Savings Accounts are a type of deposit account with no legal limits or requirements as to amount, duration, or times of additions, maintained by a customer with a depository institution for the purpose of accumulating funds over a period of time.
Federal regulations require banks to limit the way withdrawals may be made from a savings or money market deposit account. Withdrawals in excess of these limits may result in a fee or account closure.
The regulatory definition of savings accounts include Money Market Deposit Accounts as a sub-class, but does not include checking accounts or certificates of deposit.
Saving money for the future is important, and diversifying your savings is equally important. That's why we offer a wide variety of savings accounts. Whether you're saving for a dream vacation or retirement, chances are we have the perfect account for you.
Regular Savings Accounts
Regular Savings accounts are like traditional passbook accounts (but without the passbook). To segregate funds for special purposes, you can open additional savings accounts (with the same terms and interest rates).
A minimum average daily balance of $100 is required in each savings account to avoid a monthly service fee. This service fee is waived for CUTMA account (California Uniform Transfer to Minors Act), and for account's whose primary owner is under age 18.
Please see our current offering rates and APY, and see our “Important Account Information” handbook for more details.
High-Yield Savings Account - Interest rates are tiered so that larger account balances earn higher returns. Click for information about Pacific Trust Bank's higher-yield savings account product.
Savings Accumulation Account
The Savings Accumulation Account is a savings plan which pays a high Annual Percentage Yield tied to the 1-year Treasury yield (the index used for adjustable-rate mortgages). The minimum balance to earn interest is $100. We promise to pay this high APY, adjusted monthly, based on your promise to deposit at least $25 every month for a 3-year period (there are penalties for failure to comply).
Where else can you earn such a high rate of return for such a small deposit amount. Please see our current offering rates and APY, and see our “Important Account Information” handbook for more details.
The Private Account
The Private Account is a separate account for Pacific Trust customers. It is a passbook savings account, not a transaction account, best suited for the long-term accumulation or storage of savings which may need to be kept safely and separately in a private account.
A minimum balance of $25 is required to open and maintain the Private Account. You must separately maintain a Pacific Trust savings account. No other savings or loan accounts are permitted on the Private Account. All transactions must be performed in person by you at a Pacific Trust Service Center. Positive identification is required. There is no limit as to the number or frequency of deposits or withdrawals from this account.
The Private Account does not earn interest, therefore no earnings information need be sent to you nor to the IRS. No statements or notices will be mailed to you, unless required by law or regulation under special or unusual circumstances. Receipts provided at the time of each transaction contain current account balance information. Account history statements requested by you in person will be provided without additional cost. You may make telephone inquiries regarding the Private Account via our Touch-Tone Teller system or by calling our Telephone Banking Center. Positive identification by password or code number is required. Please see our “Important Account Information” handbook for more details.
FDIC Insured - Your deposits are federally insured to at least $100,000 per depositor by the Federal Deposit Insurance Corporation (FDIC), and your retirement funds on deposit at Pacific Trust Bank are separately insured by the FDIC up to an additional $250,000.
