Savings Accounts

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Savings Accounts, CDs, IRAs & Health Savings Accounts

There are a lot of options available to you if you’re looking to save money to be prepared for the future. Iowa State Bank offers a variety of savings account options, because we know that everybody’s needs are different. Whether you’re looking to keep a basic savings account that will give you limited access, store money away in a CD to help it grow faster or save money for retirement or medical expenses with an IRA or Health Savings Account, the staff at Iowa State Bank can help you find the right option.

Savings Accounts

Iowa State Bank offers three different savings account options for you to choose from. Each has different requirements and benefits, and we invite you to browse all of the options to see which one will work best for you.

  • Statement Savings Account: Your interest will be credited and you will receive statements every quarter. You must maintain a $100 minimum balance to avoid a $1 monthly fee. You receive two free debits per month, with a $0.35 charge for each additional debit. Fees do not apply to individuals over 62 or under 18. ATM cards are available with this account.
  • Hi-Fi Market Savings Account: The more money you save, the higher interest rate you get. You’ll need $2,500 to open this account and maintain a $1,000 minimum balance to avoid a $14 fee. This account features a tiered interest schedule:
    • $1,000 balance receives Statement Savings Rate
    • $2,500 & $10,000 balance receive variable rate

You will receive 6 free debits per month with a $5 charge for each additional debit. Interest is credited monthly and you receive monthly statements.

  • Christmas Club Account: Save for your holiday shopping by setting aside money each month during the year. You will receive your statement and a check in November. Interest for this account is compounded annually. You may not make withdrawals on this account, and will be charged $10 or three months of interest, whichever is greater, if you close the account early.

Apply for a Personal Savings Account

If you would like to open a personal savings account at Iowa State Bank, check out our application and fill out the required fields.

CDs

Certificates of Deposit, also known as CDs, are a great way to help your money grow faster by limiting your access to the funds. Iowa State Bank offers flexible terms ranging from one week to five years in length that are automatically renewable. Your interest can be paid out as it’s compounded, by check or it can be directly deposited into your savings or checking account. In addition, as banking products, CDs at Iowa State Bank are FDIC-insured.

IRAs

Do you have plans for your retirement? Iowa State Bank wants to make sure you have enough money saved away so you can live comfortably once your working days are over. We offer Traditional IRAs and Roth IRAs to give you multiple options to save for your nest egg.

IRA Contribution Limits (Roth & Traditional IRAs)

Year Contribution Limit Catch-Up Contribution
2017 $5,500 $1,000
2018 & Beyond Indexed to inflation Indexed to inflation

 

Traditional IRA Phase-Out Range and Limits

Year Single Married, filing jointly
2017 $62,000-$72,000 $99,000-$119,000
2018 & Beyond Indexed to inflation Indexed to inflation

 

*If you participated in an employer-sponsored retirement plan, you are subject to additional phase-outs.

**Tax questions should be directed to your tax advisor or the IRS

Roth IRA Phase-Out and Limits

Year Contribution Limit Catch-Up Contribution
2017 $118,000-$133,000 $186,000-$196,000
2018 & Beyond Indexed to inflation Indexed to inflation

 

*You can contribute to a Roth IRA if your income falls below the Roth limits. You’re allowed a prorated contribution if your income falls within the phase-out range. If your income exceeds the income range, you do not qualify for a Roth IRA contribution. 

Health Savings Account

We all hope we never have to deal with medical expenses, but it’s essential to be prepared anything. If you have a high deductible healthcare plan, a Health Savings Account from Iowa State Bank is a valuable asset that can help pay for medical expenses and medication.

2017 Maximum Contributions for HSAs

  Maximum Contribution Maximum Out-Of-Pocket Cost Minimum Deductible
Individual $3,400 $6,550 $1,300
Family $6,750 $13,100 $2,600

 

*Catch-up contributions for individuals who are at least 55 or older as of December 31 will be $1,000 for 2016.

Learn More About the Savings Options at Iowa State Bank

If you’ve got questions about the best way to save money, stop in at one of Iowa State Bank’s offices or give us a call at (641) 472-3161.