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Savings CDs IRAs


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
Regular Savings $100 $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

 

Regular Savings

Savings Icon

 Regular Savings

 

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.

  • $100 initial deposit to open the account
  • No monthly maintenance fee if you maintain a $100 average daily balance, otherwise the account is charged $4.95
  • UNLIMITED deposits
  • 3 FREE withdrawals per quarter
  • Can be linked to checking account to avoid overdraft penalties
Kids Klub Savings

Piggy Bank

 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.

  • $25 initial deposit to open the account
  • Must be younger than 15 at time of account opening
  • No monthly maintenance fee
  • UNLIMITED deposits
  • 3 FREE withdrawals per quarter
Certificates of Deposit

Sack of Money

 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).

  • $1,000 initial deposit
  • Variety of Terms
  • Various interest payment options (quarterly compounding, automatic deposit to any account or payment by check)
  • Automatic renewal option
  • 10 day grace period following automatic renewal to withdraw without a penalty
  • Peace of mind knowing deposits are FDIC insured up to the maximum amount allowable
IRAs

Individual Retirement Account Chart

 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.

  • $100 initial deposit
  • Variety of Terms
  • Fixed or Variable rates available
  • Interest compounded quarterly
  • Automatic renewal option
  • Peace of mind knowing deposits are FDIC insured up to the maximum amount allowable

Substantial penalties may apply for early withdrawal. Please consult a tax advisor.

HSAs

Caduceus Medical Symbol

 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.

  • $100 initial deposit to open the account
  • No Service Charge
  • Access your HSA conveniently with a check
  • First order of checks - FREE

Ten percent tax penalty on withdrawals made for unqualified expenses. Please consult a tax advisor.

 

Also Available with Personal Savings Accounts: