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Savings
Vacation. College. Home Repairs. Retirement. Holidays. Whatever your reason for savings, we have a plan.
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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
|
|---|---|---|---|---|
|
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 |
12 mo, 18 mo, 2 year, 3 year, 5 year |
12 mo, 18 mo, 2 year, 3 year, 5 year |
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
|
Roth Individual Retirement
|
|---|---|
|
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