive rates
- Interest compounded daily, paid monthly, quarterly, semi-annually or at maturity
- $15.00 Annual Administration Fee
- $15.00 Transfer/direct roll-over fee
- Penalty for early withdrawal
We are also members of the CDARS® network which provides a unique program for the large depositor to earn competitive rates while maintaining FDIC insurance protection. Click here for more information about our CDARS® program.
See our Deposit Account Descriptions brochure for more detailed information about our available accounts or contact a Customer Service Representative at one of our Branch Locations.
Click here for current interest rates.Use our savings planning calculator to help you on your way to your savings goals.
CDARS®
Borrego Springs Bank is a member of the CDARS® Network. Using the CDARS, the Certificate of Deposit Account Registry Service®, your CD deposits can be eligible for FDIC insurance protection through Borrego Springs Bank. You have the convenience of working directly with just our bank, negotiating your CD rates and terms with us, and receiving one easy-to-read consolidated statement and one year-end tax statement.
Personal CDARS® Accounts
- Access multi-million-dollar FDIC Insurance
- CD-level rates
- Multiple terms available: 4 weeks/13 weeks/26 weeks/52 weeks/2 years/3 years
- Interest compounded daily, paid month-end, quarter-end, semi-annually, year-end or at maturity
- Penalty for early withdrawal
Limits apply. Funds may be submitted for placement only after a depositor enters into a CDARS Deposit Placement Agreement with us. The agreement contains important information and conditions regarding the placement of funds by us. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
FDIC DEPOSIT INSURANCE COVERAGE
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of noninterest-bearing transaction accounts visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
For more information about FDIC insurance coverage of transaction accounts visit www.fdic.gov
Use this convenient link to the FDIC Electronic Deposit Insurance Estimator calculator to learn more about FDIC insurance and calculate the insurance coverage of your accounts.
Are you looking for additional insurance to keep all your deposits safe? Ask us about CDARS ®. As a member of the CDARS ® network we are able to insure up to $50 Million of your deposits – you deal directly with our Bank and receive one convenient statement.
