Accounts to Build and Focus Your Savings
Whether you’re looking for an account to help you start saving or you’re an experienced saver looking to grow your money, you have plenty of options at New Frontier Bank. From traditional savings accounts to money market accounts and certificates of deposit that allow you to earn a higher interest rate, we’ll help you determine which account will fit your savings goals. Contact the team at New Frontier Bank to learn more about our savings account options and start the process of opening your account.
Our Savings Account Offerings
Regular Savings
This is a traditional savings account that allows you to earn a variable interest rate. You can make 6 preauthorized transfers per month.
Minor Savings Account
This is an account for customers under the age of 18. This account earns interest and is converted to a regular savings account when the account holder turns 18.
Money Market Account
An account that allows you to earn tiered interest rates based on your account balance. Maintain a $2,500 daily ledger balance to avoid a $10.00 monthly service charge.
Team Account
This savings account must be paired to either a NOW or Money Market account. It offers exclusive benefits that include 5 or more basis point premiums on monthly CD specials, safe deposit box discounts and more.
hall of Fame Account
This savings account is for customers age 55 or older. It includes all the features of a Team Account, but also includes free money orders, checks, notary services, copies and faxes.
Health Savings Account
Save for qualified medical expenses. You must be enrolled in a high-deductible healthcare plan for this account. Funds roll over year to year and you can make unlimited contributions throughout the year.
Certificates of Deposit
Certificates of Deposit (CDs) are a great option for savers who are looking to earn more on their account balance. CDs typically have higher rates than traditional savings accounts. Here’s what you need to know about CDs at New Frontier Bank:
- $1,000 minimum deposit
- Terms ranging from 6 to 60 months
- Rate is determined by term
- Funds are FDIC-insured up to $250,000
- Early withdrawal is subject to penalty
CD Rates
| Term | Interest Rate | APY* |
|---|---|---|
| 6 months | 3.75% | 3.80% |
| 12 months | 3.75% | 3.80% |
| 24 months | 3.21% | 3.25% |
| 36 months | 2.97% | 3.00% |
| 48 months | 2.97% | 3.00% |
| 60 months | 2.97% | 3.00% |
* Annual percentage yield (APY) is accurate as of 05/05/2025. These rates may change at any time without prior notice. After your CD is opened, the interest rate is fixed for the term. A penalty is imposed for early withdrawal. Fees could reduce earnings on the account.
Retirement Accounts
Traditional IRA
A traditional IRA is a great option for anyone with earned income to start saving for their retirement. Key features for this retirement account include:
- Earnings grow tax-deferred*
- Contributions may be tax-deductible if IRS qualifications are met.*
*Consult your tax advisor
Roth IRA
A Roth IRA combines the power to save for retirement with tax benefits. It’s available to people of all ages if they meet certain income requirements. Roth IRA features include:
- Earnings grow tax-free*
- No tax or penalties on qualified withdrawals*
- No required minimum distribution (RMD)*
*Consult your tax advisor
SEP IRA
Simplified Employee Pension (SEP) IRAs are a great option for small business owners and workers who are self-employed to save for retirement. Features include:
- Low-cost alternative to traditional retirement savings accounts
- Contributions and earnings grow tax-deferred until withdrawn*
*Consult your tax advisor
Coverdell Education IRA
Save for the growing costs of education with a Coverdell Savings IRA. Benefits to this account include:
- Distributions are tax-free*
- Distributions can be used to pay for qualified education expenses for elementary, secondary and post-secondary education.
*Consult your tax advisor.