Start Saving Your Way
You know that saving is a valuable skill. But do you have the right tools that will allow you to save as effectively as possible? At Oak Bank, we give you a variety of account options that allow you to develop a savings strategy that works best for you and your family. If you want to learn more about which of our accounts will work best for the way you want to save, please contact our office to speak with our personal banking team.
Browse Our Savings, CD & Money Market Account Options
| Basic Savings | Health Savings (HSA) | Certificate of Deposit | Money Market | |
|---|---|---|---|---|
| Best If You Want: | Fast, easy access to your funds while earning a good interest rate on your savings. A great way to save for college or a down payment on a home. Set up an auto-transfer from your checking account to keep your savings growing. | An account designed to help people with high-deductible health plans pay for current and future qualified medical expenses. Accessing funds in an Oak Bank HSA is as easy as writing a check. | A low risk investment with a fixed interest rate. Earn a steady fixed income while feeling secure about making a wise investment that is insured up to $250,000.00 by the FDIC. | A high interest rate on your money with easy access to your funds. Maximum flexibility with up to six withdrawals per month and tiered interest to give you a greater return on larger collected balances. |
| Earns Interest: | Yes, Tiered | Yes, Tiered | Customized terms to fit your individual needs. Please call 608.441.6000 for a rate quote and other details. | Yes, Tiered |
| Check Writing or Withdrawals per Month: | No more than six withdrawals are permitted each month. | No more than six withdrawals are permitted each month. | No more than six withdrawals are permitted each month. | |
| Maintenance Fees: | To avoid the monthly $2.00 service fee, maintain a $200.00 average daily balance. | $7.95 monthly maintenance fee unless the account holder maintains a $2,500.00 average daily balance. | ||
| Extras: | $200.00 Minimum deposit to open | The contributions and earnings are tax-free. At the same time, premium expenses can be reduced by 40-50% with a switch to a high-deductible health plan (HDHP). | $5,000.00 minimum balance, also available as Individual Retirement Accounts (IRAs) | |
| Extras (Cont.) | Qualified medical expenses are paid with tax-free distributions from the HSA. This account has many of the same benefits as the Medical Savings Account (MSA) but without the restrictions. All of our Certificates of Deposits are available as investment options for your HSA Account. | Choose the length of time you want your money to be invested. | ||
| Rate Details: | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. | Choose your method of receiving interest: add interest to the Certificate balance, have the interest automatically deposited to another Oak Bank account, or receive a check for the interest earned. CD term determines interest payment schedule. | Interest will be credited and compounded to your account monthly. The interest rate and annual percentage yield may change at the Bank’s discretion with no limitations on the rate changes. |
| Rate Details (Cont.) | Interest begins to accrue on the second business day following the date of deposit. | Interest begins to accrue on the second business day following the date of deposit. | Interest begins to accrue on the day the certificate of deposit is opened through maturity. | Interest begins to accrue on the second business day following the date of deposit. |
| Rate Details (Cont.) | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. | We use the average daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the collected balance in the account each day. |
| Rate Details (Cont.) | If you close your account before interest is credited you will not receive the accrued interest. | If you close your account before interest is credited you will not receive the accrued interest. | If you close your account before interest is credited you will not receive the accrued interest. Early withdrawal penalties will apply. | If you close your account before interest is credited you will not receive the accrued interest. |
| Account Details: | Account agreements limit preauthorized, electronic or telephone withdrawals to six per month. | Account agreements limit preauthorized, electronic or telephone withdrawals to six per month. | The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount (SMDIA) of $250,000.00. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category. | Account Agreements limit preauthorized, electronic or telephone withdrawals to six per month. |
