Savings Account Options
Personal |  Mortgage |  Small Business |  Commercial |  Wealth Management |  About Us
Menu

Savings Account Options

Home / Personal  >  Banking  >  Banking Products  >  Savings

Meeting Your Financial Goals

First Bank has savings plans to meet all of your long- and short-term financial goals.  Whether you are growing your wealth, saving for a purchase, preparing for the expense of a child's college education or planning for a comfortable retirement, First Bank is here for you.  We offer high-yield savings options to suit any savings strategy.  Visit a branch today and find out how First Bank can help make your dreams a reality.      

   Statement Savings

A Simple Savings Plan
With Statement Savings, you can build a manageable savings plan and save for something specific, or put aside some money each month and watch your savings grow. With Overdraft Protection you can also use your savings balance to protect your checking account against overdraft charges.
 
 

   Performance Money Market

Earn More As Your Balance Grows
Whether you are looking for a liquid investment account, or saving for a large purchase, a Performance Money Market is a convenient and effective way to manage your money to meet your financial goals.
 

   Certificate of Deposit

Flexibility and Peace of Mind
A CD from First Bank offers flexibility so you can customize a savings plan that is best for you. With deposit amounts as low as $1,000 and terms ranging from seven days to five years, you can achieve any goal with the peace of mind of FDIC insurance and a fixed interest rate.1

Stop by a local branch (Find a First Bank Branch) or call our Client Contact Center at 800-760-2265 for current CD rates.
 

   Individual Retirement Account (IRA)

Retire In Comfort
First Bank makes it easy to build a nest egg for retirement with an Individual Retirement Account (IRA). Make contributions through out your working years and watch as your retirement goals become reality. We offer Traditional, Roth and SEP retirement plans to meet any investment strategy, with fixed and variable rate options and terms ranging from seven days to five years.

To learn more about IRAs visit Individual Retirement Plans. In addition to this information available through the Internal Revenue Service we recommend you consult with your financial advisor or meet with a First Bank representative who can answer specific questions regarding what retirement plan would best fit your needs.
 

   Coverdell Education

Help Fund A Child's Education
A Coverdell Education Savings Account is a trust or custodial account set up solely for paying qualified education expenses for the designated beneficiary of the account.

Benefits
  • Open with as little as $100
  • Contribute as much as $2,000 annually per child
  • Distributions are tax free for qualified educational expenses
  • Contribution and distribution waivers available for special needs children
  • Can be used for tuition, fees, room, board, books, supplies and education-oriented computer technology and equipment

Why open a Coverdell Education Savings Account

Although a Coverdell Education Savings Account (CESA) is not a savings vehicle for your retirement, it does allow funds to accumulate and be withdrawn tax-free for the purpose of paying a child's education expenses. And since contributions are independent of your Traditional IRA or Roth IRA contributions, you can build your retirement savings and the child's education savings at the same time.

How is 'child' defined for a Coverdell Education Savings Account (CESA)?

A child is defined as a person under 18 years of age. Contributions can be made on behalf of the child until the day before the child's 18th birthday. No contributions can be made for anyone age 18 or older. (Exceptions apply for children with special needs.)

Do I pay taxes on my earnings?

No. And neither does the child, provided that the money is used for qualified education expenses. That's the key feature of a Coverdell Education Savings Account (CESA)! When the beneficiary is ready to take his or her withdrawal, there are no taxes on any of the interest that your money has earned.

Can I move funds from a Traditional IRA or Roth IRA into my Coverdell Education Savings Account (CESA)?

Transfers from other types of IRAs into a Coverdell Education Savings Account (CESA) are not allowed. However, you may rollover/transfer funds from a Coverdell Education Savings Account (CESA) into one of the following: A second Coverdell Education Savings Account (CESA) established for the same child, a new Coverdell Education Savings Account (CESA) established for a new beneficiary who is a member of the same family. The feature allows the account to be transferred from a child who decides not to pursue education to a relative (under the age of 18) who does. Eligible Members of the same family include brothers and sisters, children and their spouses, stepchildren and their spouses, aunt, uncle, niece or nephew (Note: a first cousin but not his or her spouse is eligible), in-laws (son, daughter, father, mother, brother, sister).

When must the funds in the Coverdell Education Savings Account (CESA) be depleted?

Any assets remaining in a Coverdell Education Savings Account (CESA) must be withdrawn within 30 days of the designated beneficiary's 30th birthday. If the designated beneficiary dies before reaching age 30, the remaining assets must be withdrawn within 30 days of the date of death or transferred to a designated death beneficiary within the family who is under age 30.

Who is the 'responsible individual' for a Coverdell Education Savings Account (CESA)?

The responsible individual is one parent or legal guardian named by the contributor when the Coverdell Education Savings Account (CESA) is established. The responsible individual can direct future investments, authorize distributions and, if necessary, name a successor responsible individual to take over in case of death.

What are the penalties and taxable consequences for a distribution that is not taken for qualified education expenses?

Any distribution other than one taken for qualified education expenses is considered a nonqualified distribution. When a nonqualified distribution is taken, a ratio of contributions and earnings is withdrawn. The earnings portion is then subject to taxes and a 10% penalty. Distributions made due to death, disability, or scholarship are not subject to the 10% penalty. However, the earnings portion of such a distribution is subject to taxes.

Important Disclosures

1 - Minimum of $1,000 deposit required for enrollment. We will mail you a pre-renewal notice on any CDs that are eligible for automatic renewal. For non-renewable CDs a final maturity notice will be mailed prior to the maturity date. There are substantial penalties for early withdrawal. If you want to change terms (e.g. make additional deposits, change the term, revise the interest payment method or payment frequency) on a renewing First Bank CD, complete the CD Reinvestment Request and bring your completed form into your nearest First Bank branch location.