Personal Savings
Statement Savings
- Up to 6 free withdrawals per quarter to avoid fees
- $50.00 minimum deposit required to open account
- Interest compounded and credited quarterly
- $5.00 fee if balance falls below $50.00 during the quarter
Vacation Club/Christmas Club
- $10.00 minimum deposit required to open account
- Variable deposit amounts allowed
- Interest compounded and credited annually
- $25.00 fee for closing account or making a withdrawal before maturity
Savings Bonds
After December 31, 2011, Paper Series EE and I Savings Bonds will no longer be sold through financial institutions or by mail-in orders. Purchases made after this date must be done electronicially through Treasury Direct by setting up an online account at www.treasurydirect.gov
Health Savings Account
- $50.00 minimum deposit required to open account
- $2 monthly fee
- Interest compounded and credited monthly
- Tiered rate based on account balance
- Contact Independence Bank today for current rates, terms and conditions
- Some restrictions may apply
Traditional IRA (invested in Certificate of deposit)
Individual retirement account established for the benefit of one person. Contributions into a traditional IRA are a great way to supplement other retirement savings.
- Earnings are tax deferred
- Contributions may be deductible
- Mandatory distributions are required beginning at age 70 ½
- Withdrawals are subject to income tax and prior to age 59 ½, a 10% federal tax penalty may apply
Roth IRAs (invested in Certificate of deposit)
Individual retirement account established for the benefit of one person. Earnings on contributions accumulate tax-free earnings.
- No minimum age to open or contribute – must have earned income
- Distributions are tax-free if you are at least 59½ and the account has been established for longer than five years
- May contribute after age 70½ – must have earned income
- No required minimum distribution
Always seek professional tax advice
Account fees:
$25.00 outgoing transfer fee to another financial institution
Bank forfeiture on early withdrawal may apply
Certificate of Deposit
With competitive interest rates, flexible terms, available monthly interest checks and more, an Independence Bank CD is an attractive, risk-free way to help you start building a stable financial future today.
Call or stop by your nearest Independence Bank location, and we’ll work with you to help determine which product best fits your personal needs.
Download the Personal Checking Products and Services brochure
Withdrawals are restricted by Federal regulations.
