Deposit Accounts

• Free Checking for accounts that maintain a minimum balance of $300.00
• Service charges are waived for non-profit organizations and students.

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Now Checking Account

• Interest bearing checking account. Interest is compounded and paid monthly. Interest rate may change monthly. Interest is paid down to $10.00 balance.
• Free Checking for accounts that maintain a minimum balance of $1,000.00
• There is a charge of $10.00 if account is closed within 90 days of opening.
• Corporations and Partnerships may not have an interest bearing checking account.

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Super Now Checking Account

• Interest bearing checking account. Interest is compounded and paid monthly. Interest rate may change monthly. Interest is paid down to $10.00 balance.
• Free Checking for accounts that maintain a minimum balance of $1,000.00
• Minimum opening deposit of $1,000.00
• Interest is paid on two tiers:
       Tier 1  $1,000 and over
       Tier 2  $10.00 - $999.99
• Corporations and Partnerships may not have an interest bearing checking account.

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Demand Deposit Loan (Ready Reserve)

• Overdraft protection for your checking account.

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Debit Card

• Get cash withdrawals from your checking account at an ATM with a State Bank of Bird Island MasterCard MasterMoney Debit Card. May also be used to purchase goods or pay for services anywhere a credit card is accepted.
• To report a lost or stolen debit card, call 1-800-991-4965.

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Money Market Savings Account

• Interest bearing transaction account. Interest is compounded and paid monthly. Interest rate may change monthly. Interest is paid down to $10.00 balance.
• Free Savings for accounts that maintain a minimum balance of $2,500.00
• Minimum opening deposit of $2,500.00
• Interest is paid on five tiers:
       Tier 1  $150,000.00 and over
       Tier 2  $50,000.00 - $149,999.99
       Tier 3  $35,000.00 - $49,999.99
       Tier 4  $2,500.00 - $34,999.99
       Tier 5  $10.00 - $2,499.99
• There is a charge of $25.00 if account is closed within 90 days of opening.
• Limited to six pre-authorized, automatic or telephone / internet transfers per month, with no more than three by check.

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Statement Savings Account

• Interest bearing savings account. Interest is compounded and paid quarterly. Interest rate may change monthly.
• Free Savings for accounts that maintain a minimum balance of $50.00
• Minimum opening deposit of $25.00
• Limited to six pre-authorized, automatic or telephone / internet transfers per month.

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Certificates of Deposit

• Available in several terms / rates. Interest rates may change monthly, but does not affect existing CDs.

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Individual Retirement Accounts

• Save money for retirement with an IRA account, available in Traditional, Roth and SEP, with either a fixed or variable interest rate.
• Traditional IRA – Your contributions to this account may be tax deductible. Funds accumulate until distribution. Income tax must be paid on the amount of distribution.
• Roth IRA – Contributions to this account are NOT tax deductible. Tax free withdrawals for certain distributions after a five-year holding period. At this time, the State of MN is following federal tax law regarding IRA withdrawals.
• Simplified Employee Pension (SEP) Plan – Business retirement plan allowing an employer to make contributions to an employee’s Traditional IRA.
• Please see your professional tax accountant to set up a financial plan for your retirement.

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Coverdell Education Savings Account

• Save for education expenses for a minor child. Must be opened before age 18. Not restricted to secondary education expenses.

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U.S. Savings Bonds

• Available in the following denominations: $50, $75, $100, $500, $1,000, $5,000 and $10,000, in either EE Bonds or I Bonds.
• EE Bonds – Sold at half their face value and earn interest for up to 30 years. May be exchanged for HH Bonds to delay tax consequences for up to 20 years.
• I Bonds – Sold at face value and earn interest for up to 30 years.
• Federal income tax on interest earned is deferred until final maturity or redemption. Interest earned is exempt from state and local taxes, and may also be exempt from federal tax when used for qualified higher education expenses. May be redeemed after 12 months, but if redeemed before 5 years, there is a 3 month loss of interest.
• For more information, or purchasing bonds online visit their website at www.treasurydirect.gov

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