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Personal Savings, CDs & IRAs

Whether you are saving for vacation, a dream home, your first car, your child's education, or a rainy day... McClain Bank can help.
 
 

 Accounts Comparison -

Savings Account Opening Balance Balance to Avoid Service Charge Interest Bearing
Regular Savings $50 $100
Yes
Kids Klub Savings $25 None Yes
Certificates of Deposit $1,000 Early withdrawal penalty may apply Yes
IRAs $100 Early withdrawal penalty may apply  Yes
HSAs $100
None
Yes
 

 Accounts overview -

 

Regular Savings

Our most flexible savings plan. Deposit or withdraw available funds at any time. 

  • $50 initial deposit to open the account
  • No monthly service charge if average daily balance is $100 or greater, and 
    • $4.95 monthly maintenance fee if average daily balance less than $100
  • Interest compounded and added to the account quarterly*
  • UNLIMITED deposits
  • $1 each additional withdrawal after 3 per quarter
    • Withdrawals & transfers limited to 6 per month
  • Can be linked to checking account to possibly avoid overdraft penalties

Kids Klub Savings

A great way to encourage young ones to save. Deposit or withdraw available funds at any time.

  • $25 initial deposit to open the account
  • No monthly service charge
  • Interest compounded and added to the account quarterly*
  • Must be younger than 15 at time of account opening
  • UNLIMITED deposits
  • $1 each additional withdrawal after 3 per quarter
    • Withdrawals & transfers limited to 6 per month
 

 Savings Account Solutions include -

Online Banking Mobile Banking Mobile Deposit ATM Card
ATM Transactions at McClain Bank ATMs 24/7 Telephone Banking Automatic Transfers eStatements option


Certificates of Deposit

Competitive rates with terms from 91 days to five years.  

  • $1,000 minimum initial deposit
  • Variety of Terms
  • Various interest payment options include
    • quarterly compounding
    • automatic deposit to any account or
    • payment by check
  • Automatically renew
  • 10 day grace period following automatic renewal to withdraw without a penalty
 


Individual Retirement Account (IRA)

Competitive rates and various terms, ranging from one to four years, with Traditional, ROTH, SEP and Coverdell Education IRA plans.

  • $100 initial deposit
  • Variety of Terms
  • Fixed or Variable rates available
  • Interest compounded quarterly
Substantial penalties may apply for early withdrawal. Please consult a financial or tax advisor. 
 


Health Savings Account (HSA)

Set aside money on a pre-tax basis to pay for qualified medical expenses, such as deductibles, copayments, coinsurance, and some other expenses. By using untaxed dollars, you may be able to lower your overall health care costs. 

  • $100 initial deposit to open the account
  • No Service Charge
  • High Deductible Health Plan (HDHP) required
  • Money deposited in your HSA is 100% tax deductible
  • Distributions used to pay qualified medical expenses aren't taxed
  • The funds in your HSA are always yours and grow tax-deferred like an IRA
  • Employers may open accounts and contribute for employees
  • Convenient access with a check or debit card
  • First order of checks - FREE
Ten percent tax penalty on withdrawals made for unqualified expenses. Please consult a financial or tax advisor.
 
 
* Interest Rates and Annual Percentage Yields are variable and subject to change.