Savings & Money Market

Children's Savings Account

Children learn the value of saving for their future. For minors under age 18**

$25 to open
No minimum balance required
Interest paid quarterly
Up to 6 debit transactions/month at no charge*

*$5 fee per debit above 6 debit transactions per calendar month.

** Upon turning 18, the account is converted to an account that has a minimum balance requirement unless otherwise requested. Children's Online Privacy Policy

Savings

Develop good savings.

$100 to open ($25 required to open minor account)
Interest paid quarterly
Free ATM card
$5 fee per debit transaction in excess of six per calendar month
$1.50 monthly fee, if balance falls below $100 (does not apply to minor savings accounts)

Money Market Savings

Earn higher interest rates on higher balances.

$1,000 to open
$10 monthly fee, if minimum balance falls below $1,000
Tiered interest paid monthly
Free debit card
$11 fee per debit transaction or check paid in excess of six per statement cycle
$2.95 paper statement fee if balance falls below $5,000 (waived with eStatements)

First-Time Homebuyer Savings Account

$100 to open
Interest paid quarterly
$1.50 monthly fee, if balance falls below $100

A First-Time Homebuyers¹ Savings Account is a deposit account created for the purpose of saving for a down payment for a single-family, primary residence in the state of Iowa.

If you open an individual savings account, you may be eligible for a state tax deduction² of $2,000. If you open a joint savings account and file your taxes jointly you may benefit from a $4,000 state tax deduction.² Interest earned on the account is not taxable.

¹Iowa Senate File 505 defines a first time homebuyer as an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multi-family residence for a period of three years prior to the date on which the individual is named as a designated beneficiary of a first-time homebuyer savings account and the date of the qualified home purchase for which the eligible home costs are paid or reimbursed from a first-time homebuyer savings account.

²You may be eligible for an annual tax deduction up to 10 times a maximum of 10 years. These tax deductions are state only and cannot be claimed on a federal tax return. Please consult your tax advisor, prior to opening a First-Time Homebuyers Savings Account, as we do not provide tax or legal advice.

The First-Time Homebuyers Savings Account must be open a minimum of 90 days before funds can be used toward a qualified home purchase. The funds should be used by January 1 of the 10th year, following the year they opened the account.