Whether you’re just starting to save, or you’re working on your nest egg, we have a savings account that makes sense for you. The chart below shows you how the savings accounts at MidWestOne can make a difference in your life.
Choose the savings account that’s right for you and switch to MidWestOne today!
|Consumer Savings||Money Market Account||Kids Club|
|Minimum balance Required to open||$100||$1,000||$10|
|Minimum daily balance||$100||$1,000||$0|
|Monthly service fees||$2¹||$8 if account falls below daily minimum balance††||$0³|
|Withdrawal/TRANSFER availability*||6 free, then $10 per statement cycle||6 free, then $10 per statement cycle ††||6 per calendar month|
|Interest earned & compounded monthly||Yes||Yes||Yes|
|Image statements||NA||Image statements not required. Available for $3² per statement, per account||NA|
|ATM card||$5 initial set up, $1 monthly||$5 initial set up, $1 monthly||Not available|
We use the Daily Balance Method to calculate interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
At our discretion, we may change the interest on your account. The annual percentage yield may vary due to the interest rate changes and fees. Please refer to our deposit rates for current interest rates and annual percentage yields based on designated balance tiers.
MidWestOne Bank will deem your non-transactional account inactive if you do not make any deposits to, or withdrawals from, the account for a 24-month period. An inactive account remains subject to service charges and may be assessed a non-refundable monthly $5 inactivity fee. The statement cycle may also change to semi-annual with June 30 and December 31 statements.
*Transfers from these accounts to another account or to third parties by preauthorized, automatic, online or telephone transfer, by check or similar order are limited to six per calendar month. If these transaction limitations are exceeded three times in a 12-month period, the account may be converted to another type of transaction account allowing unlimited third-party transfers. There is a $10 fee per statement cycle in which an excess of six withdrawals occurs within that statement cycle. This fee does not apply to Kids Club Savings.
1) There are no monthly maintenance fees if you maintain a minimum daily ledger balance of $100 or greater. If the minimum daily ledger balance falls below $100, a $2 monthly maintenance fee will be assessed.
2) Sales tax will apply to these items.
3) There are no monthly maintenance fees if you are age 17 or younger.