Savings Accounts

Compare Savings Account Options

	Statement Savings Account	Money Market Express
Minimum Daily Balance	$100	$2,500
Monthly Service Fee	None; unless balance falls below $100, then $3.00	None; unless balance falls below $2,500, then $15.00
Withdrawal Availability	Unlimited	Unlimited
Statements	Free Printed or eStatements	Free Monthly Printed or eStatements
Interest Earning	Yes	Yes

A minimum balance fee of  $3.00 or $15.00 will be imposed every statement cycle if the balance in the account falls below minimum daily balance any day of the cycle. 

Interest will be compounded and credited monthly. The daily balance method is used to calculate interest and applies a daily periodic rate to the principal in the account each day.  Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Service fees subject to Iowa sales tax.

Additional Savings Options

Health Savings Account (HSA)

A Health Savings Account, commonly known as an HSA, is an account established for the purpose of paying or reimbursing qualified medical expenses.  An HSA provides a way to pay for qualified medical expenses on a tax-free basis as well as earn tax-free dollars on account contributions.  Experience these benefits with a Marion County Bank HSA:

• Every HSA is owned and controlled by the individual.
• All funds invested in an HSA remain the property of the account owner.
• Account balances roll over from year to year and accumulate tax-deferred.
• Choose a free Marion County Bank HSA debit card or checks to pay for qualified expenses.
• Funds can be held in an interest bearing transaction account or longer term in a certificate of deposit.

Consult your tax or legal professional for guidance.

first-Time Homebuyer Savings Account (FTHSA)

A First-Time Homebuyer Savings Account (FTHSA) is a new type of savings account passed by the Iowa legislature to make purchasing a first home easier.  The law allows Iowans to make tax-deductible contributions into a First-Time Homebuyer Savings Account to be used for the purchase of a home.  Those who already own a home can open and contribute to an account for a designated first-time homebuyer and receive a tax deduction on Iowa state taxes too.

Consult your tax or legal professional for definitive legal guidelines and instructions.

FTHSA Account Benefits

• Interest Earning – The FTHSA at Marion County Bank is interest earning. Contact a Retail Banker for current rate.
• Iowa Tax Benefits 
  • The account holder may claim a deduction for Iowa individual income tax made during the year by the account holder.  The amount deducted may not exceed $2,050 for the 2019 tax year.  Married taxpayers who file a joint return may deduct up to $4,100 for the 2019 tax year if the FTHSA is opened and maintained as a joint account.
  • Interest earned on account balances is also exempt from Iowa income tax.
  • The state of Iowa tax deduction for account contributions is available for up to ten years.
  • The annual deduction limits are adjusted annually for inflation.  
• Home Purchasing Navigation – Purchasing a first home is an exciting and often daunting process.  Our Home Loan experts at Marion County Bank are available to help you or your account beneficiary walk through the steps of account opening, loan pre-qualification, and mortgage product guidance.  Contact Marion County Bank to start the home purchasing journey.

Savings account details and disclosures

Statement savings account

A basic interest bearing account with ultimate liquidity.

Minimum deposit to open account is $100.00.  A fee of $3.00 will be imposed every statement cycle if the balance in the account falls below the required minimum of $100.00 any day of the cycle.  The minimum balance requirement on the account is waived for customers age 17 and younger. 

money market account

Earn higher interest rates on larger balances.

Minimum deposit to open account is $2,500.00. Interest will be compounded and credited monthly. A minimum balance fee of $15.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 any day of the cycle.

first-time homebuyer savings account

A savings account with special benefits for those saving for their first home.

Competitive interest rate with no minimum balance. The account includes provisions that allow individuals to make tax-deductible contributions into an account to be used by a designated person saving to purchase a first home.  Please see a Customer Service Representative to obtain additional details about this account.

health savings account (HSA)

Use tax-deferred earnings to save for healthcare costs and retirement.

Interest will be compounded and credited monthly. An annual custodial fee of $15.00* will be charged to the account each January.  An exit fee of $25.00 will be charged at the time of account closing.

funeral trust fund

Offered only in conjunction with a Funeral Trust Agreement

Quarterly statements. Interest will be compounded and credited quarterly.