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Personal Savings
A straightforward way to set money aside. This account makes it easy to save at your own pace while keeping your funds accessible when you need them.
Certificates of Deposit
Grow your savings at a guaranteed rate with terms that fit your goals.
Club Account
Save gradually throughout the year for planned expenses or special occasions.
Statement Savings
A simple, flexible account to help you build everyday savings.
Sher-Advantage Savings
Accounts available with or without With Sher-Advantage Checking Relationship.
Individual Retirement
Plan ahead with an account designed to support your long-term retirement goals.
FDIC's EDIE
Easily check how much of your deposit is FDIC-insured.
Self Directed IRA's
Customize how your retirement funds are invested and managed.
Savings Account Comparison
Type of Account
Min. Opening Deposit
Min. Balance
Earns Interest?
Account Perks
Monthly Service Fee
Statement Savings
$50.00
$50.00
Variable
Variable interest compounded semi-annually credited in May and November, If under 16 minimum deposit requirement waived and minimum balance fee waived, ATM card (16 and older)
$0.50
Sher-Advantage Savings (WITH Checking Relationship)
$100
$100
Variable
Variable interest compounded monthly.
Preferred higher interest rate with Sher-Advantage Checking, no paper statement fee
Preferred higher interest rate with Sher-Advantage Checking, no paper statement fee
$0 when: $100 daily balance OR $1,000 combined balances with checking
Sher-Advantage Savings (WITHOUT Checking Relationship)
$100
$100
Variable
Higher interest as balance grows, designed for savings goals
$0 when: $100 daily balance OR $1,000 combined balances
Christmas Club
$1.00
None
Variable
Variable interest compounded and credited annually at maturity, payout in October, monthly statements if EFT activity otherwise annually at maturity
None
Club Account
$1.00
None
Variable
Variable interest compounded and credited annually at maturity, payout in April, monthly statements if EFT activity otherwise annually at maturity
None
Certificates of Deposit
$1,000.00
None
Fixed
Interest rate determined by term of time deposit, semi-annual compounding, substantial penalty for early withdraw
None
Money Market Savings
$2,500.00
$500.00
Variable
Variable tiered interest compounded monthly and credited monthly, ATM card
$1.00
Community Advantage Money Market
$5,000.00
$5,000.00
Variable
Variable tiered interest compounded monthly and credited monthly, ATM card
$5.00
Individual Retirement Accounts (IRAs)
$1,000.00
N/A
Fixed
Interest rate determined by term of time deposit, quarterly compounding, substantial penalty for early withdraw
None
IRA Savings
$50.00
None
Variable
Variable interest rate compounded quarterly, annual statement
None
Statement Savings
A flexible savings option for everyday needs. Make deposits or withdrawals anytime while earning interest and keeping your funds easily accessible.
Features
- Interest compounds and is posted to the account semi-annually.
- Allows for deposits or withdrawals at any time.
- A minimum deposit of $50.00 is required to open the account.
- Youth accounts for children under 16 can be opened without the minimum deposit requirement.
- A monthly service fee of $0.50 will be imposed every statement cycle if the balance of the account falls below $50.00 any day of the cycle.
- Fee is waived for customers under the age of 16.
- MasterCard ATM Card.
Christmas Club
Set aside money all year for holiday expenses with ease. A Christmas Club account helps you prepare in advance so the season stays joyful—not stressful.
Features
- A minimum deposit of $1.00 is required to open.
- At maturity, you may receive payment by auto transfer to another Sherwood State Bank deposit account, or by check.
- Payout for this account is October of each year.
- $25.00 penalty for closing before maturity date.
Club Account
Save a little throughout the year and enjoy a payout when you need it most. Our Club Account helps you plan ahead with a simple, consistent way to build funds for seasonal or special expenses.
Features
- A minimum deposit of $1.00 is required to open.
- At maturity, you may receive payment by auto transfer to another Sherwood State Bank deposit account, or by check.
- Payout for this account is April of each year.
- $25.00 penalty for closing before maturity date.
Certificates of Deposit
Lock in your savings and earn a steady return with a Certificate of Deposit. Choose the term that fits your plans and enjoy competitive rates while your money grows securely.
Features
- A minimum deposit of $1,000.00 required to open the account.
- We offer certificates of deposit that earn competitive interest rates and are available in a variety of terms.
- All certificates of deposit are subject to an early withdrawal penalty.
Money Market Savings
Earn more while keeping your money accessible. A Money Market Savings account offers competitive rates and the flexibility to manage your funds as you need them.
Features
- A minimum deposit of $1.00 is required to open.
- At maturity, you may receive payment by auto transfer to another Sherwood State Bank deposit account, or by check.
- Payout for this account is April of each year.
- $25.00 penalty for closing before maturity date.
- MasterCard ATM Card.
Community Advantage Money Market
Designed for higher balances, this account rewards your savings with strong rates and added flexibility. A great option if you want your money to work harder without losing access.
Features
- A minimum deposit of $5,000 required to open the account.
- A monthly service fee of $5.00 will be charged if the balance falls below $5,000.00.
- Talk to a Relationship Specialist for more details.
- MasterCard ATM Card.
Individual Retirement Accounts (IRAs)
Save for your future with an IRA designed to help your retirement funds grow. Take advantage of potential tax benefits and long-term security in one dependable account.
Features
- There is no charge to set up your IRA.
- Contributions may be tax deductible and growth could be tax-deferred.
- Maximum IRA Savings deposit is $1,000.
Self Directed IRAs
Take control of your retirement strategy with a Self-Directed IRA. Build your portfolio your way while keeping your long-term goals at the center of your plan.
Features
- A Self-Directed Individual Retirement Account (IRA) allows investors to utilize their long-term investment dollars held in an IRA for the purchase of stock in our Bank Holding Company Sherwood Banc Corporation. Unlike similar accounts from brokerage firms, Sherwood State Bank does not charge fees for Self-Directed IRAs. Shareholders can transfer an existing IRA account from another financial institution or open a new IRA with Sherwood State Bank.
- Self-Directed IRAs also allow continual cash contributions to build your investment in Sherwood Banc Corporation by purchasing shares as they become available. Self-Directed IRAs follow the same guidelines as established for regular IRAs on contributions and withdrawals.
Investments are not insured by the FDIC, are not deposits or guaranteed by the bank, and are subject to risks including the loss of principal.
FDIC's EDIE
Understand exactly how your deposits are protected. EDIE helps you calculate your FDIC insurance coverage so you can manage your accounts with confidence.
Features
- Access EDIE by clicking here.
Sher-Advantage Savings
Sher-Advantage Savings helps you grow your balance with interest that compounds monthly, while keeping fees easy to avoid. Open with $100 and keep the monthly service fee at $0 by maintaining a $100 daily balance (and meeting combined balance requirements as applicable). Choose the option that fits your relationship: pair it with Sher-Advantage Checking for preferred benefits and no paper statement fees, or open it without checking for a simple savings option (paper statements are $1 per statement).
Features (WITH Sher-Advantage Checking Relationship)
- Earn higher preferred rates when paired with Sher-Advantage Checking
- Start saving with just $100
- No paper statement fees
- Monthly compounding interest so your balance grows faster
- Designed to help you avoid monthly fees
- Keep your monthly fee at $0 when you:
- Maintain a $100 daily balance
- Keep $1,000 combined average balances
- Pair with Sher-Advantage Checking
- No paper statement fee
- $25 early account closure fee if closed within 180 days
- Interest not paid if account closed before crediting
- Requires active Sher-Advantage Checking
- Statement cycle ends the 15th of each month
- Interest is credited to the account monthly.
- If minimum requirements are not met, a $1 service fee per statement cycle may apply.
- We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day.
- Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Features (WITHOUT Sher-Advantage Checking Relationship)
- $100 to open
- Earn higher interest as your balance grows
- Keep fees low (just meet a simple balance)
- Perfect for emergency funds, goals, or everyday saving
- Safe, local, and FDIC-insured at your community bank
- Keep your monthly fee at $0 when you:
- Maintain a $100 daily balance
- Keep $1,000 combined average balances
- Paper statement fee: $1 per statement
- $25 early account closure fee if closed within 180 days
- Interest not paid if account closed before crediting
- Statement cycle ends the 15th of each month
- Interest is credited to the account monthly
- If minimum requirements are not met, a $1 service fee per statement cycle may apply
- We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day
- Interest begins to accrue on the business day you deposit non-cash items (for example, checks)
Community Focused,
Customer Driven
