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Whether your savings goals are short-term or long-range, you'll find a Bank Independent account that gets you moving the right direction.
Savings accounts prepare you for the next step.
Building up your savings can put you in a better position to take on whatever comes your way, whether it's an exciting opportunity or unexpected challenge. From first savings accounts to retirement planning, Bank Independent offers plenty of options.
Independent Money Market
- $1 opening deposit
- Good blend of growth and liquidity
- Tiered rate structure2
IRAs
- Popular retirement planning tools
- Traditional and Roth options
- Fixed or variable rate
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| Account Description | Savings | Student Savings | Independent Money Market | Certificate of Deposit (CD) | Individual Retirement Account (IRA) |
|---|---|---|---|---|---|
| Minimum Opening Deposit | $100 | $1 | $1 | $1,000 |
$1,000 for fixed-rate IRA or $1 for
variable-rate IRA |
| Quarterly or Monthly Service Fee | $6 per quarter | None | $15 per month | None | None |
| Can I Waive the Service Fee? | YES3 | N/A | YES4 | N/A | N/A |
| Withdrawal Limitations | 3 per quarter5 | None | 6 per month6 | Penalty for early withdrawal | Penalty for early withdrawal |
Disclosures
3 A $6 charge per quarter will apply if the minimum balance drops below $100 in a quarter.
4 A $15 charge per month will apply if the minimum balance drops below $2,500 in a month OR the account is not enrolled to receive a monthly incoming transfer of at least $1 from another Bank Independent account.
5 A service fee of $2.95 per withdrawal will be assessed after the 3rd withdrawal in a quarter.
6 A service fee of $3 per withdrawal will be assessed after the 6th withdrawal in a month.
4 A $15 charge per month will apply if the minimum balance drops below $2,500 in a month OR the account is not enrolled to receive a monthly incoming transfer of at least $1 from another Bank Independent account.
5 A service fee of $2.95 per withdrawal will be assessed after the 3rd withdrawal in a quarter.
6 A service fee of $3 per withdrawal will be assessed after the 6th withdrawal in a month.
Disclosures
1 A service fee of $2.95 per withdrawal will be assessed after the 3rd withdrawal in a quarter.
2 The interest rate and annual percentage yield for Independent Money Market Account is variable and will depend upon the applicable rate tier (see below). The interest rate and annual percentage yield for these tiers may change at our discretion. Interest will be compounded and added back to the principal each statement cycle. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day you deposit non-cash items. (for example, checks).
If you close your account before the interest is credited, you will receive the accrued interest.
Tiered Rate Disclosure - Effective as of 4/1/25 If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is more than $9,999.99, but less than $25,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is more than $24,999.99, but less than $50,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%If your daily balance is more than $49,999.99, but less than $100,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is $100,000 or more, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.
Tiered Rate Disclosure - Effective as of 4/1/25 If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is more than $9,999.99, but less than $25,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is more than $24,999.99, but less than $50,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%If your daily balance is more than $49,999.99, but less than $100,000, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.If your daily balance is $100,000 or more, the interest rate paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.