Savings

Vacation. College. Home Repairs. Retirement. Holidays. Whatever your reason for savings, we have a plan.

Contact our retail bankers today!

Savings Accounts

 

Growth

Progressive 

Youth

Holiday

Annual Fee

None

None

None

None

Minimum Opening Deposit

$100.00 

$1,000.00

$10.00

$2.00 

Required Minimum Balance

$100.00 

$1,000.00 

None

None

Minimum Balance Service Charge

$10 monthly if daily balance falls below minimum balance

$10 monthly if daily balance falls below minimum balance

None

None

Interest

Compounded and credited quarterly

Compounded and credited monthly.  Tiered interest rates based on daily balance

Compounded and credited quarterly

Compounded and credited quarterly

Withdrawal Limitations

6 per month

6 per month

6 per month

None allowed.  Balance plus accrued interest distributed annually on November 1st

Shazam ATM Cash Card

Free

Free

Free

None


Certificate of Deposits

 

Classic

Bump Up

Additions Permitted

Penalty Free
Withdrawal

Required Minimum Balance

$500.00 

$5,000.00 

$5,000.00 

$5,000.00 

Available Terms

9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year

9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year

9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year

9 mo, 12 mo, 18 mo, 2 year, 3 year, 5 year

Automatically Renewable

Yes

Yes

Yes

Yes

Early Withdrawal Penalty

Yes

Yes

Yes

Withdraw one time during lifetime of CD without penalty starting 6 days after opening.  Other withdrawals may be subject to penalty

Additions Allowed

No

No

Make unlimited additional deposits to the CD in $1,000.00 increments

No

Interest Rate

Fixed

Raise interest rate one time during original term of CD to match the current interest rate

Fixed

Fixed

Star Rewards Eligible*

Yes

Yes

Yes

Yes

*Star Rewards is a Northwestern Bank, NA promotion that gives customers with 5 or more different products an increase in their CD interest rate. Check if you are eligible today!


IRA

Traditional Individual Retirement
Accounts

Roth Individual Retirement
Accounts

Ideal if seeking a tax deduction, income is too high to be eligible for a Roth IRA, or if you will be in a lower tax bracket in retirement

Ideal if seeking tax-free withdrawals in retirement and will be in the same or higher tax bracket in retirement

 

TAX DEDUCTIBLE Contributions if certain conditions are met

Contributions are never tax deductible

Contribute until you attain age 70.5 (with earned income to support contribution)

Contributions limits are dependent on income levels

Invest in a Plan Savings account and/or Certificate of Deposit

Invest in a Plan Savings account and/or Certificate of Deposit 

TIERED INTEREST RATES for Plan Savings based upon daily balance

TIERED INTEREST RATES for Plan Savings based upon daily balance

Individually FDIC insured up to $250,00.00

Individually FDIC insured up to $250,000.00

Earnings are tax-deferred

Earnings are tax-free

10% IRA early withdrawal penalty on distributions taken before age 59.5 (some exceptions apply)

Non-qualified earnings distributions subject to taxes and 10% early withdrawal penalty

PENALTY FREE Distributions once attain age 59.5.  Distributions are considered part of yearly income and are taxable

TAX and PENALTY FREE qualified earnings distributions in retirement.  Becomes qualified after five years and age 59.5, a result of your death or disability, or if first time home buyer

Required Minimum Distributions once attain age 70.5

No Required Minimum Distribution

May be converted to a Roth IRA

 


Coverdell Education Savings Account

  • Save for a child’s education expenses
  • Designated beneficiary is a person with educational needs
  • Contribute until beneficiary attains age 18
  • Invest in a Plan Savings account and/or Certificates of Deposit
  • Tiered interest rates for a Plan Savings based upon daily balance
  • Qualified earnings are tax-free
  • Non-qualified earnings distributions subject to taxes and 10% early withdrawal penalty
  • Tax and Penalty Free Distributions for qualified education expenses
  • Adult custodian manages Plan until beneficiary depletes Plan
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