Personal Solutions: Savings
Savings Accounts
Insured Money Fund (IMF) Savings
Coverdell Education Savings Account
Statement Savings
Statement Savings accounts have no minimum balance requirement to open. A $50 balance must be maintained to obtain interest.
- No minimum balance required to open.
- A $50 balance must be maintained to obtain interest.
- ATM card accessible.
- Interest is compounded every month and credited to your account.
For a complete list of features see the Comparison Chart and Disclosure.
Insured Money Fund
Insured Money Fund accounts pay interest with no minimum balance requirement to open. The interest rate is higher than Statement Savings if an average balance of $2500 is maintained.
- No minimum balance required to open.
- A $2500 balance must be maintained to obtain interest.
- ATM Card accessible
- Higher interest rate than Statement Savings if average balance of $2500 is maintained
For a complete list of features see the Comparison Chart and Disclosure.
Elite Money Market
Elite Money Market accounts earn a higher rate of interest than the IMF and Statement Savings, plus allows limited check access.
- $25,000 minimum to open.
- A $25,000 balance must be maintained to obtain interest
- Limited check writing capabilities
- Higher interest rate than Statement Savings and IMF Savings.
- Interest is compounded every month and credited to your account
For a complete list of features see the Comparison Chart and Disclosure.
Coverdell Education Savings Account
- Tax-free earnings and distributions.
- Maximum annual contribution of up to $2000 per child.
- Contributions allowed until beneficiary reaches 18 years of age.
- All funds must be used for education expenses by the time beneficiary reaches 30 years of age.
- Non-deductible, after-tax contributions.
Health Savings Account
- Can be used in combination with a high-deductible health plan ($1000 individual, $2000 family)
- Contributions are tax-deductible
- Payouts for qualified medical expenses are tax-free
- Can "roll-over" year-to-year to create a sizable retirement nest egg
More Information and Disclosure
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