Start Saving and Investing for your Future at KVSB!

Personal Savings Account

A basic savings account that pays interest quarterly

  • Complimentary online banking
  • Complimentary e-statements or annual mailed statement

$3.00 per quarter fee if average balance is below $100.00

$2.00 withdrawal fee after 6 debits per month

Christmas Club Account

The Christmas Club account helps you save money throughout the year. In November, a check is mailed to you including the interest you earned over that period of time.

  • Initial deposit of $5
  • No monthly service fee
  • No early withdrawals allowed

Health Savings Account

An HSA allows you to put away money for approved medical expenses.

  • $15.00 semi-annual service charge if average collected balance is less than $500. $35.00 set up fee.
  • Complimentary e-statements or semi-annual mailed statement
  • Must have a high deductible health plan to be eligible
  • No “use it or lose it” policy; funds automatically roll over
  • Contribution limits and parameters set each year by the IRS

Certificates of Deposit

This investment allows you to earn higher dividends than with regular savings accounts, while your rate remains unchanged. We offer a variety of terms to suit your savings goals.

  • $500 minimum to open account
  • Great low-risk investments
  • Higher returns than savings accounts
  • Guaranteed fixed rates for guaranteed returns
  • Early withdrawal penalties apply

Coverdell Education Savings Account

It is a tax-advantaged educational savings account established for the benefit of each child (known as a designated beneficiary) up to the age of 18, which allows maximum nondeductible annual contribution of up to $2,000 per child per year. The earnings on the contributions accumulate tax-free if used for a qualified educational expense for any level of education.

  • There is no minimum age for a contributor to open or contribute to a CESA and no earned income in required.

Individual Retirement Accounts

There are two kinds of IRA’s to choose from, each with distinct tax advantages. These interest earning accounts were created so you can have money saved for your future.

  • Tax-advantaged retirement savings*
  • Traditional, Roth and Education IRA options
  • Additional $1,000 “catch-up” contribution allowed for ages 50+
  • Funds can be deposited into our IRA Variable Account and IRA Certificates of Deposits (CD)
  • No setup fees
  • $500 minimum deposit
  • $25 early withdrawal or transfer fee
  • $5 monthly fee is balance falls below $100

IRAs are FDIC insured separately from your other accounts.

Traditional IRA

  • Anyone with earned income or files income tax jointly with a spouse who has earned income and is under 70 ½ can contribute
  • No minimum contribution per year
  • Contributions may be tax deductible*
  • Earnings are tax deferred until withdrawal
  • Penalty free withdrawals can begin
    at age 59 ½
  • Early withdrawals are subject to penalty
  • Mandatory withdrawals at age 72


  • Anyone with earned income or files income tax jointly with a spouse who has earned income and is within certain income limits can contribute.
  • Contributions are NOT tax deductible
  • Earnings are tax deferred*
  • Qualifying withdrawals are tax free*
  • Contributions can be withdrawn without tax or tax penalty
  • Early withdrawal of interest is subject to income tax and possible tax penalty*
  • No mandatory distribution

* Subject to conditions. Consult a tax advisor.

Simplified Employee Pension Plan

A retirement account designed for small businesses or a self-employed person to set up a retirement plan for themselves and all employees who meet the qualifications. The employer makes tax-deductible contributions directly into the IRA of all eligible employees.

  • Larger amount can be contributed to a SEP than to a Traditional or Roth IRA
  • Tax deduction to employer for all contributions
  • Flexible contributions, the contribution percentage may change annually
  • The employer may choose to contribute nothing for himself or his employees in any given year