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.