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Statement or Passbook Savings Account
A variable rate, non-term savings account for business customers who want to maintain modest balances and may require ready access to their funds. A passbook or a register is used to record transactions. There is no monthly maintenance fee when the minimum daily balance of $500 is maintained.

Money Market Investment Account
A Money Market Investment Account is a savings account that offers variable, tiered interest at money market rates. The account offers limited check-writing and pre-authorized withdrawal access to savings funds. There is no monthly maintenance fee when the minimum daily balance of $2,500 is maintained. Complimentary First Northern Bank custom checks are provided.

Certificates of Deposit
A term account for which customers are provided a choice of established terms. A tiered interest rate structure offers higher rates for longer terms and larger deposits. Two types of CDs are offered:

Automatically Renewable Certificates are automatically renewed at the interest rate in effect at the time of maturity.

Fixed Term Certificates are accounts that earn interest through a specified maturity date and are closed thereafter.

Interest can be paid monthly, quarterly, semi-annually, annually or at maturity, it can be added to the CD, transferred to a checking or savings account, or paid via Cashier's Check.

Simplified Employee Pension Plan (SEP)
An individual retirement account plan that permits an employer to contribute up to 15% of an employee's gross compensation each year, or $30,000, whichever is less. Contributions may be invested into an IRA, a savings passbook IRA or Certificate of Deposit IRA. All eligible employees must be covered by the plan.

The SEP may be used by any sole proprietor, partnership or corporation. A sole proprietor with no employees may also have a SEP for himself or herself. In this case, the contribution is based on net income of the business, rather than gross income.
 

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