Savings
All Savings accounts include the following
Free Online Banking and EZ Bill PayFree Debit Card upon approval and only available for customers with a checking accountFree 24-hour bank by phone – infoline
R-Banking Savings Club
R. Banking Friends is a great way to begin educating your children about handling money in a real and rewarding way. This account can be opened for any child under the age of 13 with a social security number.
** Account must be opened with an adult as a joint signer
$25.00 Minimum to open and maintained minimum balanceInterest is compounded daily and credited to the account quarterlySix free debits per month$2.00 bank contribution to account upon opening$2.00 coupon sent to minor on their birthday to be deposited to the accountQuarterly newsletterFree gift at time of openingTeen Savings Club
This account is designed to help teens develop an education on their finances and save money for college! This account can be opened for any person from the ages of 13 to 20 (must have continued education after the age of 18)
**Account must be opened with an adult as a joint signer
$50.00 Minimum to open and minimum balanceInterest is compounded daily and credited to the account quarterlySix free debits per month$5.00 bank contribution to account upon opening$5.00 coupon sent to teen on their birthday to be deposited to the accountQuarterly newsletterFree gift with a value of $10.00 at time of openingStatement Savings
This hassle free account keeps you current on your savings with a free quarterly statement and a convenient easy to use savings register.
$100.00 Minimum to open and maintained minimum balanceInterest is compounded daily and credited to the account quarterlySix free debits per monthFree quarterly statements
E-Savings
Are you that kind of person who has no time…why not give our e savings account a try? This account is our hassle free exclusive online account. This account must be opened online and you must currently hold a checking, money market, or savings account with us. Interest on an E-Savings account is paid on a tiered rate.
Features include:
$2500.00 Minimum to open and minimum balanceInterest is compounded daily and credited to the account quarterlySix free online debits per monthFree Statement
Christmas Clubs
Reduce your stress during the holidays and open a Christmas Club account. You may choose from either a coupon book or automatic transfer from an existing HSB account.
**Debit cards and online bill pay not available for this account
**Withdrawal not allowed on account without penalty until annual payout is issued by the bank in October
$5.00 Minimum to open this accountInterest is compounded daily and credited to the account quarterlyNo limits to depositsAutomatic transfers to account availableEasy deposit coupon books available
FEES MAY REDUCE EARNINGS
INTEREST RATES ARE VARIABLE AND MAY CHANGE AT ANY TIME
Certificate of Deposit or CD
A CD is a savings instrument with short term and long term options available. Interest rates are established by market demand and competition, it is a type of savings account.
Individual Retirement Account or IRA
Individual retirement accounts (IRAs) are self-directed investment accounts that provide the incentive of tax-deferred (in the case of traditional IRAs) or tax-free (in the case of Roth IRAs) earnings on assets in the account.
The Harvard State offers a variety of IRA plans to help you build up your retirement nest egg.
We encourage you to discuss your retirement plans with your investment broker/tax advisor. After deciding which product is best for you, please contact any of our Personal Bankers for further information.
Traditional IRA
This form of IRA allows you to contribute a certain dollar amount each year of your earned income for retirement purposes. The benefit of investing in a traditional IRA include: tax-deferred earnings, and for many people, tax deductibility. This account also accepts rollover deposits from either another IRA or from a qualified plan distribution.
Roth IRA
A Roth IRA allows only non-deductible contributions, but features federal income tax-free withdrawals for certain distribution reasons after a five-year holding period. To be eligible you must have compensation and your modified adjusted gross income cannot exceed certain limits.
Education Savings Account
Formerly known as education IRA’s this is a non-deductible account that features tax-free withdrawals for a very specific purpose – a child’s education expenses. Up to $2,000 per year may be contributed by any individual per child benefited.
Health Savings Account
Please contact us for further information about this product.
Contact The Harvard State Bank at (815) 943-4400 for more information.
Contact the Hebron Community Financial Center, A Division Of The Harvard State Bank at (815) 648-2481 for more information.
Contact the Community Bank of Oregon, A Division Of The Harvard State Bank at (815) 732-3111 for more information.
Contact the Community Bank of Rockford, A Division Of The Harvard State Bank at (815) 397-3111 for more information.