Personal Savings

What Are You Saving For?

An exotic vacation? Your child’s education? Or maybe you’d just like to have some money set aside for a rainy day. We can determine which savings option will help you reach your goal.

Product Features High-Performance Savings
(Learn More)
Select Money Market
(Learn More)
Select Money Market Plus
(Learn More)
Chuck the Caterpillar Youth Savings
(Learn More)
Health Savings Account
(Learn More)
Minimum Opening Deposit $25 $5,000 $5,000 and State Bank Checking Account No minimum opening deposit No minimum opening deposit
Earns Interest Yes Yes, tiered interest rates and APYs* Yes, tiered interest rates and APYs* Yes Yes, tiered interest rates and APYs*
Monthly Maintenance Fee None, or $1 if minimum daily balance is not met None, or $1 if minimum daily balance is not met None, or $1 if minimum daily balance is not met No monthly fee No monthly fee
Minimum Daily Balance $100 to waive fee $5,000 to waive fee $5,000 to waive fee No No
Requires a State Bank Checking Account Relationship No No Yes No No
Apply Online Apply Online Apply Online Apply Online Apply Online

*Annual Percentage Yield (APY). A $25.00 fee applies if account is closed within 180 days.

High-Performance Savings
Minimum Opening Deposit $25
Earns Interest Yes
Monthly Maintenance Fee None, or $1.00 if minimum daily balance is not met.
Minimum Daily Balance $100 to waive fee
Requires a State Bank Checking Account Relationship No
Select Money Market
Minimum Opening Deposit $5,000
Earns Interest Yes, tiered interest rates and APYs*
Monthly Maintenance Fee None, or $1.00 if minimum daily balance is not met.
Minimum Daily Balance $5,000 to waive fee
Requires a State Bank Checking Account Relationship No
Select Money Market Plus
Minimum Opening Deposit $5,000 and State Bank Checking Account
Earns Interest Yes, tiered interest rates and APYs*
Monthly Maintenance Fee None, or $1.00 if minimum daily balance is not met.
Minimum Daily Balance $5,000 to waive fee
Requires a State Bank Checking Account Relationship Yes
Chuck the Caterpillar Youth Savings
Minimum Opening Deposit No minimum opening deposit.
Earns Interest Yes
Monthly Maintenance Fee No monthly fee.
Minimum Daily Balance No
Requires a State Bank Checking Account Relationship No
Health Savings Account
Minimum Opening Deposit No minimum opening deposit.
Earns Interest Yes, tiered interest rates and APYs*
Monthly Maintenance Fee No monthly fee.
Minimum Daily Balance No
Requires a State Bank Checking Account Relationship No

Personal Savings Product Details

View all of our options below.

 

All it takes is a low $25 deposit to open this account and start earning interest. You’ll avoid fees when you maintain a $100 minimum daily balance. You'll enjoy the convenience of Online Banking and Bill Pay. Plus, you can transfer funds between accounts.

Regulatory requirements limit automatic transfers from this account to six per month. A $25.00 fee applies if account is closed within 180 days.

 

Ready to up your savings game? Consider a Money Market account. The minimum opening deposit and daily balance to avoid fees is $5,000. Four interest rate tiers provide greater ability to earn interest income. You'll get access to Online Banking and BillPay, plus a free order of Special Money Market checks and check writing capabilities.

Regulatory requirements limit automatic transfers from this account to six per month. No more than three by check. A $25.00 fee applies if account is closed within 180 days.

 

The Money Market Plus account gives you the same great benefits at the Money Market account, but to open it you must also have a State Bank checking account. And, as an added benefit, you get relationship pricing on your tiers.

Regulatory requirements limit automatic transfers from this account to six per month. No more than three by check. A $25.00 fee applies if account is closed within 180 days.

 

It’s never too early to start teaching your kids good habits. And fiscal responsibility is a lesson they’ll take with them long after they’ve moved out of the house.

Start a savings account for your son or daughter, but make them an active participant in the saving process. If you give them an allowance, make sure they’re putting a portion (at least 10%) into savings.

Try this: open a savings account for your child on their 6th birthday with $25 have your child deposit just $1 per week. On their 7th birthday, have them increase their weekly deposit to $2, and so on. By the time the 12th birthday is here, your child will have more than $1,100 in their savings account.

 

An HSA works like a checking account for medical expenses. Any unused money transitions to a retirement fund. A few of the benefits:

  • HSAs are interest-bearing accounts
  • Contributions by employers aren’t taxed as income
  • Earnings are tax deferred
  • Contributions are tax-deductible
  • Distributions are tax-free when used for qualified medical expenses
  • A high deductible health plan is required

A $25.00 fee applies if account is closed within 180 days.

 

Certificates of Deposit (CDs) help your money work harder for you. CDs typically produce higher interest rates than other savings products. And, your interest rate is “locked-in.” That’s not the case with many other investment options. Plus, you can rest assured knowing that they’re backed by the safety and security of the FDIC.

We’d love to tell you more and answer any questions you may have. Stop by your local State Bank Banking Center, give us a call, or contact us.

 

Are your finances ready for your retirement? There are many investment options available including an employer-sponsored 401(k), a Traditional IRA, and a Roth IRA. Do you know which one is right for you? They each have different benefits.

Does your employer match all or a portion of your 401(k) contribution? If so, that match is free money; an immediate return on your investment. So, with every paycheck, it makes sense to contribute at least as much money as your employer will match.

Depending on your Adjusted Gross Income and filing status, your contributions to a Traditional IRA could be fully tax deductible or not at all. In the latter case, the benefit is that earnings on your contributions aren’t taxed until you withdraw the money.

Contributions to a Roth IRA are made with after-tax dollars, so they aren’t deductible. But the good news is that, as long as it’s been open at least five years and you’re age 59-1/2 or older, the earnings are tax free.

Planning for retirement can be tricky. Stop by your local Banking Center today.

Contact us and we’ll work with you to choose the right account. Or apply now and start saving today.