Savings Accounts
"Saving for a rainy day" has always been good practice and at Midwest Bank you’ll find various savings account options.
With low minimum balances, competitive yields, and convenient access to your money, saving makes sense at Midwest Bank.
| Maximizer Savings | Statement Savings | Passbook Savings2 | Minor Savings Statement or Passbook2 Opened for the benefit of a minor (under 21 years of age) |
|
|---|---|---|---|---|
| Minimum Balance to Open | $1,000 | $200 | $200 | $1.00 |
| Minimum Balance Requirement | $1,000 | $200 | $200 | None |
Interest Rate and APY1 |
Variable interest rate and APY, based on total aggregate balances maintained in qualified personal deposit accounts5 with Midwest Bank. | Variable interest rate and APY. Monthly compounding of interest. | Variable interest rate and APY. Quarterly compounding of interest. | Variable interest rate and APY. Monthly compounding on Statement Account and Quarterly compounding on Passbook Account. |
| Service Charge | $5.00 monthly if balance falls below $1,000 during the statement cycle. | $5.00 monthly if balance falls below $200 during the statement cycle. | $15.00 quarterly if balance falls below $200. | None |
| Transaction Limitations / Fees | $2.00 per withdrawal in excess of 6 per month or statement cycle.3 | $2.00 per withdrawal in excess of 6 per month or statement cycle.3 | $2.00 per withdrawal in excess of 18 per quarter.3 | Transaction Limits3 Fees - None |
| Internet Banking Via NetTeller | Free | Free | Free | Free |
| 24/7 TeleBank (Telephone Banking) |
Free | Free | Free | Free |
| ATM Card (see ATM Transaction Fees below) |
Yes | Yes | N/A | On Statement Account only. Not Available with Passbook. |
| eNotices4 | Yes | Yes | N/A | On Statement Account only. Not Available with Passbook. |
ATM Transaction Fees
Within the Allpoint®, STARsf ® and MoneyPass® Networks: Free
Outside the Allpoint®, STARsf ® and MoneyPass® Networks: $1.00 for each deposit, withdrawal and inquiry
A separate charge may be assessed from any financial institution outside the Allpoint®, STARsf ® and MoneyPass® Networks.
(1)Annual Percentage Yield
(2) Pre-authorized withdrawals, electronic debits and automated telephone transfers are not allowed on Passbook accounts.
(3)Transfers or withdrawals from a money market or savings account to another account by automatic, pre authorized or telephone transfers, and checks, drafts, debit cards or similar orders to third parties are all limited to a total of six per month or statement cycle. If you exceed or attempt to exceed these limits, we may refuse the excess transfer, impose a fee and/or reclassify or close your account.
(4)Requires electronic signup and must maintain a valid email address.
(5)Qualified deposit accounts are based on the account titling of the Maximizer Savings account. Qualified account titling examples include: accounts titled exactly the same as the Maximizer Savings account; or any accounts where the Primary or Joint account holder on the Maximizer Savings is a sole owner, a Primary signer of a joint account or a Trustee of a Formal Trust. Beneficiaries on Payable on Death (POD) accounts are excluded from aggregated balances and therefore do not qualify for interest rate bump.
Midwest Bank serves the five-county Chicagoland area. To better serve our customers, Midwest Bank reserves the right to limit its account (including Certificate of Deposit) offerings to that area and also to solicit loans only in that area.
