Checking Accounts
Free checking accounts, checking accounts online, free debit cards and more.
Three reasons:
It’s a type of “thrift” institution where the depositors are the “owners.” Think no shareholders to satisfy or shareholder value to maximize. Safe, stable and well-capitalized. Excellent customer service and generous support for community initiatives.
A checking account, whether traditional or digital, establishes your account with a bank. It serves as a foundation to build savings, credit and financial wellness. Every Windsor Federal checking account comes with a free debit card, online banking, and our mobile banking app.
You can bank from anywhere with Windsor Federal’s online banking and mobile banking app.
You can order checks online. You’ll just need your account number and Windsor Federal Bank’s routing number (211170237). The charge will appear on your checking account transaction list.
We offer instant issue, so you’ll get your debit card when you open your checking account. Checks are printed in one to two business days. Your order will arrive within two business days to a week, depending on your choice of shipping.
You have three options: mobile deposit with your mobile banking app, ATM deposit, or in branch.
You just need to be enrolled in Windsor Federal’s online banking.
Our routing number is 211170237.
On your checks, you can find it at the lower left-hand corner. The routing number is the first set of nine digits, the account number the next set of eight digits. If you’re using Windsor Federal’s mobile or online banking, simply log in and look for your account number in your account details.
Yes, the Federal Deposit Insurance Corporation (FDIC) insures every deposit up to $250,000.
If you need to report a lost or stolen debit card, call our Customer Care Center at (860) 688-8511 immediately or notify us via your mobile banking app. After regular business hours, call (800) 264-5578. During business hours, you can also visit a local bank branch.
Certificates of deposit are as easy as 1-2-3: 1) Decide what you want to invest. 2) Pick a term. 3) Lock it in and let your money grow. It’s a no-brainer way to make a solid return on funds you want to set aside for future goals. Windsor Federal offers competitive CD rates and benefits like:
It’s your annual percentage yield, the amount of interest you’ll earn over a year, including interest compounded daily or monthly. What’s compounded interest? That’s the dollar amount you earn each day or month based on your interest rate, which then gets added to your account balance. That calculation gets repeated based on your new account balance the next time interest is applied. Typically, the longer the term, the more you earn, but not always. It all depends on the APY and the size of your investment.
A health savings account (HSA) lets you save for qualified medical expenses on a pre-tax basis and make withdrawals tax-free. You can use your HSA for copayments and deductibles too, including payments for high-deductible health plans. And since unused HSA funds roll over each year, you can use them to cover future medical expenses – even in retirement.
IRAs are tax-advantaged individual retirement accounts that are typically invested in stocks, bonds and mutual funds. Traditional IRAs provide immediate potential tax relief, while a Roth IRA has the potential for greater tax benefits when you retire. Annual contribution limits vary by year. The current limit is $6,500 for those under age 50, $7,500 for those 50 or older. Filing status and income may also affect contribution limits. Visit the IRS website for details.
While an IRA is invested in various assets, an IRA CD is invested strictly in certificates of deposit. That comes with an upside and a potential downside. The upside: Like traditional IRAs, IRA CDs offer tax benefits. The downside: Unlike regular CDs, IRA CDs are subject to IRS contribution limits. If you are under age 50 and earn taxable compensation, you could contribute up to $6,000 in 2022. (See “How does an IRA work?”.)
You can avoid the 10% additional tax as long as you meet all the qualifications for an IRA distribution for a first-time homebuyer.
If you want to earn higher interest without tying up your funds for a longer term, you want a money market account. Like a CD, a money market account gives you a higher rate. Unlike a CD, it offers more liquidity, typically a half dozen transfers or withdrawals per month.
Here are some tips to help you prepare for your first home:
Use our home mortgage calculator to help you determine how much home you can afford.
If you plan to be in your home for more than seven years, you may want to consider a fixed-rate mortgage, which offers predictable payments and long-term protection against rising mortgage interest rates. If you plan to be in your home for seven years or less, an adjustable-rate mortgage (ARM) could be attractive. Keep in mind that with an ARM, your monthly payments have the potential to go up each time your interest rate adjusts.
Some types of mortgages and homeowner costs may be tax-deductible: discount points, interest paid on a home loan, and property taxes. Consult your tax advisor for advice about your situation.
Refinancing your mortgage means you’ll obtain a new loan to replace the loan you currently have on your home.
Refinancing has several benefits. It can shorten the length of your repayment term for your mortgage and effectively lower your total amount of interest and monthly mortgage payments. Refinancing can also help you pay off high-interest debt or tap your home equity to take cash out.
Consider refinancing your mortgage when one or more of the following conditions exists:
Cash-out refinancing can help homeowners who want to consolidate high-interest debt. Because your mortgage interest rate is likely to be lower than rates on credit cards or other types of bank loans, consolidating debt may reduce your overall monthly debt payments.
In a word: flexibility. A home equity line of credit (HELOC) is one of your more flexible borrowing options. How do HELOCs work? First, since it’s a revolving line of credit, you only need to apply once, and you pay interest only on the amount you use. Got a specific purpose for borrowing against your home equity? Consider a fixed-rate, closed-end home equity loan that you repay over time in equal monthly payments, just like a mortgage. This option lets you borrow only as much as you need, perfect for one-time expenses like covering a tuition payment, paying off high-interest credit cards, or even taking advantage of a real estate investment.
You can bank from anywhere with Windsor Federal’s online business banking and mobile banking app. You can also use our suite of cash management services for wire transfers, remote deposits, and more.
You can order checks online. You’ll just need your account number and Windsor Federal Bank’s routing number (211170237). The charge will appear on your business checking account transaction list.
Once you open a business checking account, you can enroll online in just a few minutes. Or we can take care of it for you the next time you visit your local bank branch.
Yes, the Federal Deposit Insurance Corporation (FDIC) insures every deposit up to $250,000.
Windsor Federal Bank offers commercial real estate and term loans, as well as commercial lines of credit. Where applicable, we also offer community association loans. Contact us to speak with a commercial lender.
A sweep account moves excess cash into a higher-interest account automatically, allowing you to make your money work harder, boost interest earnings, and cut interest expenses.
Yes, sign up for cash management services and take advantage of our affordable wire transfers.
Wire transfers use the 9-digit ABA routing number in the bottom left corner of your checks. (ABA stands for American Bankers Association, the trade group for financial institutions.) Electronic transfers (EFTs) like direct deposits use the 9-digit ACH routing number, which is typically the same number. (ACH stands for Automated Clearing House.) The only difference is in how the transaction gets processed.
ACH Origination lets you create a one-time, recurring, or future-dated transfer from your checking account without the need for checks, wire transfers or credit cards. ACH pays or collects funds, seamlessly. ACH payments post the next business day. Note: Payments by check can take up to 12 business days to process.
Remote Deposit Capture is a cash management service for qualified business customers that lets you scan checks directly to your account 24/7.
Fight fraud with Positive Pay, an advanced monitoring tool that increases data security so you can focus on running your business. Positive Pay compares checks presented for payment to those in your check issued file and sends fraud text alerts when a mismatch occurs. Learn more about the impact of fraud on your business.
Merchant Services allows you to accept major credit and debit cards at point of sale, enhancing customer transactions and your bottom line.
