Oaks is a village located in Montgomery County, Pennsylvania, 18 miles northwest of Philadelphia.  The Schuylkill River runs through the village as did the Reading Railroad.  Phoenixville Federal Bank & Trust traces its origin to this tiny village of Oaks, Pennsylvania in the year 1911.  Phoenixville Federal Bank and Trust has been FDIC insured since January 12, 1940.  The bank is chartered as a Savings Association.  Therefore the primary regulator is the Office of Thrift Supervision (OTS). 

The bank has five bank branches in Pennsylvania.  At the end of September 2008, the bank had assets of $344,038,000 and net income of $823,000 the first nine months of 2008.  At that time, the bank had non current loans as a percent total loans and leases of only 0.17%.

The bank offers a full range of banking services, including wealth management services to meet individual and business needs, the bank maintains a primary goal of promoting thrift and home ownership in the region.

Phoenixville Federal Bank and Trust offers a variety of Checking Accounts to meet the personal and business checking needs of its members.  They include the Absolutely Free Checking, 50 N’ Better Free Interest Checking, Direct Free Interest Checking, Premium Interest Checking, Free Business Checking, NOW Business Checking with Interest, Commercial Checking and Free Non-Profit Checking with Interest.  These checking accounts come with various features and benefits.

The bank also offers a multitude of savings accounts.  The Phoenixville Federal Bank and Trust regular passbook account has interest compounded daily and posted quarterly, deposits or withdrawals can be made at any time.  There is a minimum of $100 to open the account, earn interest and avoid service fee.  A monthly service fee of $2 is charged if daily balance falls below $100.

The bank has a money market account with a variable rate in which the interest is compounded daily and credited monthly, based on tiered balances.  There is a minimum of $2500 to open the account, earn interest and avoid service fee.  A monthly service fee of $4.00 is charged if the daily balance falls below $2500.  The money market account allows three cleared checks per statement cycle.

Phoenixville Federal Bank and Trust is currently promoting special offer certificates of deposit.

2 month certificate of deposit has an interest rate of 2.15% APY
9 month certificate of deposit rate is 2.50% APY
14 month certificate of deposit earns an interest rate of 3.00% APY
27 month certificate of deposit yields a rate of 3.10% APY

There is $10,000.00 minimum deposit required for the 2 month CD and $1,000.00 for the remaining special CDs

The bank also offers standard income certificates of deposit that have a minimum deposit of $5,000 to open and obtain annual percentage yield.  The CDs earn simple interest that is paid monthly or quarterly.  Bank CD terms: 6, 12, 18, 30 or 60 months; penalties may apply for early withdrawal.

6 month certificate of deposit has an interest rate of 1.70% APY
1 year certificate of deposit rate is 2.00% APY
18 month certificate of deposit earns an interest rate of 2.10% APY
30 month certificate of deposit yields a rate of 2.55% APY
5 year certificate of deposit rate is 2.90% APY

Bank rates are subject to change and additional conditions may apply.  Timely CD rate information can be obtained by contacting the bank at 610-933-1000.  The bank website located at www.phoenixfed.com maintains up to date information on bank rates, CD rates, savings rates, money market account rates and more.

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