> Savings Choices

Pacific Crest Savings Bank offers three types of accounts, all of which are FDIC insured. These accounts meet many basic short and long-term savings needs such as emergency funds, saving for a down payment on a home and putting money aside for retirement.

Money Market Accounts combine the most desirable benefits of both savings and checking accounts. You can earn a high interest rate, deposit funds at any time and write up to three checks per month for easy access to your funds. With our high rates, we believe our money market account is the best available in the Puget Sound area.

Certificates of Deposit are available in a variety of terms and amounts to match your particular saving need. Terms range from one month to two years and minimum deposits are $2,000. We tier our CD rates which means that the more money you have in your CD the higher the rate.

Pacific Crest offers a special HomeBuyer CD that helps customers save for the down payment on a home. When you prequalify for a home loan with us, you can open a special 12-month HomeBuyer CD. This CD pays a higher interest rate than most other CDs and it allows you to make additional deposits during the term of the Certificate. It's a great way to save for your dream home.

Individual Retirement Accounts (IRAs) are also available at Pacific Crest. Traditional IRAs offer tax-deductible retirement savings and the interest earned is tax deferred until it is withdrawn. Early withdrawal may result in a penalty; your tax advisor should be contacted for further details.

Roth IRA contributions are not tax deductible but you pay no taxes on any of the earnings on your account if you leave funds in the account for a five-year holding period and make a qualified distribution. Qualified distributions include those made on, or after age 59 1/2, those made to beneficiaries upon your death, those made because you have become disabled, and those made for first-time home buyers.

Education IRAs are very similar to Roth IRAs though the qualified distribution is for higher education expenses such as tuition, fees, books, supplies and equipment required at an eligible vocational school or university.

Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you

When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.