Passbook Savings
The secret to a sound financial future isn't a secret at all. Put funds aside and earn a good interest rate on them so your savings can grow. Our Passbook Savings account helps you save money with unlimited deposits and limited withdrawals. Start building your balance so you have a rainy day fund, a nest egg for future endeavors...or both!
Summary
- Free online banking and eStatements
- Free ATM card
- Interest paid quarterly
- 6 free withdrawals per month; $5 each thereafter
- $5 maintenance fee waived with $100 minimum balance ($25 minimum balance for age 22 and under)
- $100 deposit to open
- FDIC insured
Money Market Savings
Get a higher interest rate than a savings account with easy access to funds when you need them. This account rewards higher balances with better returns so the more you deposit, the more you earn. For higher returns on your investment funds without sacrificing access, a money market account is the answer!
Summary
- Free online banking and eStatements
- Free ATM card
- Higher interest rates than regular savings
- Tiered rates maximize returns
- Limited check writing privileges
- 6 free withdrawals/debits per month
- Interest paid monthly
- $5 maintenance fee waived with $1,000 balance
- $100 deposit to open
- FDIC insured
Certificates of Deposit (CDs)
Secure a good return on your money. A First State Bank Southwest CD offers you a fixed interest rate for a set term of your choice. Set it up and then sit back and let the interest roll in. Rates are locked so you know exactly what you'll get at the end of the term, no matter what the market does.
Summary
- Competitive interest rates
- Fixed rates, guaranteed returns
- Terms 3 months to 60 months
- $1,000 deposit to open
- Penalty for early withdrawal
Health Savings Account (HSA)
Prepare now for future medical expenses with this free, tax-advantaged savings account. With an HSA, you can earn interest on your balance to help you pay that big deductible on your health plan. Don't let unexpected medical bills catch you unprepared. An HSA can help.
Summary
- Save for medical expenses
- Interest paid quarterly
- Earns Interest on balance
- No minimum balance or monthly fee
- Tax-free earnings
- Contributions are tax free or tax deductible
- Use for approved medical expenses
- Access funds via checks, debit card and ATM
- No "use it or lose it" rule
- Transferrable to next job
- High deductible health plan (HDHP) required
- $100 deposit to open
- FDIC insured
- View the account online 24 hours a day
Individual Retirement Accounts (IRAs)
Start planning now so your retirement years are the best they can be. Because every situation is different, we offer traditional and Roth IRA options. Each comes with its own unique advantages, so take a look below to see which is right for you. Our retirement specialists would be glad to help you plan your financial future. Get started today!
Traditional IRA
The traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn.
- Save money for retirement
- Interest paid quarterly
- Earns Interest on balance
- Available to anyone with earned income, regardless of age
- No annual maintenance fees
- Contributions may be tax deductible*
- Contribution limits per year apply**
- $1,000 "catch-up" contribution for age 50 and up
- Customize withdrawals beginning at age 59½
- Early withdrawals subject to penalty***
- Mandatory withdrawals at age 72
Roth IRA
Contributions are non-deductible with a Roth IRA, but distributions are tax free and contribution withdrawals are penalty free.*
- Save money for retirement
- Interest paid quarterly
- Earn interest on balance
- Available to anyone with earned income, regardless of age
- No annual maintenance fees
- Withdrawals are tax free
- Contributions are not tax deductible
- Contribution limits per year apply**
- $1,000 "catch-up" contribution for age 50 and up
- Contributions can be withdrawn penalty-free at any time*
- Withdrawals may begin at age 59½
- Early withdrawals of earnings subject to penalty***
- No mandatory distribution age
- FDIC insured
*Subject to some minimal conditions.
** Ask your tax provider or visit IRS.gov for more information.
***Certain exceptions apply, such as healthcare, purchasing first home, etc.
Coverdell Education Savings
Today's children are tomorrow's leaders. You can help save for a kid's college education by opening this interest earning account. This account can be opened for anyone under 18, even if they are not related to you. The balance grows tax deferred until they are ready to use it, then qualifying withdrawals are tax free. Start investing in the future...today!
Summary
- Set aside funds for child's educational expenses
- Competitive interest above standard savings rates
- No setup or maintenance fees
- Interest grows tax deferred
- Withdrawals are tax free when used for qualified education expenses*
- Contributions are not tax deductible
- Contributions can be made until the child is 18 years old, then qualifying withdrawals are tax free
- Funds must be distributed when recipient reaches age 30, or recipient changed to a different family member
- Contributors do not have to be related to recipient
- Contribute up to $2,000 per child per year
- $100 deposit to open
- FDIC insured
*Ask your tax provider or visit IRS.gov for more information
*Qualified expenses include tuition and fees, books, supplies, board, etc.
Our Switch Kit provides the forms you need to switch your accounts. Click here to download it.
