Accounts
Citizens State Bank understands that investing in today's financial climate can be a confusing proposition. A lot has changed over the past few years. However, one thing remains the same. Depositing your hard-earned money in Citizens State Bank offers guaranteed safety and increasingly attractive growth. Citizens State Bank's accounts include free checking accounts, savings accounts, Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs) and the ACCESS Money Market Account, which combines high yield and outstanding flexibility. With this much variety, there's always an account that's right for you.
Call us for more information at 1-800-866-9246 or 218-463-2135 or email us with any questions.
CHECKING
Regular Checking
- No minimum balance
- No monthly service charge
- No per check charge
- Unlimited check writing
- First 20 check blanks free
- Statements returned with check images
- Electronic statements available
- Free Debit Card
- Free Telebanc 24 hours-a-day
- Free Internet Banking 24 hours-a-day
Now Checking
- Interest bearing checking
- No service charge with $500 minimum balance
- Only $6.00 monthly service charge for balances falling below minimum of $500
- Unlimited check writing
- Statements returned with check images
- Electronic statements available
- Interest rates may change
Reward Checking
- Free Checking Account
- Free Debit Card
- Earn .65% APY if requirements are met or .15% APY if requirements are NOT met
- Get ATM fees refunded up to $40.00 each month if requirements are met
- Make at least 10 check card transactions (excluding ATM transactions).
- Receive a monthly Electronic Statement.
- One Direct Deposit or ACH Auto Debit
- Maintain a valid E-mail address
- You will earn .15% APY on your balance & ATM fees are not refunded
4 Requirements (per statement cycle)
If requirements are not satisfied during a cycle…
If you meet the requirements, on balances through $25,000 you will earn .55% APY and .20% APY on the balance portion above $25,000.
ACCESS MONEY MARKET ACCOUNT
- $1,000 minimum deposit to open account
- $10.00 monthly service charge for balances falling below minimum of $1,000
- Interest compounded monthly
- Interest credited to account monthly
- Interest rates may change
- Electronic statements available
Limited to six withdrawals per statement period.
SAVINGS ACCOUNTS
Regular Savings
- Minimum balance - $10.00
- Free for 18 and under
- Low $1.00 monthly service charge for average monthly balances under $50
- Interest paid monthly
- Statements sent monthly
- Electronic statements available
Certificates of Deposit
- 91 day to 5 year terms available
- $1,000 minimum balance required
- Jumbo certificates available, minimum $100,000
- Federal regulations require substantial penalty for early withdrawal
HSA ACCOUNTS
A Great New Way To Save On Healthcare Costs!
Introducing Health Savings Accounts At Citizens State BankA Health Savings Account (HSA) is an excellent way of addressing today’s rising health care costs, as well as the high price of health insurance premiums. Best of all, keeping your HSA at Citizens State Bank is FREE!
How Does An HSA Work?
An HSA is a tax-deferred deposit account that earns interest and can be used to pay for qualifying medical expenses, whether they happen today or sometime in the future. When you turn 65, you can continue to use the funds in your HSA for medical expenses, tax free and penalty free, or you can withdraw as much money as you wish, penalty-free, for any non-medical reason. Individuals or employers can contribute to an HSA.Why Is An HSA Good For Me?
- HSA contributions - by employer or employee - are excluded from income.
- HSA earnings are tax-deferred
- If used for qualified medical expenses, HSA assets are never taxed
- High deductible insurance plan means lower insurance premiums
- Flexible Money - you own your account
What Are Qualified Medical Expenses?
- Actual medical expenses
- Long-term care insurance
- Healthcare coverage when unemployed
- Certain continuation-of-benefit healthcare coverage, and
- Certain health insurance after age 65.
Who Is Eligible To Participate?
Anyone who has a high deductible health plan as their primary health insurance plan is eligible to participate.
For specific tax or legal advice about an HSA, speak with a qualified advisor.
IRA ACCOUNTS
Traditional
- Interest is tax deferred
- Contributions may be tax deductible
- No annual fees, no charges
- Individuals can contribute up to $5,000 per year (based on adjusted gross income)
- More flexibility than traditional IRA
- No annual fees, no charges
- No tax on interest earned
- No mandatory payout at age 70 1/2
- Individuals can contribute up to $5,000 per year (based on adjusted gross income)
- Available for education
- Available for self-employed
For more information on opening an account
contact Citizens State Bank today!
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov
