Whether you are saving for your dream home, your first car or even your child's education, McClain Bank can help.
|Savings Account||Opening Balance||Balance To Avoid Service Charge||Interest Bearing|
McClain Bank's Regular savings account is our most flexible savings plan. Customers may deposit or withdraw available funds at any time. Interest is compounded and added to the account quarterly.
|Kids Klub Savings||$25||None||Yes|
Kids Klub Savings
McClain Bank's Kids Klub savings account is a great way to encourage saving among the younger generations. Customers may deposit or withdraw available funds at any time. Interest is compounded and added to the account quarterly.
|Certificates of Deposit||$1,000||Early withdrawal penalty may apply||Yes|
Certificates of Deposit
McClain Bank's CDs provide competitive rates with terms from 91 days to five years. With as little as $1,000 you can open your own Certificate of Deposit (CD).
|IRAs||$100||Early withdrawal penalty may apply||Yes|
Individual Retirement Accounts
McClain Bank's IRAs provide competitive rates and various terms ranging from one to four years. With as little as $100 you can open your own IRA and get you started saving toward retirement today! We offer Traditional, ROTH, SEP and Coverdell Education IRA plans.
Substantial penalties may apply for early withdrawal. Please consult a tax advisor.
Health Savings Accounts (HSA)
Health Savings Account (HSA) enables you to lower your health insurance premium, reduce your income taxes, and build an additional retirement account.
Lower your health insurance premium. High Deductible Health Plan is required but it is less expensive than traditional health insurance.
Reduce your income taxes. Money deposited in your HSA is 100% tax deductible and can be withdrawn to pay for medical expenses, tax free.
Additional Retirement income. You always own the account. The funds in your HSA are always yours and grow tax-deferred like an IRA. At age 65 the money can be withdrawn penalty free for any reason. And catch up contributions are available for people age 55 and over.
Employers may also open an account for employees.
Ten percent tax penalty on withdrawals made for unqualified expenses. Please consult a tax advisor.
Also Available with Personal Savings Accounts:
- FREE Online Banking
- FREE Telephone Banking
- FREE Visa ATM Card
- FREE ATM Transactions at McClain Bank ATM Locations
- FREE Automatic Transfers
- ¼% discount on personal loans with automatic debit