Deposit Accounts

DEPOSIT ACCOUNTS

We provide a number of deposit-based accounts – see below for a summary of the types of deposit-based accounts we provide.

EFT Statement Savings Account and Non-Personal EFT Statement Savings Account

Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.  Minimum deposit to open the account: $100.00

Minimum balance to avoid imposition of fees: $100.00; a $2.00 service charge will apply each month if the average daily balance for the month falls below $100.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Youth EFT Statement Savings Account

Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.  No minimum deposit required to open account.

No minimum balance to avoid imposition of fees.

Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Requirements: This account is available to customers 22 years of age and younger. Upon reaching the age of 23, the account will be converted to an EFT Statement Savings Account.

Investor Money Market Account and Non-Personal Investor Money Market Account

Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.Minimum deposit to open the account: $2,500.00

Minimum balance to avoid imposition of fees: $2,500.00; a service charge of $5.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $2,500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Additional terms: Money Market checks are available up request.

eZ Savings Account

Rate Information: This is an interest bearing account. Please contact the bank for current rates.  No minimum deposit required to open account.

No minimum balance required to avoid imposition of fees.

Transaction Limitations
Limitations on frequency of transfers: during any calendar month, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, or by check, draft, debit card or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Requirements: One ACH (direct deposit) per month. Must receive monthly statements via E-statement (electronically). No debit card or ATM card will be issued for this account.

Certificates of Deposit (CD) Accounts

If you are looking for higher rates to enhance your savings, First State Bank Shannon-Polo- Lake Carroll offers competitive fixed rates on a wide range of CD terms so anyone can increase their savings with greater earnings to work toward your financial goals.We can help you maximize the CD advantage by staggering your maturity terms with short, medium and long term dates.

  • Earn greater interest than regular savings
  • Guaranteed interest rate locked for specific length of term
  • Terms ranging from 3 months to 60 months
Christmas Club Account

Set up automatic deposits into your Christmas Club account for guaranteed savings this holiday season. Funds are disbursed in plenty of time to beat the Black Friday rush!

Rate Information: This is an interest bearing account. Please contact the bank for current rates.

No minimum balance to open the account.

No minimum balance to avoid imposition of fees.

Transaction limitations: Deposits are allowed to this account before maturity. Withdrawals of principal from this account prior to maturity are subject to early withdrawal penalties.

Early withdrawal penalties: A penalty may be imposed for early withdrawal from CDs, IRAs and Christmas Club Accounts. Additional information is provided in our disclosures at account opening or upon request.

This account is automatically renewable.

Maturity: A check for the principal plus accrued interest will be mailed to the account owner at maturity. Maturity will be a determined date in September or October to be disclosed to the account owner at account opening.

Simply Free Checking Account and Non-Personal Simply Free Checking Account *

Minimum balance to open the account: $100.00  No minimum balance to avoid imposition of fees.

Transaction limitations: Unlimited check writing.

First Club Checking Account *

No minimum balance to open the account.  No minimum balance requirement.

Monthly membership fee (service charge): $6.00

Transaction limitations: Unlimited check writing.

Benefits: Free club checks, $10,000 accidental death insurance, $25,000 common carrier insurance (recommended to review the insurance certificate for complete details and coverage), fee free Cashier’s Checks and Personal Money Orders, various discounts available with enrollment kit, free notary service and photocopy service.

First Club Plus Checking Account*

No minimum balance to open the account.No minimum balance requirement.

Monthly membership fee (service charge): $8.00

Transaction limitations: Unlimited check writing.

Benefits: Free club checks, $20,000 accidental death insurance, $25,000 common carrier insurance, $2,500 accidental death for dependent children (recommended to review the insurance certificate for complete details and coverage), fee free Cashier’s Checks and Personal Money Orders, various discounts available with enrollment kit, free notary service and photocopy service.

VIP Club Checking Account and Non-Personal VIP Club Checking Account*

Rate Information: This is an interest bearing account. Please contact the bank for current rates.No minimum deposit required to open account.

Minimum balance to avoid imposition of fees: A service charge of $10.00 will be assessed each monthly statement cycle if the combined balances in all of your deposit accounts fall below $10,000.00 at any time during your monthly statement cycle.

Benefits: Free VIP Club checks, fee free Cashier’s Checks and Personal Money Orders, photocopy service, free notary service and a ‘VIP News’ Newsletter to provide notification of all bank sponsored trips.

“VIP News” Newsletter is available to anyone at the www.fsbshannon-polo.com website. Click on Travel With Us button, then click on VIP News.

NOW Checking Account and Non-Personal NOW Checking Account*

Rate Information: This is an interest bearing account with tiered rates. Please contact the bank for current rates.

Minimum deposit to open the account: $1,500.00

Minimum balance to avoid imposition of fees: $1,500.00; a service charge of $5.00 will be imposed each monthly statement cycle if the average daily

balance for the monthly statement cycle falls below $1,500.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Transaction limitations: .10 per check fee will be charged for each check paid in excess of 15 during the statement cycle.

Investor NOW Checking Account and Non-Personal Investor NOW Checking Account*

Rate Information: This is an interest bearing account. Please contact the bank for current rates.Minimum deposit to open the account: $5,000.00

Minimum balance to avoid imposition of fees: $5,000.00; a service charge of $25.00 will be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle falls below $5,000.00. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Transaction limitations: .10 per check fee will be charged for each check paid in excess of 15 during the statement cycle.

Applies To All Checking Accounts

* All new customers opening a checking account receive one year rent free (small size) safe deposit box.* Early Closure Fee: ALL ABOVE ACCOUNTS WILL BE SUBJECT TO A $50.00 SERVICE CHARGE IF THE ACCOUNT IS CLOSED WITHIN 6 MONTHS OF ACCOUNT OPENING.

* Please ask for a Common Features Disclosure or a Miscellaneous Fees Disclosure to see a listing of our miscellaneous limits and fees.

IRA Certificates of Deposit Accounts

We care about your financial future and are dedicated to helping you reach your financial goals. An IRA is a personal, tax-deferred or tax-free investment plan designed to help you save for retirement. Start saving today and make those golden years a little more golden. The sooner you begin, the greater the benefit! We offer three IRA Certificate of Deposit options to fit your needs and lifestyle:

  • Traditional IRA
  • SEP IRA
  • ROTH IRA

Regarding IRAs; First State Bank Shannon-Polo-Lake Carroll can assist you with any 401K Rollovers or IRA Transfers. Schedule time with a customer service representative to learn about the types of IRAs we offer and what will work best for your retirement plan.

Rate Information: Please contact the bank for current rates. The interest rate is determined by the term of the account.

Minimum deposit to open the account for Certificates of Deposit: $1,000.00

Minimum deposit to open the account for all IRA Certificates of Deposit: no minimum

Transaction limitations: You may not make any deposits into your account before maturity (except for an IRA; terms of 12, 15 and 18 months).

Early withdrawal penalty: A penalty may be imposed for early withdrawal from CDs, IRAs and Christmas Club Accounts. Additional information is provided in our disclosures at account opening or upon request.

Exceptions: Federal Regulations permit, or in some cases require the waiver of the early withdrawal penalty if:

(1) any account owner dies or is declared incompetent, or

(2) this is an IRA account and you are at least 59 1/2 years of age or disabled at the time of the withdrawal request, or

(3) this is an IRA account and the request for withdrawal is made within seven days of establishing the account. (The penalty in such case will be all interest earned of the amount withdrawn.)

IRA transfer fee (per transfer): $35.00
This only applies for requests to transfer to another financial institution.