Savings Plans

 

Regular Savings

Making it easy to save. Open this account with $100 and receive a variable rate of interest calculated on a daily available balance.

  • NO minimum deposit needed to open for minors
  • Interest compounded and credited quarterly.
  • Direct Deposit into account at no charge
  • Set up automatic payments or transfers from account.
  • Five free in-bank withdrawals per month, thereafter, a charge of $0.50 each
  • You may not make more than six transfers and withdrawals from your account per month by means of a pre-authorized or automatic transfer or telephone (including data transmission) agreement, order or instruction or by check, draft, debit card or similar order payable to third parties. After 6 there will be a charge of $1 for each transaction.
  • Calculate your Savings

 

Bright Future

For parents and others wishing to assure a Bright Future for their children. This account offers an easy way to set aside regular amounts and watch it grow to meet their educational or other goals.

  • Account offers a preferred rate with two rate levels
  • Can set up regular automatic deposits into the account
  • Low opening deposit
  • No maintenance fee
  • Custodial ownership
  • Quarterly statement
  • Can easily transfer to your choice of Certificates of Deposit or
    investment products
  • Can remain in account until age 21
  • Calculate your Savings

 

Money Market Plus

For smart investors who want liquidity of their money. Offers market-based interest rates without the concern of a time-deposit and early withdrawal penalties. Open with just $2500.

  • This account has five rate levels. Interest is paid on the daily balance, so as your balance grows so does your rate of earnings.

    Rate levels are:

    • Up to $5,000
    • $ 5,000.01 -$ 10,000
    • $10,000.01 – $25,000
    • $25,000.01 – $50,000
    • $50,000.01 +
  • No monthly fee with a $2,500 daily balance or $10 per month if balance falls below $2,500 any day of the month.
  • Receive a monthly statement showing activity and interest credited.
  • Receive free checks to draw against the account when you choose.
  • First six checks paid monthly are free, thereafter, there will be a $10 per check fee.
  • You may not make more than six transfers and withdrawals from your account per month by means of a pre-authorized or automatic transfer or telephone (including data transmission) agreement, order or instruction or by check, draft, debit card or similar order payable to third parties.
  • Calculate your Savings

 

Health Savings Account

The Health Savings Account (HSA) is a tax-free interest bearing account that can be used to pay for medical expenses. To qualify, the individual must have a high-deductible health insurance plan. (For 2017, the annual deductible on an individual plan must be at least $1,300 and at least $2,600 for a family plan and the annual out-of-pocket
expenses (deductibles, co-payments, and other amounts, but not premiums) do
not exceed $6,550 for self-only coverage or $13,100 for family coverage. )

Benefits:

  • Annual contributions into an interest-bearing checking account are tax-deductible. Contributions can be made all at once or throughout the year.
  • Interest is earned tax-free.

Features:

  • For 2017, the annual contribution limit for an individual is $3,400 and $6,750 for a family contribution.
  • Contributions can be made annually. You have up until April 15th or your tax-filing deadline to contribute for the prior year.
  • Write checks to withdraw money for medial expenses throughout the year. Amounts distributed are not taxable provided they are used for medical expenses.
  • Or, you can pay your medical expenses out-of-pocket and let the
  • HSA balance accumulate tax-free. There are no withdrawal requirements.
  • You select primary and secondary beneficiaries who will receive the
  • HSA in the event of your death.
  • A minimum deposit of $100 is required to open the account. If the balance falls below $100, there is a $3 fee for that month.

FDIC Insurance Information

For information about FDIC insurance coverage of transaction accounts, please visit the FDIC website.

Lost/Stolen ATM Card

A lost or stolen credit or debit card needs to be reported immediately!

Bank of Galesville Visa Credit Card Holders
1-800-423-7503

Bank of Galesville Debit Card Holders
1-800-383-8000