Statement Savings

Statement Savings accounts have no minimum balance requirement to open. A $50 balance must be maintained to obtain interest.

Features

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.

Features

Elite Money Market

Elite Money Market accounts may earn a higher rate of interest than the IMF and Statement Savings, plus allows limited check access.

Features

Coverdell Education Savings Account

Features:

  • Tax-free earnings and distributions.
  • Maximum annual contribution of up to $2,000 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.

More Information

 

Health Savings Account

Features:

  • Can be used in combination with a high-deductible health plan ($1,300 individual, $2,600 family).
  • Contributions are tax-deductible.
  • Payouts for qualified medical expenses are tax-free.

More Information and Disclosure

First-Time Homebuyers Savings Account

Features:

  • Account applies to first-time homebuyers and those re-entering the housing market in the state of Iowa, if they have not owned a home within three years. 
  • Account holders can receive a deduction from their own Iowa income state taxes up to $2,000 individually or $4,000 for married taxpayers filing a joint return. And your interest grows tax-free.
  • Individuals can deposit money at any time into the interest-bearing savings account with no maximum balance amount.