Savings
A simple savings account is a great way to tuck away money for a rainy day or save toward a goal while earning a little interest on the side. Maintain a minimum balance of $100 and you won't be charged a $6 quarterly service fee. Just remember that the number of withdrawals you can make from a savings account is limited to three per quarter without having to pay a service fee.
Essential Student Savings
Prepare for the future by growing your savings. Essential Student Savings is designed for students between the ages of 15-25 to encourage healthy saving habits and money management skills. Different from a checking account that provides immediate access to funds, a savings account allows your money to accumulate separately to meet long-term goals. For added convenience, Essential Student Savings comes with free Sync Mobile and Online banking, and Mobile Deposit. Students aged 15 and older with a valid government ID may open an Essential Student Savings without a parent or guardian. Start earning interest on your savings and enjoy no service fees until you turn 26!
Premier Money Market
If you need a little more access to your savings (up to six withdrawals per month without incurring a fee) check out our Premier Money Market account. A money market is FDIC-insured up to $250,000 (meaning you won't lose up to that amount of money in your account due to a volatile stock market) so it's a great option for larger deposits. However, with Bank Independent's Premier Money Market, you don't have to have a big balance to start saving.
Simply set up and maintain a monthly incoming automatic transfer from another Bank Independent account to:
- Open a Premier Money Market account with a minimum opening balance of $1, and
- Avoid a monthly service charge
If you don't want to set up a monthly transfer from another BI account, you can still enjoy a Premier Money Market with:
- A minimum $10,000 opening deposit
- A monthly service charge of $14.95 if your balance dips below $10,000
Certificate of Deposit (CD)
When looking for an interest-bearing account, a certificate of deposit (CD) may offer the perfect place to grow funds you don't need to be readily available. Unlike savings and money market accounts, CDs are held for a fixed term (from a few months to several years). They usually earn a fixed rate of interest based on that term (some CDs may offer other rate options, like a one-time rate increase). The interest rate on CDs is usually higher than the rates on savings accounts and money markets.
Bank Independent offers a wide range of CD terms and rates, and you can start with a minimum deposit of only $1000. We don't charge any quarterly or monthly service fees for a CD, but you may incur a penalty for cashing in a CD before the end of the fixed term.
Ask your Relationship Banker about our Premier Growth CD, which lets you waive the higher minimum opening deposit requirement with a $1 opening balance and a monthly automatic transfer from another BI account.
Individual Retirement Account (IRA)
Individual retirement accounts, or IRAs, not only help you save and grow your money for retirement, but also offer great tax benefits. Bank Independent offers several types of IRAs, including fixed and variable rates and Traditional and Roth IRA options.
Your Bank Independent Relationship Banker will help you select the best IRA for your situation, based on factors like:
- Your current age and income
- Your retirement plans
- Your withdrawal/cash access needs
Ask your Relationship Banker about our Premier Growth IRA, which lets you waive the higher minimum opening deposit requirement with a $1 opening balance and a monthly automatic transfer from another BI account.
Smart Swipe: Simple, Everyday Savings
Smart Swipe is an automated savings program for simple, everyday savings. Each time you use your Bank Independent debit card, we round up change from your purchases to the next dollar and deposit that into another Bank Independent account of your choosing.
