Savings Accounts
A Variety of Savings Options
Saving money is a necessary skill that serves you well throughout your life. Your savings needs may be different from your neighbors, but at First National Bank, we don’t believe in taking a cookie-cutter approach when it comes to helping you save money. That’s why our customer service staff works with each of our customers individually to educate them about the benefits that our savings accounts, CDs and HSAs all offer.
Available Savings Accounts
| SAVINGS AND INVESTMENTS | Statement Savings | First Money Market | Certificate of Deposit | Christmas Club |
|---|---|---|---|---|
| Minimum BALANCE TO OPEN | $100.00 | $2500 | Variable | $5.00 |
| Minimum Balance Requirement | None | $2500 minimum daily balance | $1000 | $5.00 |
| Monthly Maintenance Fees | None | $8 (if account falls below minimum daily balance) | N/A | N/A |
| Interest Earnings | Variable | Variable | Fixed | Variable |
| Interest Calculated | Compounded daily | Compounded monthly | Simple | Simple |
| Interest Paid | Monthly | Monthly | Quarterly or at maturity, based on term | At maturity – Annually first business day of November |
| EXCESSIVE TRANSACTION FEE | $1.00 per withdrawal in excess of six per month | $7.50 per withdrawal in excess of six per monthly statement cycle | Penalty for early withdrawal | $1.00 per withdrawal in excess of six per month |
| ATM CARD FEE | $12.00 | $12.00 | N/A | N/A |
| ATM Transaction Fee* | None | None | N/A | N/A |
| FIRST Line Access | Yes | Yes | Yes | Yes |
| FIRST Line / pHONE TRANSFER Fee | $2.00 per transfer | $2.00 per transfer | N/A | N/A |
| FIRST Net Internet Banking Access | Yes | Yes | Yes | Yes |
Your total deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 to provide you with maximum security. *When you use an ATM not owned by us or not a member of the Privileged Status Program, you may be charged a fee by the ATM operator or any network used to complete the transfer (and you may be charged a fee for a balance inquiry). As of 09/30/2019 BR.
CDs
When you want your earnings to grow quicker with a higher interest rate, First National Bank offers Certificates of Deposits, also known as CDs. Benefits of CDs include:
- Flexible terms
- Collect earned interest in multiple ways
- Check
- Transfers into another account
- Reinvested into the CD
IRAs
Are you going to be able to live comfortably in your retirement? If you’re not sure, then it’s time to start thinking about how you want to live in your retirement by opening an IRA. First National Bank offers Traditional and Roth IRAs.*
Health Savings Accounts
No one likes to think about becoming ill, but it is important to be prepared for medical expenses when they happen. First National Bank offers health savings accounts (HSAs) that are covered by high-deductible health plans and offer tax incentives to encourage you to save for your future health needs. Other eligibility requirements for HSAs include:
- Not being covered by any other health plan that isn’t a high-deductible health plan
- Not being enrolled in Medicare
- Not being claimed as a dependent on another individual’s tax return
HSAs at First National Bank in Fairfield are interest-bearing checking accounts, and include a free debit card to be used to pay for medical expenses.
*Please direct tax-related questions about which IRA is best for you to your tax advisor or the IRS.