Educational Piece of the Month: Deposits

Opening a deposit account is a great way to secure your finances and plan for the future. We’re here with some helpful tips about the different accounts that are available.  Grow your money through an interest bearing account, such as a savings account or a money market account. A checking account allows for easy access to your funds. Knowing more about your deposit account gives you the power to make informed decisions with your money and build towards whatever financial goals you set for yourself. 

What You Need to Know About Deposit Accounts

A deposit account offers plenty of benefits for you as a customer. Insured banks will offer deposit insurance with standard rates as high as $250,000 per depositor for each type of account and several other perks. Casey State Bank offers IntraFi, providing customers with a higher limit of coverage on their deposits. Stay tuned next month for another Blog that goes into more detail about IntraFi and the coverage it offers. 

Deposit accounts often come with various perks for customers. Direct deposits allow a quick and safe method for deposits on payday. Casey State Bank also offers convenient ways for customers to transfer money, including cashier’s checks, FlashPay P2P, along with standard debit cards.

Understanding Your Checking Account

Casey State Bank offers free checking accounts with no minimum balance after opening the account. You are required to deposit $100 to open the account. There are no monthly service charges applied to this checking account.  The account provides unlimited privileges for writing checks.  Debit cards offer 24/7 access to your funds at any Casey State Bank ATM.  Service charges are imposed when used at another institution’s ATM.

Personal Interest Checking Accounts is a way for customers to build their finances while still offering easy access to their money. Interest checking accounts require a higher deposit and a minimum balance to avoid service charges and qualify for annual percentage yields. You can learn more about opening an interest checking account with Casey State Bank here.

Grow Your Money with a Money Market Account

A Money Market Account offers greater potential for accruing interest for customers looking to grow their finances. Money Market accounts require an initial deposit of $2,500.00. Maintaining a minimum balance of $2,500.00 is required to prevent a service charge.  Interest compounds and is credited monthly. However, Money Market accounts feature limited access to the funds, with only six transactions – including checks and transfers, bill payments, and ATM withdrawals – allowed monthly. 

A Premier Money Market account offers higher interest with a larger balance for customers looking for the best interest rates. Premier Money Market accounts require a minimum balance and opening deposit of $50,000. Premier Money Market accounts also offer a couple tiers of interest rates. If the account balance drops below $50,000, a service charge will be imposed. This account also has only six transactions available monthly without a fee being applied.

Saving for the Future with a Savings Account

Savings accounts can be an effective way of securing your “rainy day” or vacation fund. A savings account requires a low minimum balance and deposit. To open a statement savings account with Casey State Bank, $50 is required. Similar to a Money Market account, a savings account will also accrue interest, allowing customers to add a little extra cash to their funds. Savings accounts feature similar limitations to money market accounts on access, with only six of the previously mentioned transactions available monthly.

Casey State Bank also offers a couple different specialty savings accounts for individual needs. A Junior Savers account can be helpful for parents looking to teach their children about financial responsibility, which transitions into a Statement Savings account once the child turns 18. A Christmas Club account provides a way for families to prepare for Christmas-time expenses.

Knowing More About CDs and IRAs

Casey State Bank also offers plenty of ways to help you prepare for your financial future. A certificate of deposit can range from 3 to 60 months and offers interest which will accrue until the CD matures. Contact your local Casey State Bank branch to learn more about CDs and CD rates.

IRAs can also be a way to plan for your retirement. Opening a traditional IRA offers a tax-deferred way to prepare for your future and grow your earnings to enjoy in your retirement. A Roth IRA can also be an excellent option for contributing after-tax dollars to your retirement account. While traditional IRAs can come with potential tax responsibilities later on, Roth IRAs offer tax-free withdrawals for customers.

Choose Casey State Bank for All Of Your Deposit Needs

If you’re looking for a community-grown bank you can trust with your deposit accounts, Casey State Bank can help! Casey State Bank offers various services, including checking, savings, and money market accounts. Casey State Bank customers can benefit from special perks like online banking and FlashPay P2P. Contact us today to learn more about how Casey State Bank can assist with all your banking needs.