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Rainy Day Express

  • Bank Independent’s automated savings programs provide growth with good earnings potential and safety of your principal.


    Bank Independent has worked with a professional consultant to create a growth program with good earnings potential and safety of your principal. First, let’s start with why you need to save.

    Most Common Unplanned Expenses
    The average family spends over $2,000 annually on unexpected expenses including:

     Unplanned Expenses Graph

    Growth Examples
    A well-thought-out savings plan can help to take the worry out of the unexpected. Here’s an example on how money saved monthly can grow to cover unplanned, and even special events like vacations, home purchases and more.

    Rainy Day Graph 
    Growth of a $100 or $250 monthly contribution to a 2 year time deposit paying .13% APY (Annual Percentage Yield) compounded annually. Rate on 7/15/2012 with an initial deposit of $1. Rates subject to change after account opened. $1 minimum balance required to open the account. A penalty maybe imposed for early withdrawal.*

    Customization Options
    The Bank Independent Rainy Day Savings program allows you to save a moderate amount from your checking each month for placement in a Premier Money Market Account or Premier Growth Account. Here are some common examples: 

    • Normal Expenditures – Many people elect to save as little as $25 per month to save for routine maintenance like brakes on a car, birthday gifts and other non-recurring payments. These funds are placed in a Premier Money Market Account paying an equivalent rate of many Wall Street money market mutual funds*.
    • Major Expenditures – Other people save a little more for bigger purchases like washing machines or vacations. You may save anywhere from $75 to $150 per month and place it in a special Premier Growth Account that adjusts with the market. See “Your Growth Choice” for more information. 

    Checking Choices
    You can fund your Rainy Day Express account from any Bank Independent checking. Note that some plans even waive the monthly service fee based on the amount saved monthly.

    Your Growth Choices
    Here is more information on the growth accounts from which you can choose to have your money placed. Note that you can make future changes at your option. Plus, these accounts allow you to make extra deposits at any time. So you don’t have to rely on your monthly savings alone to reach your goals.

    • Premier Money Market Account – Bank Independent monitors market conditions, then sets the rate to be competitive with these accounts. With this option, you can choose to move the money to a Premier Growth Account if that rate is higher. Note that no checks are issued with this account.
    • Premier Growth Account – Bank Independent monitors FDIC-insured Certificates of Deposit (CDs) and other market rates in setting a competitive rate for the term of the account. You can choose terms of 6 months to 5 years. This account renews automatically. Note that if you withdraw the funds prior to the account’s maturity, it may be subject to a substantial interest penalty. 

    * Fees may apply depending on the account you have chosen to open at the bank.

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