Personal Savings

Customer with personal bankerIf you are looking for a strong, safe and sound place to grow your hard earned dollars, Hudson Valley Bank has several varied options for you. Our personal savings products offer competitive rates, great terms and unprecedented personal attention from experienced bankers.

In addition to branch service, you can make deposits into your Savings or Money Market Account using one of our convenient ATMs. To meet the financial demands of today, all of our customers have 24/7 access to their accounts through our ATMs, Easy Access Telephone Banking system and Online Banking service.

Statement Savings Accounts

For individuals who want to save money, but keep it readily accessible, a Hudson Valley Bank Statement Savings Account can be a convenient alternative to traditional checking or money market savings accounts. For individuals with moderate sums to invest for short periods, our personal Statement Savings Account offers competitive interest rates, periodic statements showing all activity on the account and convenient access to funds. Federal regulation dictates that customers cannot make more than six pre-authorized transfers, including telephone and automatic transfers to other accounts, and no more than three third-party checks on a monthly basis. 

Personal Money Market

Our Personal Money Market  Account is designed to help individuals maximize earnings on their available cash, without tying up their funds. This account particularly benefits individuals who maintain large balances on a regular basis or who have other investments, bonds and/or stocks. Our Personal Money Market  Account has a competitive rate of interest with limited check access. Federal regulation dictates that customers cannot make more than six pre-authorized transfers, including telephone and automatic transfers to other accounts, and no more than three third-party checks on a monthly basis. 

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Certificates of Deposit*

Certificates of Deposit (CD's)

Individuals looking for a higher rate of interest over traditional savings or money market accounts can invest their funds in a CD at Hudson Valley Bank. To meet your needs, we offer competitive interest rates on a variety of terms ranging in length from 91 days to five years. Accounts can be rolled over automatically to help reduce paperwork. With guaranteed interest rates, short-and long-term maturities and low minimum balances, Hudson Valley Bank’s Savings CD will help grow your money. 

Jumbo Certificates of Deposit (CD's)

A Hudson Valley Jumbo CD offers higher interest rates for large depositors. A minimum deposit of $100,000 and average daily balance of $100,000 is required to open a Jumbo Certificate of Deposit.  As an added benefit, interest begins to accrue on the business day the funds are deposited and is compounded and credited daily for even faster growth. A Jumbo CD is a sound alternative for individuals who want to watch their money grow while choosing a term to coincide with when they will need access to their funds. Locking in higher interest rates for short and long-term maturities can be a successful strategy for maximizing returns.

*There is a penalty for money withdrawn prior to the determined maturity of the term savings account (CD).

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Retirement Accounts

For Individuals looking to save for their retirement, Hudson Valley Bank offers an IRA savings plan. An IRA is a personal savings account that uses CD's or Money Market accounts that offer tax advantages to individuals. Hudson Valley Bank offers both Traditional and Roth IRA accounts. The Traditional IRA provides individuals the opportunity to deduct their annual contribution on their tax return. The earnings are not taxable until distributed. The Roth IRA provides tax-free earnings at distribution; however, individuals may not take a deduction on their tax return for their contributions. Consult your tax advisor for specific tax information.

PLEASE NOTE: FDIC deposit insurance has increased from $100,000 to up to $250,000 for retirement accounts. Effective April 1, 2006, a new Federal law provides up to $250,000 of deposit insurance for retirement accounts, including the combined total of traditional and Roth IRAs (Individual Retirement Accounts), self-directed Keoghs and certain other retirement accounts individuals have on deposit at an FDIC-insured bank or savings institution.

For additional information about Hudson Valley Bank’s savings options for you or your family, please contact the Branch nearest you or click here to contact us today.

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